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VDB and commercial banks implement PM’s Decision No. 14
The Vietnam Development Bank (VDB) and several commercial banks have recently signed a series of cooperative agreements on credit guarantee with the aim of implementing Decision No. 14/2009/QĐ-TTg of the Prime Minister dated January 21, 2009, regulating guarantee of bank loans for enterprises.
This Decision was formulated on the basis of the Government’s directives of Resolution No. 01/NQ-CP dated January 9, 2009 on major measures to guide the implementation of the Socio-Economic Development and State Budgeting Plans for 2009, and Resolution No. 30/2008/NQ-CP dated December 11, 2008 on urgent measures to prevent economic decline and to maintain economic growth and social protection.
Those domestic small and medium enterprises (SMEs) with a maximum charter capital of 20 billion VND and a maximum number of 500 employees will be eligible to apply for soft loans from commercial banks, guaranteed by the Vietnam Development Bank. In order to get loans, enterprises should meet certain conditions, namely (i) having effective projects with the minimum value of VND 100 million; (ii) not having non-performing loans with commercial banks and other economic institutions, (iii) not having accumulated unpaid tax obligation, (iv) owning a minimum amount of 10% of the corporate capital, and (v) using the full value of the loan as the secured asset..
However, those enterprises engaged in such fields as consultancy, real estate, securities, services (excluding commodity transportation, training and education, and health) are not governed by Decision No. 14/2009/QĐ-TTg of the Prime Minister.
The implementation of Decisions No. 14 and No. 131 of the Prime Minister will facilitate SMEs to get access to bank loans in order to maintain their business and production in the face of the global financial crisis.
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