Following the State Bank’s regulations on reducing ceiling interest rate (the maximum VND deposit rate for demand and below 1-month terms is reduced from 1% p.a to 0.8% p.a; 1 to 6–month terms decreasing from 5.5% p.a to 5.0% p.a; short-term lending rate cap for priority areas is 6.0% p.a.), on 19 November 2019 BIDV directed its whole system to seriously comply with the State Bank’s regulations.

In addition, BIDV has continued to reduce deposit interest rates by 0.2% per annum for all terms (lower than the ceiling interest rate regulated by the State Bank).

The reduction in deposit interest rates lays foundation for BIDV to further reduce lending rates by 0.2 - 0.5% per annum compared to current rates, maintaining the lending rates for priority areas at the maximum of 5.5%  p.a. (0.5% p.a. lower than the new cut rate of the State Bank).

BIDV has continued to implement preferential credit packages worth over VND200,000 billion since the beginning of the year with interest rate reducing by 1% - 3% p.a. against normal rates, including: medium and long-term credit packages for sustainable business development, short-term credit packages for micro enterprises, start-ups, and competitive short-term credits in the last months of the year.

This interest rate cut move is a practical action, demonstrating the role and responsibility of BIDV in the implementation of the guidelines and policies of the Government and the State Bank of Vietnam for the national development.

BIDV

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