Vietnam Prosperity Joint Stock Commercial Bank (VPBank) deploys preferential interest rates for production and business loans, applicable to customers in a number of key industries. The program includes two product groups: loans for agricultural production and business and loans for production and business in 6 key industries.
For customers producing and doing business in the agricultural and fisheries sectors, the interest rate is reduced by 1-1.5% per year compared to standard production and business loan interest rates. Specifically, loans under 3 billion VND are reduced by 1% per year, while loans of 3 billion VND or more are reduced by 1.5%.
Customers belong to six industry groups including pharmaceutical business; retail consumer goods and food services; construction materials; tourism; agriculture and aquaculture; Producing and trading handicraft products will enjoy a reduced interest rate of 0.5-1% per year, depending on the loan size.
In addition to the group of business households, VPBank has a credit package of VND 10,000 billion for small and medium enterprises (SMEs), with a 1% reduction in interest rates. The program applies to businesses in fields such as agriculture, supporting industries, manufacturing processing, high technology, digital economy, artificial intelligence and semiconductors.
The program has been implemented since July, in the context that capital costs tend to increase and the need for additional resources for production and business remains high. Incentives aim to help business households reduce borrowing costs and have more room to invest and expand operations.
In addition to interest rates, banks apply a maximum grace period of 12 months to loans serving fixed asset investment. This policy is suitable for customers who need capital to open a store, invest in facilities or machinery, helping to have more time to put assets into operation before repaying the principal.
The program is also flexible in terms of production and business experience requirements. To meet loan package requirements, startup customers borrow capital to invest in fixed assets or open stores without requiring business experience; While for loans serving other production and business purposes, customers only need to have a minimum of 6 months of continuous business experience.
The implementation of preferential interest rate programs is within VPBank's orientation to bring capital into production and business, key economic sectors and new growth drivers, in accordance with the policies of the Government and the State Bank.
Through these programs, the bank expects to help business households and enterprises reduce capital costs, maintain cash flow, and have more investment resources, expand production and business and seize growth opportunities.
In addition to loan packages for business households and SMEs, VPBank launches the "Strong Companion" program for individual business customers and business households in need of additional capital. Loan interest rate from 5.99% per year, maximum limit of 20 billion VND, financing level up to 80% of the value of the secured asset, with flexible loan period.
The bank said it has applied technology to the appraisal process, thereby shortening approval time to one minute for documents that meet all conditions. Customers can also choose an unsecured loan with an interest rate of 10% per year, maximum limit of 2 billion VND.
