SBV: Vietnam Banks Lend VND113.7 Tln Since Early February
The State Bank of Vietnam, the country’s central bank, has said in a statement that commercial banks have made VND113.7 trillion (US$6.727 billion) of soft loans as a result of the government’s 4-percentage-point interest rate subsidy since the start of February.
Of the total sum, state-owned commercial banks and people’s credit funds loaned VND89.430 trillion (approx US$5.3 billion), commercial joint stock banks lent VND22.607 trillion (US$1.337 billion) and foreign-owned banks provided VND1.669 trillion, the SBV said.
Currently, banks are offering government-supported loans bearing annual interest rates as low as 0.9 per cent-1.0 per cent, compared with commercial loans which have annual interest rates ranged 8 per cent-10 per cent/year, it added.
Analysts said the actual amount of the disbursed funds remains much lower than that total pledged loans because banks will only give money to its clients in tranches in months, slowing down the execution of government’s stimulus efforts. (Vietnam Economic Times)
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