Vietnam Banks Make VND200T Soft Loans: SBV Official
Banks in Vietnam have so far pumped approx VND200 trillion (US$11.8 billion) of low-cost loans into the domestic economy.
That fund is as a result of the eighth week of the government's 4 per cent interest rate subsidy program launched in February to ward off economic slowdown.
The SBV is also seeking from the government approval to boost medium and long-term loans to local businesses.
In the week ending March 26, local banks loaned an additional VND26.819 trillion of soft loans, up 17.65 per cent from a week earlier, bringing the total low-cost loans to VND178.7 trillion, state media said.
Most of the low-cost loans go to non-state sectors, state media said.
During the first online cabinet meeting, the government has announced to spend an additional US$1 billion to stimulate consumption demand in rural areas and signaled the SBV to review benchmark interest rates and refinancing and rediscount rates as inflation is easing.
The government is also seeking approval from the national assembly to revise down GDP growth to 5 per cent this year while widen state budget deficit to 8 per cent of the GDP value this year. (Banking Times)
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