Gov’t continues 2 percent interest rate subsidies
In an effort to push economic recovery
and sustain macro-economic stability, the Government has pledged to
continue offering subsidies at a rate of 2 percent per year on medium
and long-term loans for production and business activities in 2010.
In an effort to push economic recovery
and sustain macro-economic stability, the Government has pledged to
continue offering subsidies at a rate of 2 percent per year on medium
and long-term loans for production and business activities in 2010.
Subsidies will be offered to long- and medium-term Vietnamese currency loans taken out of commercial banks for the purpose of funding agriculture and forestry, fisheries, the processing industry, salt, and science and technology. Borrowers wishing to purchase agro-forestry and fishery products will also be eligible.
State commercial banks, commercial joint-stock banks, financial companies, joint-venture banks, branches of foreign banks operating in Vietnam, wholly foreign-funded banks and central people’s credit funds will be permitted to issue loans at this rate.
The longest term for the subsidies will be 24 months for loans disbursed in 2010.
Previously, in the context of the global economic downturn, the Prime Minister decided to provide interest rate subsidies of 4 percent for medium-and long-term loans to encourage new investment for the development of production businesses.
After one year of implementation, along with flexible policies issued by the Government during difficult economic times, it was found that the 4 percent interest rate subsidies made active contributions to the country’s economic development by curbing economic crisis and turmoil while maintaining the growth rate and ensuring social welfare.
By late November, the outstanding interest subsidies for short-term loans stood at 380 trillion VND (20.5 billion VND). That number is estimated to reach 400 trillion VND (21.6 billion USD) by the end of December.
Outstanding loans for middle and long-term loans at the end of November totalled 59 trillion VND (3.1 billion USD).
It is estimated to reach 70 trillion VND (3.7 billion USD) by the end of December./.
Subsidies will be offered to long- and medium-term Vietnamese currency loans taken out of commercial banks for the purpose of funding agriculture and forestry, fisheries, the processing industry, salt, and science and technology. Borrowers wishing to purchase agro-forestry and fishery products will also be eligible.
State commercial banks, commercial joint-stock banks, financial companies, joint-venture banks, branches of foreign banks operating in Vietnam, wholly foreign-funded banks and central people’s credit funds will be permitted to issue loans at this rate.
The longest term for the subsidies will be 24 months for loans disbursed in 2010.
Previously, in the context of the global economic downturn, the Prime Minister decided to provide interest rate subsidies of 4 percent for medium-and long-term loans to encourage new investment for the development of production businesses.
After one year of implementation, along with flexible policies issued by the Government during difficult economic times, it was found that the 4 percent interest rate subsidies made active contributions to the country’s economic development by curbing economic crisis and turmoil while maintaining the growth rate and ensuring social welfare.
By late November, the outstanding interest subsidies for short-term loans stood at 380 trillion VND (20.5 billion VND). That number is estimated to reach 400 trillion VND (21.6 billion USD) by the end of December.
Outstanding loans for middle and long-term loans at the end of November totalled 59 trillion VND (3.1 billion USD).
It is estimated to reach 70 trillion VND (3.7 billion USD) by the end of December./.
You should also see
Youths' efforts yield socio-economic fruits
Many activities were carried out across the nation during the Vietnam’s Youth Month, an annual festivity taking place in March to celebrate the establishment of the Ho Chi Minh Communist Youth Union (HCYU), contributing to the nation’s socio-economic development, heard a conference held by the union's Central Committee in Hanoi on April 23.
See more
Business
Vietnam attends Asia’s biggest food, hospitality expo in Singapore
Five Vietnamese enterprises operating in the fields of food and hospitality are attending the Food & Hotel Asia (FHA) 2024 which is taking place in Singapore from April 23-26.
Business
SBV takes more actions to stabilise foreign exchange rates
The State Bank of Vietnam (SBV) on April 23 took some moves like issuing treasury bills (T-bills), further employing T-bills as an open market operation (OMO), and stipulating liquidity and interest rates in the inter-bank market in the face of surging USD/VND exchange rates.
Business
Businesses concerned about rising exchange rate pressure
Though the State Bank of Vietnam (SBV) has announced it is selling the US dollar to intervene in the USD/VND exchange rate since April 19, the greenback price has remained high, which has been directly affecting many domestic enterprises.
Business
Pepper prices continue increase trend
Pepper prices are forecast to soon exceed 100,000 VND per kilo on the domestic market.
Business
French auction house to open office in Vietnam
France’s Millon Auction House has decided to open its representative office in Vietnam, and is preparing necessary steps for the official opening of the office in the near future.
