VIB allocates VND1,500 billion for loans to small, medium businesses

Vietnam International Bank (VIB) is allocating VND1,500 billion ($71.91 million) for loans to small and medium enterprises at an interest rate from 11.5-14 percent per year, in response to a call by the State Bank of Vietnam and the People’s Committee of Ho Chi Minh City to help stabilize the economy.

This scheme will last till the end of this year, and will focus on import-export companies as well as processing plants for them to achieve necessary targets for this year.

Within ten days of implementation of the scheme, VIB has already lent nearly VND100 billion ($4.794 million) to some businesses in dire need of capital.

In related news, from July 26, Sacombank is also allocating VND1,000 billion ($47.94 million) for loans at 13-14 percent interest and a maximum loan period of six months, for only small and medium enterprises.

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