TO REDUCE THE MAXIMUM SHORT-TERM LOAN TO 10%
This content is shown in the Circular No. 10/2013/TT-NHNN dated May 10, 2013 of the State Bank of Vietnam promulgating the maximum interest rate for VND short-term loans of the credit institutions and foreign bank’s branches for the customers to satisfy funds demand serving some economic areas and sectors.
Accordingly, on May 13, 2013, the State Bank of Vietnam requires credit institutions and foreign bank’s branches to have the maximum short-term loaning interest rate in VND is 10% per annum; people's credit funds and microfinance institutions may impose the maximum interest rate of 11% per annum on short-term loans in VND. This interest rates are all decreased by 1% compared with regulations at the Circular No. 09/2013/TT-NHNN that takes effect on March 26, 2013,
The short-term loans in VND that are eligible for the maximum interest rate are the loans that satisfy the demands for fund that is used for to service the development of agriculture and rural areas; to implement the plans, projects of production and trading of exports; to service the production and trading of medium and small enterprises; to develop the ancillary industries; to serve the production and trading of the high-tech enterprises.
This Circular takes effect on May 13, 2013, and supersedes the Circular No. 09/2013/TT-NHNN dated March 25, 2013.
