BIDV Highlights
Ha i Van
BIDV caps lending rates at 5 percent p.a. for selected sectors Following both the government’s policy on implementing solutions to support the economy amid the Covid-19 pandemic and the direction of the State Bank of Vietnam, BIDV announced to adjust its ceiling lending and deposit rates in Vietnamese dong (VND) with effect from 13 May.
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mplementing the State Bank’s Directive 919/QD-NHNN dated 12 May 2020 regarding maximum interest rates in Vietnam dong (VND) offered by credit institutions and foreign bank branches to organisations and individuals, BIDV has reduced its ceiling interest rates in VND for demand and less-than-1-month deposits to 0.2 percent p.a.; and those with terms of one to six months to 4.25 percent p.a. Following the State Bank’s Directive 920/ QD-NHNN dated 12 May 2020 regarding maximum short-term lending interest rates in VND by credit institutions and foreign bank branches to borrowers in a number of sectors as stipulated in Circular 39/2016/TT-NHNN dated 30
A BIDV branch in Hanoi
December 2016, BIDV has lowered the ceiling interest rates for short-term loans in VND applicable to selected business sectors to a maximum of 5.0 percent p.a. Reducing input cost will create room for BIDV to further cut lending rates that helps support businesses access loans at suitable cost and boost economic development. BIDV expects to make further reductions in interest rates for deposits of six months and more by 0.2 percent to 0.5 percent p.a. By cutting lending interest rates,
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BIDV has shown its quick response to joining the banking sector in supporting businesses and individual customers to overcome consequences caused by the Covid-19 pandemic, ensuring life stability and production and business activities. Last month, BIDV also cut rates by a further 2 percent p.a. to support customers affected by the Covid-19 pandemic. The bank restructured the repayment period, waived fees and reduced interest rates, as well as maintaining the debt group of borrowers.
