Central Bank: Vietnam Banks Provide VND80 Tln Soft Loans to Local Firms
Banks in Vietnam have funneled VND80 trillion (US$4.7 billion) of soft loans to local companies since the government announced the US$1 billion stimulus package last month, according to the State Bank of Vietnam.
Under the package, firms will borrow loans from banks with 4 per cent interest rate subsidy by the government for 12 months.
Sacombank has offered VND2.03 trillion, MHB disbursed VND1.425 trillion, HDBank VND356 billion, Agribank, the country’s biggest bank by assets VND12 trillion, and ACB VND1 trillion, the SBV said.
Early this week, Governor of the SBV himself chaired a working session with officials from 40 branches of commercial banks in Ho Chi Minh City to solve difficulties to boost production to avert recession.
The US$1 billion package is among a number of packages including a US$6 billion package and delaying collection of personal income tax till end of May this year the government is enacting to boost production and ward off economic slowdown.
This year, communist Vietnam targets GDP growth rate of 6.5 per cent. (SBV)
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