Nov. 18 – Local banks in Vietnam are continuing efforts to lower lending interest rates for long and medium-term loans.

In the past two months alone, the Bank for Investment and Development of Vietnam (BIDV) has lowered lending interest rates seven times by up to 1 percent.

Already the maximum lending interest rate on short-term loans in Vietnam dong is down by 15 percent a year, reports Nhan Dan.

In addition, companies engaged in the business of oil products, steel, cement, fertilizer and drugs industries, small and medium-sized enterprises are qualified for even a lower lending interest rate of 14 percent annually.

Currently, BIDV's lending interest rates for long and medium-term loans is pegged at 15.8 percent.

Other banks like the Bank for Agriculture and Rural Development of Vietnam also lowered lending interest rates. The lending rate for loans in agricultural, forestry, fisheries and salt production has been reduced by 1.2 percent to 14.4 percent annually.

The LienViet Joint Stock Commercial Bank has announced that it would prioritize on giving preferential loans to small and medium-sized enterprises strapped for cash needed for trading.

The lowest lending interest rate in the country belongs to Vietcombank, from 15.2 percent a year to 13.5 percent a year.