Vietnam SBV Allows 4 More Finance Cos to Make Low-cost Loans
The State Bank of Vietnam, the country's central bank, announced on April 9 it has decided to add four finance companies to the list of banks and finance firms to provide subsidized loans.
They are the Vietnam Textile and Garment Finance Co., EVN Finance Co, Songda Finance Joint Stock Company and Cement Finance Joint Stock Co, the SBV said.
Earlier in mid-March, the SBV allowed five finance companies to make low-cost loans.
The SBV also detailed a regulation on sectors and industries to enjoy medium and long-term subsidized loans as part of a series of government measures to head off the economic slowdown.
As of April 3, local banks had loaned VND202.1 trillion (approx US$12 billion) to the economy, the SBV said.
Vietnam has 16 finance firms with a combined assets value of VND50 trillion with PVFC being the biggest. (SBV)
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