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Banks come up with more funding for the northwest

Commercial banks have committed over 4.7 trillion VND (223 million USD) credits to viable business deals in the northwest, mostly in hydropower generation, mining, processing industry, transport and farm produce.
Commercial banks have committed over 4.7 trillion VND (223 million USD)credits to viable business deals in the northwest, mostly in hydropowergeneration, mining, processing industry, transport and farm produce.

It will be announced at an investment promotionconference for the northwest slated for April 4 in northern mountainousSon La province, Deputy Governor of the State Bank of Vietnam (SBV) DaoMinh Tu told the Vietnam News Agency on the sidelines of a pressconference in Hanoi on April 1.

At a similarconference in the northern province of Tuyen Quang in 2013, the sum hitover 20.1 trillion VND (957 million USD), roughly 5 trillion VND (238million USD) of which was disbursed as of December 2014.

The funding is part of the banks’ ongoing credit incentives offered tounderserved areas in the region, targeting large-scale andsocio-economic development projects, including those developing regionaland value chain connectivity.

Investment promotionconferences held for the northwest, Central Highlands and the southwestintended to bring together commercial banks, investors and authoritiesto examine potential deals and seeking sources of funding, he said.

Over the past two years, the SBV has hosted 40 dialogues between banksand regional enterprises, providing a platform for them to deal withany financial trouble.

It also requested a gradualshift from short-term lending to the medium and long term nature, whichhe said, has recently made up approximately 57 percent of the totallending in the region.

He described the current banking operation in the region as convenient to locals.

Asked about the regional credit quality, Tu revealed with satisfactionthat the rate of non-performing loans currently stays below 3 percentand it goes down to 1 percent as recorded in social policy bankingsystem, or even 0.3-0.4 percent in some areas.

He also mentioned the ongoing offer of preferential loans to the poor, ethnic minorities and workers seeking jobs abroad.

The SBV pledges additional low-cost loans for underdeveloped areas,making it easier for them to stimulate production and trading, Tuaffirmed.-VNA
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