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Active implementation of interest rate support plan to customers
Following the issuance of Circular No. 02/TT-NHNN of the Governor of the State Bank of Vietnam (SBV) on guidelines of interest rate assistance in compliance with Decision No. 131 of the Prime Minister, all the commercial banks have positively responded to the directives of the Government and the SBV. Together with tax reduction and exemption, the directives are really effective to assist enterprises to boost their business and production, thereby mitigating risks for the banking sector and the economy as a whole.
SBV Governor Nguyen Van Giau made several working visits to commercial banks to closely monitor credit operations and implementation of Decision No.131/QĐ-TTg and Circular No.02/2009/TT-NHNN.
All the commercial banks have charted out their capital allocation plans and started providing the interest rate support loans right after the two conferences on credit operations convened by the SBV. Following are the initial results of the implementation of the aforesaid Circular and Decision:
The Asia Joint-Stock Commercial Bank (ACB) has launched the “lending to stimulate demand” program with the total value of VND 35,000 billion. The An Binh Joint-Stock Commercial Bank (ABB) has planned to spend VND 3,000 billion to lend its customers at the rate of 6.5%. The Vietnam Technological and Commercial Joint Stock Bank (Techcombank) started on February 9 to provide interest rate assistance loans valued about VND 50,000 billion with a commitment to publicizing all information about the lending program in terms of interest rate assistance and support customers to get access to loans most effectively and fastest as possible. The Orient Joint-Stock Commercial Bank (OCB) has planned to spend VND 2,000 billion for interest rate support loans with the rate of 5%. The Hanoi Building Commercial Joint Stock Bank (Habubank) has also planned to lend customers at the maximum rates of 5.5% - 6.5%; the total amount of this plan is VND 20,000 billion. The Bank for Foreign Trade of Vietnam will disburse VND 50,000 – 70,000 billion for interest rate support to borrowers. The Kien Long Joint – Stock Commercial Bank will make interest rate assistance with the total loan amount accounting for 50%-60% of the loan outstanding in 2009.
The joint-venture banks, branches of foreign banks and wholly foreign-owned banks have also responded positively to the interest rate support policy. The HSBC Bank (Vietnam) Limited said that it will provide loans to targeted customers with priority to those close and existing clients. The bank will approve the loans on the basis of feasible business plan and capacity of clients. However, the value of loans will depend on the business plans and capability of customers on a basis of collected information. VinaSiamBank will allocate about VND 1,000 billion for its interest rate support plan in the whole of 2009. LaoVietBank has quoted the lending rate of 6%-6.5% p.a to those customers benefiting from this assistance program.
Le Hang
sbv
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