Vietnam Banks Extend Soft Loans to VND319T Since Early Feb
Banks and financial companies in Vietnam had added VND17.692 trillion (US$1 billion) to the economy in the week ended May 28, up 5.87 per cent from a week earlier, raising the total subsidized loans to VND319 trillion since early February, the State Bank of Vietnam, the country's central bank, said on its Website.
State-owned banks and people’s funds extended subsidized loans to VND230.597 trillion, up 5.54 per cent, commercial joint stock banks loaned VND71.407 trillion, up 5.82 per cent, joint venture and foreign banks lent VND15.067 trillion, up 9.44 per cent, and financial companies VND2 trillion, up 20.19 per cent, the SBV said.
Banks and financial companies loaned VND50.934 trillion to state-owned companies, down 21.39 per cent, VND209.485 trillion to foreign-, private-invested firms, up 17.47 per cent, VND2.256 trillion to cooperatives, up 24.77 per cent, and VND56 trillion to households and individuals, up 8 per cent, the SBV added.
From June, the SBV and commercial banks have just agreed to lower dollar-denominated deposits’ interest rates to 1.5 per cent/year from the current 2 per cent-3 per cent and lending rates to 3 per cent/year, as part of efforts to stabilize the forex market. (SBV)
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