Vietcombank increases financing for SMEs

The Joint-Stock Bank for Foreign Trade of Vietnam (Vietcombank) has decided to make an additional allocation worth VND 3,000 billion to finance the lending program for small and medium enterprises (SMEs) in its 2008 Credit Development Plan. This decision was announced at the Vietcombank headquarter in Hanoi on September 26th 2008.

Vietcombank has always considered SME customers as a strategic client group in its long-term development plan. Currently, the SME custumers are accounting for 22% of Vietcombank’s portfolio. The aforesaid decision aims at assisting SMEs to overcome part of the difficulties caused by the measures to contain inflation for the last quarter of the year.

In addition, from October 1st 2008, Vietcombank has further cut its domestic currency lending rate down to 19.5% p.a. for ordinary borrowers while special treatment will be given to the traditional customers, the customers using the comprehensive solution service and the customers of critical sectors contributing to economic growth with the rate of 18.525 % pa .

SBV

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