Tuesday, August 22 2017

VietNamNews

Credit flowing freely, asserts leading bank

Update: June, 20/2012 - 10:19

HA NOI — There is no basis for enterprises or individuals to continue claiming that they are facing difficulties accessing credit at preferential terms for real estate investments, consumer purchases or commercial purposes, says Bank for Investment and Development of Viet Nam (BIDV) deputy director Tran Xuan Hoang. Since the middle of last month, the bank had been offering loans from a VND2 trillion (US$96.15 million) lending package with preferential interest rates to support developers and buyers of low-income housing and housing for workers in industrial zones, Hoang said.

Another VND4-trillion ($192.3 million) package has been earmarked by the bank to help other homebuyers and assist real estate firms to unload unsold projects, he said.

BIDV has also targeted lending for builders and building materials suppliers, he added.

According to Hoang, BIDV has recently contracted to make loans to 20 investors totalling VND1 trillion ($48 million), of which VND300 billion ($14.4 million) has been disbursed.

Tan Hoang Minh Group chairman Do Anh Dung said banks were demonstrating goodwill by slashing lending interest rates, financing construction projects and meeting with real estate associations and clients to discuss ways to heat up the property market. Senior economist Le Dang Doanh said caution was needed, since banks and enterprises were in the same boat. He applauded the efforts of commercial banks to assist enterprises in the past few months, predicting that the fruits of these efforts would begin to become clear in the third quarter. — VNS

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