BIDV reserves over VND 30 trillion as loans for SMEs

The Bank for Investment and Development of Vietnam has announced its policy to support small and medium-sized enterprises (SMEs). Accordingly, BIDV will reserve a total loan of over VND 30 trillion in the 2008-2010 period with reasonable lending interest rates. BIDV targets to reach a total account standing for SMEs by 2010 of VND 60 trillion, accounting for 30% of the bank's total account standing.

BIDV commits to providing SMEs with lending interest rates of 0.5% to 1% a year lower than the normal rates.

The bank also pledges to make it easier for SMEs to access to its loans.

Doan Tien Dung, BIDV Deputy General Director affirmed the bank's target to become the leading commercial bank in providing credits and services for SMEs.

As of the end of the third quarter of 2008, a total of 17,000 SMEs are having credit relations with BIDV with total lending account standing of VND 43.5 trillion, equivalent to 21.5% of total lending account standing of BIDV.

Nhan Dan

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