VietNamNet Bridge – Big enterprises have confirmed that they
have accessed the bank loans with the low interest rate of 9 percent per annum,
which is just equal to the short term deposit interest rates.
Vu Van Thanh, Deputy General
Director of Hoa Sen Group, said on Dau tu Chung khoan that in late August, Hoa
Sen got the short term dong loan at the interest rate of 9 percent per annum
and dollar loan at 3 percent per annum.
The Hoa Phat Group has also said
that Vietcombank and Vietinbank, two of the biggest commercial banks in
Vietnam, have offered the low cost credit packages with the interest rate of 9
percent for dong and 3.2 percent for dollar loans.
Both Hoa Sen and Hoa Phat have
affirmed that the interest rates have decreased significantly, which would help
businesses reduce their production costs.
The HCM City Branch of the State
Bank of Vietnam has confirmed that some credit packages with the interest rates
of 9 percent and 2 percent for dong and dollar loans have been launched into
the market. This is a step made by the banks to lure good clients and to push
up lending in the context of capital excess.
Nguyen Hoang Minh, Deputy
Director of the HCM City Branch, said in principle, commercial banks, which
compete with each other to attract more clients, have to offer low cost credit
packages. However, Minh said that only state owned banks or the banks, where
the State holds the controlling stakes, can offer loans at such low interest
rates. Meanwhile, small banks, whose input capital comes mostly from deposits,
cannot do that.
Sacombank’s General Director Phan
Huy Khang believes that the 12-15 percent interest rates would be reasonable in
the current circumstances. ANZ Bank, after providing the loans at 9 percent per
annum, has raised the lending interest rate to 11.5 percent again.
Commenting about the moves of the
big banks to slash lending interest rates, economists say this would help
businesses regain their strength and resume production.
However, the interest rates have
been just applied to short term loans; this means that businesses still cannot
think of making long term investment right now. Therefore, it’s too early to
say that the interest rate reductions would help make the economy prosper.
The outstanding loans of banks
have been increasing slowly than initially planned. Though the capital demand
is big and the interest rates have been slashed sharply, the capital still has
got stuck because not many businesses can meet the requirements to be eligible
for loans.
Infonet has quoted a banker in
HCM City as saying that banks would set strict requirements on the clients who
want to access the low cost credit packages at the interest rate of 9 percent
per annum..
He also said that the 9 percent
interest rate would be applied only for the first some months, while the
interest rates would be floated for the next months.
That explained why banks all have
declined to reveal the figures about the sums of money disbursed so far under
the program on lending at interest rates.
Also according to Infonet, HSBC
pioneered the movement of lending at breakeven prices with the program to fund
house purchases. Under the program, clients can borrow dong at the interest
rate of 9.9 percent per annum. However, the rate would be applied only for the
first three months. The interest rates for the next months would be adjusted in
accordance with the market price.
Compiled by C. V
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