The moves follow directives from the Prime Minister and the State Bank of Vietnam to support citizens and businesses by reducing borrowing costs
Four state-owned banks, Agribank Binh Dinh, BIDV Binh Dinh, VietinBank Binh Dinh and Vietcombank Binh Dinh, have introduced major credit programmes running through 2028.
Agribank Binh Dinh has launched a VND70 trillion ($2.8 billion) package for small and medium-sized enterprises and business households investing in priority sectors. Lending rates under the programme are 1-2 percentage points a year below the bank's average rates.
VietinBank Binh Dinh, Vietcombank Binh Dinh and BIDV Binh Dinh have each introduced VND50 trillion ($2 billion) packages, offering a 1% interest-rate reduction for businesses with sound finances operating in sectors identified as key growth drivers.
These include high technology, exports, the digital economy, artificial intelligence, supporting industries, semiconductors, processing and manufacturing, as well as green projects.
BIDV Binh Dinh is also providing a VND200 trillion ($8 billion) credit package for individuals and business households seeking funds to purchase goods and finance working capital.
For loans of less than three months, annual interest rates range from 6.9% to 7.6%. Loans of three to less than six months carry rates of 7.5%-7.9%, while loans of six to less than 12 months are priced at 8.7%-8.9%.
The bank has also launched a "Priority Housing" programme for customers, including couples, who have never previously taken a home loan from BIDV. The programme is intended to direct financing towards genuine homebuyers rather than speculative purchases.
Under the programme, borrowers taking loans with a minimum three-year term can secure a fixed annual rate of 9.2% for the first six months or 9.7% for the first 12 months. For loans with a minimum five-year term, the fixed rate is 10.3% for the first 18 months.
BIDV Binh Dinh Deputy Director Van Minh Hoang said the bank was improving its applications and simplifying procedures to enable customers to access credit more quickly and at reasonable rates.
The rate-cutting trend, generally ranging between 1 and 2 percentage points a year, has also spread to private lenders including BVBank Binh Dinh, Sacombank Binh Dinh and Nam A Bank Binh Dinh.
BVBank Binh Dinh is advising SMEs and business households on accessing a VND2.5 trillion ($100 million) credit package, with rates at least one percentage point below the market average. Short-term loans are priced from 9.7% a year, while medium-term loans start at 10.5%.
BVBank Binh Dinh Director Pham Chi Dai said the bank was streamlining appraisal procedures and reducing administrative requirements to speed up disbursement.
Sacombank Binh Dinh, meanwhile, is offering a VND20 trillion ($800 million) credit package for import-export companies, with annual interest rates ranging from 8.5% to 9.8%, about 2 percentage points below its standard lending rates
Sacombank Binh Dinh Deputy Director Pham Van Khoa said import-export companies frequently face delayed international payments, exchange-rate fluctuations and logistics costs. Many SMEs also have difficulty demonstrating their borrowing capacity when relying solely on traditional collateral.
The bank has therefore based its lending decisions on a broader assessment of businesses' financial health rather than rigid approval mechanisms.
The approach is intended to improve access to capital for purchasing materials and machinery and covering operating costs during the year-end peak period.
Nguyen Tra Duong, Deputy Director of the State Bank of Vietnam's Region XI Branch, said more banks in Gia Lai were expected to reduce lending rates in the near future in line with directives from the Prime Minister and the central bank.
The simultaneous reduction in borrowing costs is expected to ease financial pressure on businesses and business households as they step up production and operations in the final months of the year, while helping them pursue investment opportunities and increase revenue.
Greater production and business activity would, in turn, contribute to the province's overall economic development.
