Checking a cash transaction at a bank (Photo: Manh Quan).
VietinBank, formally known as Vietnam Joint Stock Commercial Bank for Industry and Trade, has announced a credit programme worth up to VND 50 trillion (USD 1.92 billion), running until the end of 2028.
The programme targets businesses, particularly small and medium-sized enterprises (SMEs), as well as individuals operating in sectors identified as key growth drivers. These include agriculture, rural development, supporting industries, high technology, exports, the digital economy, artificial intelligence, semiconductor manufacturing, processing and manufacturing, and projects classified as green under Vietnamese law.
Under the programme, borrowers will receive interest rates at least 1 percentage point a year below VietinBank's standard lending rate for loans of the same maturity. For medium- and long-term loans, preferential rates may apply for up to 12 months.
VietinBank said it would streamline procedures and processes to help customers access capital more quickly for investment, production expansion and business activities.
Agribank, the Vietnam Bank for Agriculture and Rural Development, is also offering a VND 70 trillion (USD 2.69 billion), credit package from August through 2028. Preferential lending rates will be 1-2 percentage points a year below the bank's average lending rate for loans of the same maturity.
BIDV, the Joint Stock Commercial Bank for Investment and Development of Vietnam, has launched a VND 50 trillion (USD 1.92 billion), credit programme across its network. From August until the end of December 2028, or until the programme's funds have been fully disbursed, eligible SMEs will receive lending rates at least 1 percentage point a year below BIDV's prevailing average lending rate for loans of the same maturity.
The banks' lending programmes come after the State Bank of Vietnam instructed commercial banks to introduce credit programmes aimed at supporting economic growth drivers and SMEs.
The central bank said achieving double-digit economic growth would require substantial resources. The banking sector needs to proactively support businesses and individuals with access to capital, lower interest rates and more favourable lending conditions, particularly for SMEs.
The State Bank has asked commercial banks to cut costs and allocate resources for suitable credit programmes, prioritising agriculture and rural development, supporting industries, high technology, exports, the digital economy, artificial intelligence, semiconductor manufacturing, processing and manufacturing, and green projects.
Notably, preferential lending rates must be at least 1 percentage point a year below each bank's average lending rate for loans of the same maturity at the relevant time. Banks have also been asked to waive or reduce service fees where permitted by regulations and practical conditions.
The State Bank instructed commercial banks to formulate and publish their programmes for implementation from August.
Earlier, at a regular government press conference on August 3, Pham Thanh Ha, deputy governor of the State Bank, said the central bank had held meetings and instructed commercial banks to proactively allocate capital for preferential lending and reduce interest rates under programmes targeting SMEs and priority sectors.
"Four state-owned commercial banks have registered VND 220 trillion, or about USD 8.46 billion, for this preferential lending programme," Ha said.
