Thursday, 25/09/2008 14:50

Business association calls for interest rate cut

The Vietnam Chamber of Commerce and Industry (VCCI) on Tuesday called on banks to lower lending interest rates to ease a critical capital shortage facing the business sector.

With the average interest rate of Vietnamese commercial banks at 21 percent, 73 percent of the country’s enterprises say they do not have enough funds to maintain and expand their business, a VCCI survey found.

VCCI said the demand for business loans was relatively high in the second half of the year, with 90.2 percent of Vietnam’s private enterprises, 81.5 percent of state-owned companies and 57.7 percent of foreign companies saying they needed more bank loans.

According to VCCI, lower interest rates would assist the government’s efforts to stabilize the economy, curb inflation, maintain social welfare and support business.

Lowering interest rates was also necessary for the sustainable development of the banking system, which relies on a healthy business sector.

Thanhnien

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