Credit for export surges

Working with representatives of over 500 enterprises on December 4, Vietnam Development Bank (VDB) confirmed it would increase total export credit support by 30-50 percent compared with the government’s previous plan.

On average, the outstanding loans for exports annually reach 15 trillion dong, which will be raised to 20 trillion dong in 2010 by VDB. In which, the bank will fund exports of major items with large export turnover.

VDB will continue reforming the lending procedures and expand the international payment specifications and providing loans in foreign currencies to exports and guaranteeing export contracts.

To date, VDB has launched credit provision (with total 76 trillion dong) for export of 27 items to 80 nations. In which, 31 trillion dong was actualised in 2009. Notably, the bank’s ratio of overdue debts and export outstanding loans in 2006-2009 always stayed at below 2.5 percent.

Also, the bank has received nearly 260 new projects worth of approximately 90 trillion dong. Of which, 46.7 trillion dong was approved to fund 200 licensed projects.

Thus, till now, VDB is managing the credit supply of 160 trillion dong to over 3.260 trillion dong. Next year the bank plans to pump 54 trillion dong to the economy (including 10 trillion dong of ODA).

 

Category: Finance