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The Small and Medium-sized Enterprise (SME) Development Fund of the Ministry of Industry and Trade has announced to provides loans to SMEs with a short-term interest rate of 1.2 percent per year and a long-term interest rate of 4.4 percent per year, under Decision 12/QD-HDTV of October 4, 2023.
Accordingly, the preferential interest rates are aimed to implement Government Resolution 105/NQ-CP issued in July, this year, on tasks and solutions to remove difficulties for the production and business of firms.
Besides the fund, many banks have also continued to provide loans for firms with low interest rates.
For example, from now until May 30, 2024, corporate customers borrowing capital for production and business at SHB will enjoy preferential loan interest rates from only 6.97 percent per year. Accordingly, SHB will set aside 5 trillion VND with interest rates from 6.97 percent to support firms in supplementing short-term working capital. Enterprises that enjoy the SHB’s incentives include female-owned enterprises and enterprises operating in priority fields such as agriculture, forestry, fisheries, exports, high technology, transport infrastructure, education, healthcare and green projects.
According to the State Bank of Vietnam, deposit interest rates in the last quarter of a year in previous years often increased to attract idle capital to banks to serve the rising lending needs of people and firms for year-end, but this year is different as deposit interest rates at most banks are anchored at low levels and some even continue to decrease.
Specifically, deposit interest rates at some banks such as VPBank, ACB and Bac A Bank have continued to decrease by 0.15 - 0.3 percentage points for many terms since early this month.
The highest deposit interest rate at VPBank is only 5.5 percent per year for 12-month and 13-month terms, instead of the previous rate of 5.8 percent per year. Tenors from 6-9 months also decrease from 5.3 percent per year to 5.1 percent per year.
At ACB, the interest rate for deposits under 200 million VND, with a term of 6-9 months, decreases from 5-2-5.3 percent per year to 5-5.1 percent per year. For deposits from 200 million VND to less than 1 billion VND, the rate is added 0.1 percent per year while for deposits of 1 billion VND or more, the rate is added 0.05 percent per year.- (VLLF)
