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Over 87% of Ha Noi loan applications approved   2008-12-10 - Viet Nam News

About 87.4 per cent of loan applications in October were approved in Ha Noi, albeit few were new customers, the State Bank of Viet Nam (SBV) recently revealed.

For small-and-medium sized enterprises (SMEs), credit institutions in Ha Noi had lent VND75.45 trillion ($4.44 billion) by the end of October.

The numbers were released at a recent meeting with Ha Noi authorities and finance, planning and investment ministries.

The percentage represents 22,400 applications out of 25,610 approved.

Nguyen Hong Ky, director of SBV's branch in Ha Noi, said most borrowers given the 'okay' from banks met loan conditions, and were already customers at the banks where they applied.

The 3,266 remaining applications were rejected mainly because of their poor credit ratings. They were seen as either unable to pay back loans in time, had violated lending conditions, or their business or projects were seen as unfeasible or ineffective, Ky added.

Very few applications were rejected due to insufficient capital or the banks' inability to appraise projects.

For the first 10 months of the year, 357 credit institutions in the capital received VND425.32 trillion (US$25 billion) in deposits, up 18.5 per cent over last year. Outstanding loans totalled VND246 trillion ($14.49 billion), up 32.2 per cent over last year.

For small-and-medium sized enterprises (SMEs), credit institutions in Ha Noi had lent VND75.45 trillion ($4.44 billion) by the end of October, the Ha Noi Planning and Investment Department announced last week.

The central bank has established two working groups in Ha Noi and HCM City to facilitate SMEs access to credit. The groups will report their progress weekly to the central bank, and in the mass media.


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