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Commercial banks pump capital to export companies
In an effort to fulfill the plan to obtain a credit growth rate of 25 percent in 2010, commercial banks are hurrying to invite businesses to borrow capital. Most especially, banks have announced big programs on funding import-export deals.
VIB Bank will reserve 1500 billion dong to lend to wood furniture manufacturers and exporters with preferential interest rates. Exporters who open accounts and make payment via VIB Bank prior to December 31, 2010, will enjoy the preferential service fee, which is 20 percent lower than the normal level.
Asia Commercial Bank (ACB) has decided to “give strength” to export companies with its $100 million program on funding export companies. Besides, the bank has also reserved $50 million to lend to enterprises that import goods and key materials for local production at “competitive interest rates.”
Nguyen Huu Dang, Acting General Director of the HCM City Housing Development Bank, noted that the preferential lending interest rate of 11.5 percent is being applied to small and medium enterprises borrowing capital to set up workshops, purchase production lines and technologies, or serve their business as well as import-export companies that commit to gather revenue at accounts opened at HD Bank and sell foreign currencies to the bank.
HD Bank has lowered lending interest rates applied to other subjects. For example, lending interest rates have been eased by 0.5-1 percent per annum. The bank has promised to give maximum preferences to loans that aim to fund imports and exports with no collateral required. It has also committed to slash service fees and speed up disbursement rates.
Dang also added that, from now to the end of the year, HD Bank will provide preferential credit packages to meet diversified demand for capital from clients, from short-term working capital to long-term capital used to upgrade and expand workshops and purchase production lines and equipment. The terms of loans are between one year and 10 years.
An Binh Bank has just established a centre specializing in providing services for small and medium enterprises. The biggest problem now these firms is a lack of mortgage assets for loans. To settle the problem, An Binh Bank will provide loans without requiring collateral. The loans will be decided after banks consider potential income and the contracts signed with 200 big corporations listed by An Binh Bank.
Nevertheless, analysts say, despite big efforts by commercial banks, credit growth has not actively improved, because lending interest rates remain high. Besides, the export market has narrowed due to the sovereign debt crisis in Europe, making companies hesitate to borrow capital to expand their businesses.
Bankers also do not think outstanding loans are likely to increase sharply in the last months of 2010. According to SBV, credit has grown by 12.96 percent in the first seven months, meaning that banks still have much “room”.
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