SSI Securities Corporation (SSI) on Thursday signed an unsecured loan contract worth US$55 million with a financial institution group, led by Taiwan’s SinoPac Bank.

Detailed support policies were needed to promote the development of social enterprises, experts have said.

Increasing the limits of unsecured loans given by banks will prevent people from approaching loan sharks, an online conference hosted by the State Bank of Việt Nam heard on Wednesday.

The State Bank of Việt Nam (SBV) recently decided to allow more commercial banks to expand their credit growth limits in 2018.

More commercial banks expect their credit growth limits to be expanded this year after Techcombank became the first to get the nod to do so from the State Bank of Việt Nam (SBV) recently.

The State Bank of Việt Nam has shown it is determined to continue with a tight monetary policy for the rest of the year with its decision to refuse to increase bank’s credit limits to constrain inflation and strictly control lending to high-risk sectors.   

The Vietnamese Government has doubled the credit limits for farmers who seek loans without mortgage assets, as part of efforts to boost rural and agriculture development.

Credit growth in the first eight months of this year rose by 8.18 per cent over the end of last year, the lowest level since 2015, a report from the Ministry of Planning and Investment showed.

Many banks are likely to seek an increase in their credit limits like they did in previous years when they used up their assigned quota halfway through the year.

The State Bank of Việt Nam (SBV) will not adjust upward credit growth limits for commercial banks, except in some special cases, for the rest of the year, SBV Governor Lê Minh Hưng said.