Vietnam Central Bank Requests Banks to Prioritize Loans for Petroleum Importers
The State Bank of Vietnam (SBV) has recently requested commercial banks authorized to provide forex services to prioritize loans for local petroleum importers in a bid to ensure sufficient petrol supply in 2008, state media reported, citing SBV document.
Specifically, the aforementioned banks are responsible for balancing capital reserve to ensure needed currency for the importers in line with fluctuating global market in particular periods, the SBV said.
In case of having any difficulties, they must timely report to the SBV for consideration and suitable settlement so as to ensure that key petrol importers have enough capital and foreign currencies to import sufficient amount of petroleum assigned by the Ministry of Industry and Trade for 2008.
This is the third time that the SBV has made request on capital supply for petrol imports this year. The first was in early May and the second June 3.
Vietnam now has to import almost petroleum products due to the lack of major oil refineries. The first Dung Quat is under construction in central Quang Ngai province with expected operation in February of 2009.
The country is estimated to have spent US$9.11 billion importing 9.61 million metric tons of petroleum products in the first eight months this year, up 94.3 per cent on year and 13.7 per cent, respectively, said the General Statistic Office (GSO). (Vietnam Economic Times)
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