VPBank offers lending rate cuts to firms and customers VPBank has announced a further lending cut of 2 per cent for small- and-medium sized enterprises (SMEs), the second time it has slashed rates to support customers since the COVID-19 outbreak. The rate cut is being offered to both existing and new customers. For loans with collateral deposits, the maximum interest rate reduction has been set at 1.5 per cent year for VND and 1 per cent a year for US dollars. For unsecured loans, VPBank is offering a maximum annual interest rate reduction of 2 per cent year for VND and 1 per cent for US dollars. Businesses operating in the tourism, hotel and transport sectors are eligible for the cuts, along with firms whose exports to China, the US and Europe accounting for at least a half of their revenue in 2019, while importing at least half of their materials from the above mentioned markets. Firms experiencing difficulties paying debts due to COVID-19 can also apply for loans with preferential interest rates.