Banks lend 113.7 trillion VND to bolster business

Hanoi (VNA) - Commercial banks in Vietnam , by March 6, had provided soft
loans totalling 113.7 trillion VND (6.5 billion USD) to domestic businesses under
the government's interest rate subsidy programme.

Of this sum, State-owned commercial banks and the Central People's Credit Fund
lent more than 89.4 trillion VND, commercial joint stock banks disbursed over 22.6
trillion VND, and the rest was provided by joint venture and foreign-invested
banks, said the State Bank of Vietnam (SBV)

The central bank also said the domestic monetary market has been stable throughout
early March, and deposits by credit organisations with the State Bank ensured ample
compulsory reserves and solvency.

Interest rates for VND savings surged slightly during the first week of March,
fluctuating between 6.76 and 7.61 percent per annum, while those for USD deposits
fell to 2.42-3.09 percent per annum, depending on the bank and the maturity period.

State-owned commercial banks now fix short-term interest rates for VND loans at 8-10
percent a year, and for medium-term loans, at 10-10.5 percent per annum.

VND loan rates provided by commercial joint stock banks is ranging between 10-10.5
percent per annum, said the SBV.-Enditem