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Beginning from March 4, banks have carried out the State Bank of Vietnam’s Circular No.07 allowing them to apply negotiation-based lending interest rates for medium and long term loans instead of the basic interest rate scheme.

Accordingly, joint stock banks will provide medium and long term loans at the lowest lending interest rates between 16.5% and 18% per annum; State banks will apply the lending interest rates for medium and long term loans at the lower level between 14.5% and 16% per annum. Particularly, Maritime Bank and Sacombank will apply the 16.5% or 17.5% lending interest rates for medium and long term loans; BIDV and VCB’s lending interest rates for medium and long term loans will be 14.5%...

Reported by Thanh Hong-Translated by K.T