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In this challenging economic climate, Vietnamese businesses are concerned over rising interest rates, which could hamper their cash flow and profits. In response, Military Commercial Joint Stock Bank (MB) is cutting 1 per cent from its lending rates for businesses reporting less than VND100 billion ($4.3 million) in sales.
The State Bank of Vietnam (SBV) has continued to strengthen liquidity for the banking sector this year, injecting over 1.4 billion within the first few days of February.
The banking industry is currently witnessing positive signs, with less constrained market liquidity and more relaxed credit room of around 14-15 per cent. In a bid to fight the record-high inflation rate across the globe, central banks, including the SBV, are raising interest rates.
However, consecutive rate hikes are exerting huge pressure on businesses’ ability to settle debts, as well as impeding their production and expansion. Experts believe if this condition persists for an extended period of time, it will have a detrimental impact on economic growth as a whole.
MB is among the first commercial banks to cut interest rates to support the Vietnamese business community Supporting the Vietnamese business community
In response to increasing rates, MB promptly implemented a special scheme to reduce lending interest rates for corporate clients with less than $4.3 million in sales. Corporate clients can now apply for this special loan disbursement on the bank’s online platform – the BIZ MBBank App – to receive preferential interest rates that are 1 per cent lower annually.
A representative of MB told VIR, “As a customer-centric credit institution, MB constantly offers a wide range of products and services that are hardcoded with specific benefits. In particular, corporate clients with urgent needs to mobilise funds for their business operations and manufacturing activities are our top priority.”
In addition, businesses also receive many attractive incentives when opening a BIZ MBBank account, such as:
• A desirable digital account number with value of up to $13,000
• A $13,000 cashback incentive when successfully opening a new account
• Attractive perks for various money transfer options
• Preferential packages for digital finance and accounting solutions from MB's partners
BIZ MBBank is a smart, digital-first banking and financial services platform that is tailor-made by MB for its corporate customers and operates on both mobile applications and websites. This platform allows all customers to register and open new accounts with just a few clicks.
Businesses can now accomplish all they need in terms of financial transactions online via the app, including cash flow and supply chain management, payments, employee salaries, international money transfers, and foreign currency purchases, among others. BIZ MBBank also ensures that transactions are performed securely with fast and accurate processing.
This year, MB continues to reaffirm its position of being dedicated to providing a one-of-a-kind experience for each of its clients, particularly the Vietnamese business community.
Customers who do not have a BIZ MBBank account - see instructions here
Customers who already have a BIZ MBBank account - see instructions here
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By Luu Huong
