Loans with interest rate at below 15pct/yr account for 76pct of total loans in HCM City

Five commercial banks namely Dong A (Eastern Asia) Commercial Joint Stock Bank (DongABank-EAB)’s Go Vap branch, Saigon Thuong Tin Commercial JS Bank (Sacombank-STB)’s Go Vap branch, Bank for Investment and Development of Vietnam (Bidv)’s Gia Dinh branch, Vietnam Commercial JS Bank of Industry and Trade (VietinBank-CTG)’s branch 9 and Bank for Agriculture and Rural Development (Agribank)’s Gia Dinh branch on August 16 signed a credit contract with 15 enterprises for loans totalled 122.4 billion dong at the lending interest rate of 11-13 percent per year.

At the signing ceremony, Nguyen Hoang Minh, deputy director of the State Bank of Vietnam (SBV)’s HCM City branch, said that till August 10, commercial banks in HCM City restructured re-fixed the debt terms for enterprises totalling 46.425 trillion dong (or 6.2 percent of the total outstanding loans).

HCM City-based banks also reduced the lending interest rate for old loans to below 15 percent per year with a total value of 579.307 trillion dong (accounting for 76 percent of the total loans) and the remaining debts that have not adjusted down the lending interest rate yet are mainly bad debts, medium and long term loans, property loans, consumer loans and securities investment loans.

 

Category: Finance