Banks asked to submit report on corporate credit programs

The State Bank of Vietnam has asked credit institutions and foreign banks in the country to report on credit programs and services that they are offering this year to help enterprises overcome their financial difficulties.

As per a recent resolution made by the Government  stipulating a number of measures to support troubled enterprises and to boost local economy, the State Bank on July 23 asked banks to provide full information on their lending programs along with details such as names, applicable time frame, borrowers, conditions, interest rates and total value of the program.

Banks will also have to report on programs they will launch from now until the end of this year.

The report will have to reach the State Bank of Vietnam 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 four priority sectors. Some local enterprises have also access to soft loans from these supportive lending packages.

The Central Bank will use this data at a seminar in the future in discussion with banks, enterprises and the local government.

By B. Minh - Translated by Anh Quan

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