Banks in Quang Ninh slash interest rates to support businesses

Aiming to remove difficulties for businesses, the State Bank of Vietnam’s branch in Quang Ninh province has asked 14 banks in the province to slash interest rates on old loans.

Accordingly, old loans will have interest rates lowered to less than 15 percent per annum, with total outstanding balance of VND146 billion, by August 2013. Interest rate of more than 15 percent per annum has outstanding balance of VND208 billion.

This move showed the province’s efforts to join hands in solving difficulties burdening local businesses.

Apart from solution packages of financial assistance, decreased taxes and reduced land use fees, Quang Ninh continued to apply other necessary solutions to offer opportunities for local businesses to lend capital, especially potential ones./.