State-owned lenders BIDV, Agribank and VietinBank this week reduced their 12-month rates by 0.2 percentage points to 5.6 percent.

The other "Big 4" state-owned lender, Vietcombank, kept its 12-month rate unchanged at 5.8 percent but cut the 24-month and 36-month rates by 0.2 percentage points to 5.7 percent and 5.4 percent.

An employee counts Vietnamese banknotes at a bank in Hanoi.

The largest private lender, Techcombank, reduced its 12-month rate by 0.4 percentage points to 4.5-5 percent depending on the deposit amount.

The rates have thus dropped by 0.4 percentage points within two months.

They were around 7 percent at the beginning of the year.

Banks have reported high liquidity but difficulty lending as the pandemic hits businesses.

Banking credit growth in the first nine months of this year was just 5.12 percent, far below the double-digit figures recorded of the last three years, according to the General Statistics Office.

In August the State Bank of Vietnam revised its credit growth target for this year from 14 to 10.1 percent. It has also cut its policy rates four times so far this year to pump-prime the economy.

Commercial banks in Bac Giang pledge to fuel enterprises to overcome difficulties caused by Covid-19

(BGO)- In implementation of the direction by the provincial Party Committee, People’s Committee and State Bank of Vietnam (SBV), the State Bank in Bac Giang province, the provincial Business Association and Young Entrepreneurs Association jointly held a conference on 15 September to seek solutions for surmounting difficulties in loans and payment of enterprises and cooperatives affected by Covid-19. 

Banks to complete linking with public service portal by mid-September

Vietnam will complete the linkage of 46 commercial banks currently operating in the country with the national public service portal by September 15, according to the Government Office.

Trade union at Vietnam Bank for Social Policies donates for Covid-19 prevention in Bac Giang province

(BGO) – The Fatherland Front’s Committee (FFC) in Bac Giang province on August 18 received the expenses donated by the Trade Union of Vietnam Bank for Social Policies for the local Covid-19 prevention and control at the FFC’s office. Member of the provincial Party Committee, FFC Chairman Tran Cong Thang received the donation.

Vietcombank continues as top paymaster in banking sector

Vietcombank, Techcombank and ACB secured top places in average salary paid in the first six months of this year, recording growth despite Covid-19 impacts.

Source: VnExpress