Implementing Resolution No. 43/2022/QH2015 of the National Assembly on fiscal and monetary policies to support the socio-economic recovery and development program, Agribank continues to adjust down lending interest rates to support customers during the post COVID-19 pandemic recovery period. This program lasts from November 1, 2023 to December 31, 2023.

Agribank will spend more than VND 4,000 billion to provide interest rate support for existing loans. In particular, customers can have their interest rates adjusted to a reduction of 3 to 4 percentage points per annum.

Specifically, Agribank will adjust the applicable lending interest rates in each field, customer type, loan type, etc.; adjust the interest rate with the maximum reduction to reach floor lending interest rate; and will not apply overdue penalty interest, late payment interest, or fees (if any) to customers for a maximum period of 12 months from November 1, 2023.

In the last two months of 2023, Agribank will adjust the interest rates applied to all existing outstanding loans of those customers with structured debts, group 2 debts, and on-balance sheet bad debts to Agribank's current lending interest rate floor.

There will be customers whose loans may have interest rates adjusted down by up to 3 to 4 percentage points. It is estimated that during this interest rate reduction, Agribank will spend a maximum of more than VND 4,000 billion to support customers. This is the 7th consecutive time Agribank has adjusted to reduce lending interest rates, directly supporting customers.

Agribank has also implemented many support solutions and low-interest credit programs to create favourable conditions for customers to access preferential capital sources such as: Implementing Circular No. 02, Decree No. 31, Resolution No. 33, and preferential credit programs for individual and business customers.

In 2023, Agribank has actively implemented five preferential credit programs for business customers: Preferential credit program for large corporate customers with the most preferential interest rates of the year; Preferential credit program for small and medium-sized enterprises (SMEs) with preferential interest rates up to 0.7% p.a. lower than normal lending interest rates; Preferential credit program for import-export customers which lasts until December 31, 2023; Preferential package applicable to medium and long-term loans for corporate customers investing in projects in five key industries; and Preferential credit program for forestry and fishery sectors which lasts until June 30, 2024.

Kylie Nguyen