Representatives of Sacombank and a company sign a loan agreement in HCMC yesterday. Sacombank yesterday signed contracts with 16 businesses to provide a credit line of over VND1.1 trillion with an annual interest rate of 13% for the fi rst three months - Photo: Courtesy of Sacombank
Local banks have been rushing to make more subsidized loans available for corporate clients over the past three months.
Sacombank on Tuesday struck deals with 16 businesses to provide a credit line of over VND1.1 trillion with an annual interest rate of 13% for the first three months. Under the special lending program, the loans may vary from VND30 billion to VND300 billion with the maximum term of six months and money will be disbursed from now until end-December.
This is part of the program ?Soft loans in U.S. dollar and dong for corporate customers? by Sacombank starting last Tuesday. The bank?s credit line of VND2 trillion is on offer at 13% per annum for all new loans while its US$50 million is for exporters and importers with interest rates starting from 4.5% a year.
Phan Huy Khang, general director of Sacombank, said his bank as of Monday had disbursed more than VND400 billion and US$30 million for corporate customers so that they could increase their working capital for production and business operations in the second half.
Since the beginning of the year, the bank has launched 12 preferential lending programs for companies with a combined value of VND5.5 trillion and US$180 million.
Similarly, Eximbank CEO Truong Van Phuoc told the Daily that the low-interest lending program combined with a hedge against exchange rate volatility his bank has introduced since the middle of last month has had over VND5 trillion disbursed with a rate of 7% a year. The disbursed amount has improved Eximbank?s credit growth over the past month, Phuoc said.
With the soft loans made available, Eximbank?s corporate borrowers pay a maximum interest rate of 13% if the exchange rate rises up to 3%, equivalent to the preferential rate applicable at other banks. However, upon the repayment of principal, if the exchange rate increases more than 3% compared to the time of disbursement, Eximbank will bear the difference.
Pham Linh, deputy general director of OCB, said his bank had already used up the VND2 trillion set aside for preferential lending. Now the bank is offering US$35 million in credits to small and medium sized exporters with an interest rate of 5.5-6% annually thanks to financial assistance from International Financial Corporation, a member of the World Bank Group.
Deputy general director Luong Ngoc Quy of DongABank said his bank also set aside a credit line of VND1 trillion for enterprises of small and medium sizes and members of the HCMC Young Business Association (YBA), with VND100 billion treated as unsecured loans. But he declined to disclose the specific figure for disbursed loans.
According to Nguyen Hoang Minh, deputy director of the HCMC Branch of the State Bank of Vietnam, the city government is directing relevant agencies to carry out a host of credit programs to pull firms out of difficulties in bank loan access. There have been two programs launched in the city so far, one of which is to target companies in Tan Binh District and the other is for manufacturers initiated by Sacombank.
Minh said his branch is working with the authorities of Phu Nhuan and Can Gio districts to provide soft loans to firms in the localities.
Minh said many firms in HCMC since early June have been able to borrow from banks with preferential rates of 12-13% while the city?s financial package to support troubled businesses has also lent out VND25.2 trillion, nearly equivalent to the VND30 trillion as targeted earlier by the city government.
Besides soft loans, banks are cutting interest rates for old loans owed by corporate clients to below 15% as requested by the central bank.
There are 20 major banks with credit market share of up to 90% of the total having reduced old loan rates as of Tuesday, according to Cac Quang Duong, deputy head of the credit department of the central bank.
He added lending rates for old loans at the banks would be lowered to 14% while the rates imposed on the four priority groups will be revised down to 12%.
The Saigon Times Daily
Source: http://www.saigonmoney.com/2012/07/18/more-subsidized-loans-for-business-rolled-out/
All Star Game 2012 directv rashard lewis frank ocean hope solo hope solo curacao
কোন মন্তব্য নেই:
একটি মন্তব্য পোস্ট করুন