|
Weak flicker of hope for interest rate reduction appears
The newly appointed Governor of the State Bank of Vietnam, Nguyen Van Binh, has vowed to force the interest rates down to 17-19 percent per annum. Commercial banks are drawing up a plan to meet the commitment.
Commercial banks have offered new credit packages specifically designed for production businesses, importers and exporters, and the enterprises in rural areas. The noteworthy thing is that not only state owned banks, but joint stock banks have also been trying to slash interest rates.
Deputy General Director of Vietinbank, Le Duc Tho, said that his bank launched a preferential credit package one week ago. Normal production and business enterprises now can enjoy the interest rate of 18.5 percent, while six-month term loans are the most popular credit products. Meanwhile, the enterprises that make products for export and serve the rural economy development can enjoy the preferential interest rate, which is 1.5 percent lower than the above said rate.
When asked about the lending interest rate performance in the time to come, Tho said that he can see some favorable conditions that facilitate the interest rate reductions. The inflation rate, which is always considered the basis for interest rate adjustment, has been controlled well. Meanwhile, the demand for loans tends to decrease because of the slow sales and increasing capital costs.
The third factor that Tho believes is backing the interest rate reduction, is the good liquidity of banks, which means that banks do not have to mobilize capital at any costs.
Techcombank has launched the credit package on funding farm, forestry and seafood produce, which will last until the end of the year. The enterprises, which borrow capital under the program, would enjoy the interest rate of 19.5 percent per annum.
Meanwhile, Eximbank has announced that it has designed a credit program with the credit limit of 500 billion dong, under which, export enterprises only pay 17 percent per annum in interest rate for three month term loans.
Pham Quang Thang, Deputy General Director of Techcombank, said that the bank has decided to lower the interest rates in order to help enterprises stabilize their production. He also said that the priority subjects of the program are the enterprises in forestry, agricultural and aquaculture production sectors.
Bankers have stressed that in the immediate time, the interest rate reductions would be applied only to production enterprises, importers and exporters, or the enterprises that serve the agriculture and rural economy development. Meanwhile, the lending to non-production sectors, such as securities or real estate, will still be tightened.
Tho of Vietinbank also said, that his bank will continue strictly controlling the lending to real estate projects. The bank would still accept the disbursement to feasible real estate projects, but the borrowers would have to bear high interest rates of 21-22 percent per annum.
The meeting between the central bank and 12 commercial banks in Hanoi came to a conclusion; that commercial banks would try to slash the lending interest rates to 17-19 percent. Meanwhile, the State Bank may not inflexibly apply the regulations on the capital use ratios, especially the ratio of the capital mobilized from the market 1 (Capital mobilized from the public and businesses) and market 2 (Interbank market).
Commenting about the plan by the State Bank to lower the interest rates, analysts say that it will fulfill the commitments, if it is determined to do. However, they say that it is too early to say when the average interest rate would go down to the 17-19 percent per annum thresholds in the whole banking system.
An executive of a state owned bank in Hanoi also said that the interest rate would not be slashed just after a meeting, while it will take time. However, he said that the downward would be clearer in one or two months.
Thanh Mai
vietnamnet
|
