Banks reduce loan interest by over VND12.2 trillion for pandemic affected clients

A total lending interest reduction of over VND12.2 trillion (US$539 million) was conducted by 16 commercial banks between July 15 and September 30, 2021, to support customers affected by the Covid-19 pandemic.

The information was released by the State Bank of Vietnam at a meeting held on October 28 to announce the implementation results of the commitments of 16 commercial banks on cutting lending interest rates for pandemic hit customers.

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The total reduced lending interest reached 59.36% of the commitment, in which Agribank implemented the largest reduction of over VND4.8 trillion for more than 3.18 million customers.

Vietcombank came in second with a reduction of nearly VND2 trillion for more than 239,300 customers.

BIDV ranked third in cutting lending interest for customers with a total reduction of over VND1.9 trillion for more than 365,400 customers.

Many other banks have also lowered lending rates for customers during the pandemic, including VietinBank, MB, SHB, Techcombank, VPBank, ACB, TPBank, Sacombank and others.

The 16 commercial banks have agreed to continue cutting lending interest rates for customers until the end of 2021 with estimated lending interest reduction of over VND20.6 trillion (US$910.6 million).

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Source: NDO