Vietnam 2nd-Biggest Bank Lends VND43.527 Tln to SMEs in Jan-Sept
Vietnam’s second-biggest state-owned bank by assets-the Bank for Investment and Development of Vietnam (BIDV)-reportedly had lent a total of VND43.527 trillion (US$2.638 billion) to 17,000 small and medium enterprises by the end of the third quarter, according to a bank senior official.
The loans of SMEs accounted for 21.5 per cent of the BIDV’s outstanding loans and guarantees, Tran Bac Ha, CEO of the BIDV, said.
Since Sept the BIDV have slashed 9.6 per cent of lending rates nine times, pushing down the lending rates of loans for SMEs to 11.4 per cent per annum from 21 per cent to support SMEs in the face of the global recession.
The BIDV has also supported exporters, miners and goods producers to reduce dependence on imports and partly held slash the country’s trade deficit. Besides, the bank also contributed cash to setting up joint ventures with SMEs.
The bank has set the target of increasing loans for SMEs to VND100 trillion to account for 35 per cent of its total outstanding loans by 2010.
Amid the global recession, SMEs should improve governance and management to overcome difficulties, Vu Tien Loc, chairman of the Vietnam Chamber of Commerce and Industry (VCCI) said.
So far, Vietnam has 350,000 SMEs, Loc said. (News)
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