Banks told to report on corporate credit programmes

26-Jul-2012 Intellasia | Saigon Times Daily | 7:01 AM

The State Bank of Vietnam has required credit institutions and foreign bank branches in the country to report on credit programmes and services they have been expanding this year to help enterprises overcome financial problems.

Given the government’s recent resolution stipulating a number of measures to support troubled enterprises and boost the local market, the central bank has asked lenders to provide full information of their lending programmes including names, applicable time, borrowers, conditions, interest rates and total value of the programmes. Banks will also have to report on programmes they will launch from now to the end of this year.

The reports will have to be sent to the central bank before August 2.

Many banks such as VietinBank, Vietcombank, BIDV and Sacombank have launched lending packages with preferential interest rates from 11-13 percent per annum for corporate customers in the four priority sectors. Besides VIB, Vietinbank and BIDV have also provided loans for individual clients with demands to buy homes.

Some local enterprises have also accessed soft loans from the supportive lending packages.

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