Vietcombank chairman Nguyen Thanh Tung has pledged a lending-rate reduction of at least 2 per cent from now until year-end to support businesses. VnExpress reported the commitment during October 17 discussions on the draft small and medium-sized enterprise law.
The pledge does not establish one identical new rate for every loan. Individual implementation depends on the bank's applicable programmes and conditions.
Targeting support
Tung said smaller businesses represent approximately 98 per cent of enterprises but around twenty per cent of outstanding credit. He favoured concentrating support on firms with growth potential and supply-chain connections rather than spreading resources too thinly.
An October 16 monetary-policy meeting called for lending-rate reductions of 1.5–2 per cent for production, business and priority sectors.
BIDV separately announced reductions of up to 2 per cent annually for eligible short-term dong loans. Its programme began on October 15, before that meeting, and remains subject to its stated conditions.
Data and creditworthiness
Delegates also discussed financial technology, controlled testing and possible independent digital-bank pilots as ways to reduce operating costs. Tung cautioned that lower operating expenses do not automatically produce cheaper funding.
He highlighted complete, standardised and shared data for customer assessment and risk management. National Assembly chairman Tran Thanh Man likewise called for greater use of cash flow, transaction information and supply contracts in lending.
The discussion therefore connected lower borrowing costs with better financial transparency and business repayment capacity. The commitment is a policy and banking development, rather than proof that every borrower has already received a reduction.