[hepr-vn] FIS/AG: Agribank Cuts Lending Rates for Households, Small Enterprises

[Vern Weitzel]

Subject: [vnnews-l] FIS/AG: Agribank Cuts Lending Rates for Households, Small 
Enterprises
Date: Tue, 11 Nov 2008 18:29:45 -0800 (PST)
sent to vnnews-l by Stephen Denney <sdenney at OCF.Berkeley.EDU>



  Vietnam News Briefs: Banking & Finance: Agribank Cuts Lending Rates for
Households, Small Enterprises
Vietnam News Briefs (Vietnam) - Monday, November 10, 2008
from the VIETNAM NEWS BRIEFS, November 10, 2008 The state-owned Bank for
Agriculture and Rural Development of Vietnam (Agribank), the country's
biggest state-owned bank by assets, has announced further lending interest
rate cuts for household producers and small-sized exporting and producing
enterprises (SMEs), applied as from November 10.

Lending interest rate for household producers will be slashed by 1.0
percentage point to 14.4% per annum, the lowest offered by Vietnamese
commercial banks at the moment, while rate offered to small and medium
enterprises has reduced to 15% per annum.

Out of VND60,000 billion in capital reserve, some VND40,000 billion will
be lent to household producers and small-sized exporting and producing
enterprises, said Nguyen The Binh, the general director of Agribank.

Binh also highlighted that Agribank pledges to provide sufficient loans
for around 10 million farming households and 30,000 agricultural
production enterprises.

Analysts expect Agribank's lending interest rate reduction move to be
followed by other commercial banks in the near coming time.

(Youth Nov 10 p3) Copyright 2008 Vietnam News Briefs
Provided By: Financial Times Information Limited - Asia Africa
Intelligence Wire