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Banks required to report loans and lending rates
The Governor of the State Bank of Vietnam (SBV) issued Documents No.9596 and 9597/NHNN-CSTT on October 28th, 2008 requiring SBV branches, state-owned commercial banks, joint-stock commercial banks, joint-venture banks, and foreign bank branches to file reports on their credit operations with customers and VND-denominated credit outstanding with lending rate breakdown.
In the context of the declining trend of the consumer price index (CPI) over the past couple of months, the SBV Governor has taken several measures on monetary policy management to encourage credit institutions to reduce their lending rates for customers.
It is remarked by SBV that credit growth of the credit institutions in the first ten months of the year 2008 has relatively complied with the Government’s policies on controlling inflation, stabilizing macro-economy, social protection and sustainable development.
However, feedback from certain provinces, professional associations, enterprises and hot lines shows that lending rates have not been insignificantly reduced and that many enterprises and production households have faced difficulties in getting banking loans. Consequently, the SBV Governor issued the aforesaid documents to serve as the basis to make practical assessment and come up with proper solutions.
Under these documents, firstly, commercial banks, joint-venture banks and foreign bank branches have to report their total credit outstanding in VND and VND loan structure with lending rate breakdown up to October 28th, 2008; secondly, SBV branches have to work closely with commercial banks in their locations in order to obtain reports on their credit operations with customers; and finally, all the relevant entities are required to submit their reports to SBV by October 31st, 2008.
SBV
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