Vietnam Biggest Bank to Cut Lending Rates Strongly

The Bank for Agriculture and Rural Development of Vietnam (Agribank), the country’s biggest state-owned bank by assets, has said in a statement that it will cut lending rates of loans to 1.06 per cent per month, or 12.72 per cent per annum from Jan 1 next year, Lao Dong (Labor) newspaper said.

 

Agribank will also cut short-term loans to 0.9 per cent/per month and of medium-term loans to 1 per cent per month, lower than current rates, the paper said.

 

The bank said it will lose at least VND2 trillion for lowering lending rates this time, part of the efforts by Vietnam in deal with recession, the paper added. (Labor)