Banking Association calls for further reduction of at least 0.5 - 1% in lending interest rates

July 11, 2023 11:45 Ha Loan Print article

ANTD.VN - The Banking Association calls on members to consider reducing loan interest rates for existing loans by at least 0.5% and new loans by at least 1%.

The Vietnam Banks Association (VNBA) has just issued a document signed by Vice President and General Secretary Nguyen Quoc Hung, sent to leaders of member credit institutions, calling for continued companionship and sharing of difficulties with businesses and people.

Banking Association continues to call on members to further reduce lending interest rates

Accordingly, VNBA recommends that credit institutions continue to reform administrative procedures, simplify procedures, innovate service style and focus investment capital on production and business enterprises, import and export production households... with feasible production and business plans, in order to provide enough capital for enterprises and people to produce and do business in a timely manner.

“On the basis of balancing financial resources, consider reducing loan interest rates for existing outstanding loans by at least 0.5% and new loans by at least 1%, and consider reducing fees, charges and other services... to support businesses and people to restore production and business, promote economic growth in accordance with the policies and directions of the National Assembly, the Government, and the State Bank of Vietnam” - VNBA's document calls for.

The Vietnam Banking Association also requested that, during the implementation process, member credit institutions should update the implementation status and raise difficulties and problems (if any) to the Association to synthesize and report to the Governor on the implementation results as well as have timely support measures.

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