Vinaconex-Viettel Finance Co. Okayed to Provide Subsidized Loans
The State Bank of Vietnam (SBV) has allowed the Vinaconex-Viettel Finance Joint Stock Company (VVF) to join the government-initiated program of offering loans with subsidized interest rates, the SBV said.
Under the Decision No. 1980/QD-NHNN, VVF is required to provide subsidized loans in line with Decision No. 131 signed by the Prime Minister in January.
Vinaconex-Viettel Finance Co. made its debut on August 8 with a registered capital of VND1 trillion ($58.9 million), providing services as a credit institution and managing funds for the projects of its founders.
Viettel owns a 32% stake in the company, Vinaconex 30%, and BIDV 5%.
As of August 14, local banks and financial companies had made soft loans of VND395.039 trillion ($23 billion) since the government launched the subsidized lending program in early February, according to statistics from the SBV. (SBV, Vietnam Economic Times)
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