FROM OCTOBER 01, MAXIMUM SHORT-TERM LOAN INTEREST RATE IN VND IS 5.5%/YEAR
On September 30, 2020, the State Bank of Vietnam issues the Decision No. 1730/QD-NHNN on the maximum short-term loan interest rate in Vietnam dong of credit institutions and foreign bank branches for borrowers to meet the capital demand in service of a number of economic sectors and industries as prescribed in the Circular No. 39/2016/TT-NHNN dated December 12, 2016.
Accordingly, the maximum short-term loan interest rate in VND as prescribed in Clause 2, Article 13 of the Circular No. 39/2016/TT-NHNN which is applied by the credit institutions, foreign bank branches (except for people’s credit fund and micro financial institution) shall be 4.5% per annum. For the People’s credit fund and micro financial institution, the maximum short-term loan interest rate in VND to be applied shall be 5.5% per annum.
Besides, the interest rate applied to credit contracts and loan agreement documents signed before the effective date of this Decision shall continue to be implemented under the signed credit contracts and loan agreements in accordance with the law at the time of contract and agreement signing.
This Decision takes effect on October 01, 2020.
