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Subsidised loans pour $17 billion into economy   2009-05-27 - Viet Nam News

Bankers had injected subsidised loans worth VND301.38 trillion (US$16.9 billion) into the economy as of late last week, reports the State Bank of Viet Nam on its website.

Interest rates for dong loans were rather stable - about 8.5-10.5 per cent at State-owned banks and about 10-10.5 per cent at private banks.

The figure was up 3.2 per cent against the previous week.

Most of the money - VND178.33 trillion ($10 billion)- went to private enterprises.

State-owned enterprises absorbed VND64.79 trillion ($3.64 billion); households and individuals VND51.87 trillion ($2.91 billion); co-operatives VND1.81 trillion ($101.8 million) and other organisations VND4.59 trillion ($258.15 million).

Deposit interest rates rise

Banks are offering higher and higher interest for long-term deposits interest to support the Government’s subsidised loan programme.

Interest rates for term deposits in dong increased 0.2-0.5 per cent during the past week at major commercial banks to average 7.3-8.12 per cent.

An Binh Bank, Maritime Bank, HDBank, Techcombank and Sai Gon-Ha Noi Bank have already announced rates as high as 9.55 per cent for 36-month and 9.0-9.3 per cent for 18-24-month deposits, an increase of 0.7-1.3 percentage points.

Others, such as the Asia Commercial Bank, Sacombank, LienViet Bank, Eximbank and BIDV, were attempting to attract depositors with bonuses of 0.03-0.12 per cent interest; up to VND10 million ($562), one kilogramme of gold or a Mercedes C180K.

The State Bank of Viet Nam says bank deposits held at the central bank met the compulsory reserve requirements and ensured adequate payment capacity during the past week.

Interest rates for dong loans were rather stable - about 8.5-10.5 per cent at State-owned banks and about 10-10.5 per cent at private banks. Yearly subsidised interest rates ranged from 4.5-6 per cent.

But the yearly rate for unsecured loans was as high as 16.5 per cent per year, against a previous 1.5-2 per cent. Unsecured loans are consumer loans or other loans made via bank cards with variable interest rates.

The yearly rate for US dollar deposits lost 0.1-0.2 percentage points to 1.24-2.40 per cent; yearly lending rates ranged from 6-7 per cent.


Other Banking News

Banks lend $17 billion under loan-subsidy program   2009-05-26

Banks raise interest rates on gold deposits   2009-05-25

No danger of interest rate race, bank official says   2009-05-23

Vietnam central bank has no plans to devalue dong   2009-05-21

Central bank to keep base rate stable   2009-05-19

Banks wary of bad debt   2009-05-19

Bank-insurance alliance to take root in Vietnam: conference   2009-05-17

An Binh Bank reports $1.5 million net profit in April   2009-05-12

Banks hike gold rates to lure deposits   2009-05-11

BIDV in partnership with Hong Kong financial company   2009-05-10

Interest rates ‘have hit a floor,’ may rise, ratings agency says   2009-05-09

Deutsche Bank’s HCMC branch to raise capital to $24 million   2009-05-09

Vietcombank plans rights issue for small shareholders only   2009-05-07

Bonds fall, dong gains on increase in bank deposit rates   2009-05-07