At the end of the year, banks often speed up credit promotion and "tailor-made" programs for the holiday season to meet the needs of businesses and people.

In the fourth quarter of 2023, it is not difficult to see that the priority focus of banks is competing to "accompany" existing and new customers, on the basis of aiming to maximize user benefits.

The market is exploding with incentives

Interest rates and access to credit can be considered two of the hot "keywords" related to credit supply throughout the past year. After 4 times of lowering operating interest rates by the State Bank and efforts to reduce costs by commercial banks, the cheap break-even "falling point" has helped the interest rate level in the market in the fourth quarter of 2023 reach as deep as before the pandemic.

However, how to ensure that interest rates remain "real positive" to help attract mobilized capital and at the same time support businesses and people with cheaper borrowing costs, each bank has its own method.

Market records show that the mobilization interest rate of state-owned commercial banks for the 12-month term is at a very low level < 5.23%/year, and it is predicted that it will likely adjust further. About 27 commercial banks previously reduced deposit interest rates. However, there are also banks that strive to balance terms and create profitable opportunities for customers, accelerating deposit attraction when the revenue source of the last month of the year for organizations and individuals can be more positive thanks to payment recognition. orders, debt collection, year-end bonuses, etc. VIB, OCB, BIDV are the banks that have increased deposit interest rates since the beginning of November. Meanwhile, Eximbank chose to deploy a widespread incentive program from services accounts, card services, deposits and loans, with special options for VIP individual customers who can enjoy higher deposit interest rates than regular customers, along with other incentives...

On the lending side, many banks also "lower" interest rates and fees, including Eximbank's loan packages such as "Business incentives - Firm companion" for individuals borrowing for production and business and "Business incentives" Loan incentives - Benefits for individuals" for individuals to borrow capital to buy real estate/consumption with interest rates among the lowest in the market; In addition, Eximbank, with its "Preferential salary package" implemented from the beginning of 2023, continues to demonstrate its companion advantage in fixed fee payments for corporate customers. This bank also lends up to 100% of consumer capital needs, with attractive interest rates for customers with existing credit relationships...

The “option” and the right to insure risks belong to the customer

At the recent regular Government press conference, Deputy Governor of the State Bank Dao Minh Tu assessed that the State Bank aims to achieve an average reduction in interest rates of commercial banks by the end of this year by about 1-1 .5%. “However, up to now, according to statistics and assessments of the State Bank up to now, the average interest rate of new loans will decrease by about 2 - 2.2%, which is higher than expected. hope and desire right from the beginning of the year with reduced interest rates," said the Deputy Governor.

Not only enjoying preferential interest rates reduced beyond expectations, the State Bank also recently informed credit institutions about extending credit limits in the last month of the year. At the same time, businesses and people have more and more options to suit their financial service needs.

"Currently, people tend to choose preferential and promotional goods, choose products in wholesale lots, combos, large packages... to take advantage of cheaper prices and high benefits. As a business, we also have to "screen" incentive packages to choose the program with the most practical benefits for banks. I have learned about some incentive programs of banks recently", said Mr. Nguyen Thinh, Director of an Import-Export Trading and Services Company in Ho Chi Minh City.

Accordingly, this Director also said that through consulting and learning from Eximbank staff, he was impressed with the bank's "Companion" policy when designing a series of quite flexible loan incentives in the market. school. “I am considering the program's diverse options, either I can choose to mortgage my deposit or use the limit, or I can choose to follow loan programs with many other incentives such as loans under the loan schedule. announced and receive reduced interest rates when participating in Generali's term insurance products... We will take advantage of this year-end promotion to enjoy "n in 1" incentives from Eximbank", Mr. Thinh added.

According to an Eximbank representative, from 2022, Eximbank has oriented a healthy capital structure and prioritized loan capital for essential consumption, production and business, thereby helping the bank increase business efficiency and contribute Liquidity safety, limiting the risk of re-evaluating investment assets in a fluctuating interest rate environment. In particular, the loan portfolio structure focuses on growth in the SME and individual customer segments, lending for production and business needs. Accordingly, the "Companion" program that Eximbank implemented starting in early December is the result of research stemming from the actual needs of businesses, especially SME groups and individual customers. .

“We survey and accompany customers to answer the question of what they need during the peak period of late 2023 and early 2024. At the same time, we also ask what solution will support their business. businesses and people to overcome difficulties and challenges to gradually expand development; On that basis,  deploy incentive packages and credit solutions that are continuously flexible, optimizing efficiency for borrowers as well as creating the most favorable access to credit. Besides, Eximbank has a diverse and comprehensive product portfolio, fully serving the needs of businesses and people. Therefore, Eximbank's "Companion" is actually not just a companion on a short transaction, but it will be a "symbiosis" together on a long-term financial transaction journey," Mr./Mrs.. . , Eximbank representative shared.

From December 5, 2023, Eximbank launches the "COMPANYMENT" program(*), accordingly, to accompany Eximbank's individual customers and corporate customers, Eximbank has launched many policies. Extensive incentives from account services, card services, deposits and loans.

Individuals and businesses eligible to participate in the program will enjoy preferential interest rates, transaction fees and many other incentives as follows:

* For individual customers: Customers participating in main products such as credit cards; Account combo; Good number account/custom number with optional products participating in Non-life insurance of affiliated companies and/or Generali Insurance - VITA Tomorrow's fulcrum, enjoy: Reduced loan interest rate up to 1 %; Transaction fee incentives; Preferential interest rates on savings deposits: Enjoy interest rates for VIP customers with higher deposit interest rates than regular customers; Specially issued Visa Signature credit cards - Eximbank's most advanced card line for VIP/KNOT customers, with the highest cashback value on the market today (24 million VND/year).

* For corporate customers: Customers participate in both of the following product groups: Main products: Group 1: Corporate customers borrow capital under Eximbank's preferential programs, including: Deposit mortgage program; Program to encourage use of credit limits; New business customer competition program; Successful follow-up program/ Group 2: Corporate customers borrow capital according to the Interest rate schedule as announced by Eximbank; And the complementary product Generali Insurance - VITA Fulcrum tomorrow, will enjoy existing incentives according to the program from time to time, and also receive an additional reduction in loan interest rates from 0.1% -0.5%/ year.

(*) Details according to program conditions and announcements from time to time.