DECREASE BY 1% FOR SHORT-TERM LOAN
This is the directive of the State Bank of Vietnam at the Circular No. 16/2013/TT-NHNN 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.
Also in accordance with this Circular, from June 28, 2013, The maximum short-term loaning interest rate in VND is 9% per annum; people's credit funds and microfinance institutions may impose the maximum interest rate of 10% per annum on short-term loans in VND. Previously, at the Circular No. 10/2013/TT-NHNn dated May 10, 2013, the State Bank of Vietnam decided to decrease these interest rates to in turn 10% per annum and 11% per annum.
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 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 and to serve the production and trading of the high-tech enterprises.
This Circular takes effect on June 28, 2013 and supersedes the Circular No. 10/2013/TT-NHNN dated May 10, 2013.
