The decision will become effective from November 20, 2023.
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The new policy is necessary amid a challenging economic environment and businesses have found it hard to access banks’ loans, especially those in fields of real estate, agriculture, or mining, according to the Ministry of Finance.
Last year, a similar cut resulted in the state foregoing a revenue of VND3.5 trillion (US$150 million) but provided much-needed assistance to businesses and individuals affected by COVID-19 and the early resumption of business activities in the post-pandemic period.
Source: https://ven.congthuong.vn/