“Fixed-Rate Loans for Businesses: As Low As 5.5% Interest Annually”

Recently, Orient Commercial Joint Stock Bank (OCB) has launched a super-preferential credit package with interest rates as low as 5.5%/year fixed for the entire loan term for small and medium-sized enterprises (SMEs) in the import-export sector.

Accordingly, new and existing SME customers of OCB who have new Vietnamese Dong disbursements from now until December 31, 2024, will enjoy an interest rate of only 5.5%/year for loans with a term of up to 3 months and 6%/year for loans with a term of more than 3 months to 6 months. This interest rate will be fixed for the entire loan term.

SNC Garment International Co., Ltd., specializing in importing and exporting garments to the Korean and American markets, is one of the enterprises that has just been granted a large credit limit by OCB at a super-preferential interest rate. This source of capital helps businesses have additional finances to supplement working capital for importing raw materials to serve signed orders until the end of 2024.

Ms. Ngoc, the company’s CFO, shared, “Throughout the capital borrowing process at OCB, we have always received quick support from the preparation to the appraisal of the application, along with a very competitive interest rate in the market. As a result, our company has timely capital to serve our business. By the end of this year, our company has planned to continue to disburse a new loan at OCB to supplement capital to expand the export market and relocate the factory to increase productivity.”

In the current period, to empower SMEs to develop and expand their production and business activities, OCB continuously offers many programs and products suitable for each customer segment and their field of activity. At the same time, following the direction of the Government and the State Bank, we are also adjusting deposit interest rates to a reasonable level so that we can support businesses to borrow capital at the best interest rates. It can be seen that the general interest rate level is quite low now, averaging about 6-8%/year. For the group of import-export enterprises, we apply a better interest rate of only 5.5%/year, thereby helping customers solve the capital problem for their activities, shared a representative leader of OCB.

OCB is rated as one of the banks that always takes the initiative in supporting businesses, especially SMEs, in the direction and guidance of the Government and the State Bank. In addition to interest rate and price support, the bank is also focusing on digital transformation of financial products and services to enhance convenience and reduce transaction time for customers.

For example, import-export enterprises can easily make payments to foreign partners for orders via the digital banking channel for businesses (OCB OMNI Corp), creating orders anytime, anywhere, and OCB commits to processing transactions within 2 working hours from the successful approval of the business. Inquiry and printing are also very easy and completely online without having to go to the transaction counter as before.

According to a report by the General Statistics Office, Ministry of Planning and Investment, in July, the total import and export turnover of goods was estimated at US$69.72 billion, up 8.7% compared to the previous month and up 21.8% over the same period last year. In the first 7 months of 2024, the total import and export turnover of goods reached US$439.88 billion, up 17.1% over the same period last year, of which exports increased by 15.7%, imports increased by 18.5%. The trade balance of goods exports was US$14.08 billion. With the positive results of import-export activities in particular and the economy in general in the first 7 months of 2024, capital demand will continue to increase in the last months of the year, and the banking industry is also expecting this to be an opportunity for banks to promote credit growth.