Vietnam Banks Pump VND93 Tln into Economy in February

Eighty five banks in Vietnam had injected more than VND93 trillion (US$5.502 billion) into the economy in February as part of implementation of the US$1 billion stimulus package by the government, the State Bank of Vietnam has said.

 

Of that sum, state-owned banks disbursed VND72.630 trillion, commercial joint stock banks VND18.854 trillion and joint venture and foreign banks lent the remainder, the SBV said.

 

The state-run Vietnam Television said this morning that many banks lowered lending rates to 1 per cent/year.

 

To boost dropping demand resulted by consumers tightening belts, the government is proposed to launch consumption promotion campaigns, raise competitive edges of local businesses, break tax. The government is expected to support VND45 billion for those campaigns this year.

 

Vietnam Banking Association forecast that by spending VND27 trillion to boost lending, government can help banks disburse more than VND600 trillion this year. (New Hanoi, Industry and Trade)