Banks ensure fuel firms have access to more credit

A man refilling a motorbike at a petrol station. Domestic fuel prices have been increasing steadily owing to a volatile world fuel market. (Photo: laodong.vn)

Hanoi (VNS/VNA) - The State Bank of Vietnam (SBV) has issued DocumentNo 1509, asking commercial banks to raise credit limits for a number of fuelfirms, particularly those who import extra fuel at the request of the Ministryof Industry and Trade (MoIT).

Thelist of the firms and the importers can be found on the ministry’s website andin Decision No 242.

SBVsaid that commercial banks evaluate and grant credit extensions to theabove-mentioned firms in accordance with current banking regulations.

Incase issues arise during the evaluation and approval process, they have toreport on the issues to the Governor of the SBV.  

Theyare also requested to report each month to the Department of Credit forEconomic Sectors on any credit granted to the firms.

Additionally,they are urged to step up reforms, simplify internal processes anddiversify their banking products to facilitate credit.

Amida volatile world fuel market, the Prime Minister has called on relevantauthorities to look at ways to stabilise domestic fuel supply.

SBVhas issued the document to keep fuel shortages at bay.

Thedocument is expected to ensure sufficient bank loans to fuel firms,allowing them to import extra fuel in a timely manner, thereby keeping thedomestic fuel supply stable./.

VNA