Hanoi (VNS/VNA) - Despite being slow, credit growth of the banking system in March recovered compared with the first two months of this year. The State Bank of Vietnam (SBV) reported credit growth in the first quarter of this year reached 1.1 percent, slowing significantly against the 2.28 percent rate in the same period last year, due to adverse impacts of the COVID-19 epidemic. However, the credit growth last month rebounded compared with the first two months of this year, when it was only 0.06 percent, the lowest level in the past six years. Nguyen Quoc Hung, director of the SBV’s Credit Department, said compared with the first two months of the year, the economy now has better access to credit. The credit has begun to recover, Hung said, expecting that a higher growth rate would be seen this week. Besides State-owned banks, many private banks have recently offered credit packages with preferential interest rates to support firms and individuals that have been affected by … [Read more...] about Bank credit growth recovers partly in March
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Experts warn that businesses suffering the most may not be able to access the VND285 trillion aid package because they cannot prove solvency. BIDV, one of the four state-owned banks, or the ‘big four’, reported that it has disbursed VND28 trillion out of VND120 trillion it committed to lend. The amount to be disbursed depends on the enterprises’ absorption capability. … [Read more...] about Who can access low-interest credit packages?
The ‘rescue package’ is different from all ‘rescue packages’ that the Government has done before. I think they are very good and timely policies to support the enterprises. We do not trade economic interests for life and the safety of the people. It is very true. But it does not mean that there is absolutely no economic development in the current context. We have to take every opportunity to maintain and develop the economy, in which the State’s role of ‘midwife’ is very important now. … [Read more...] about Solutions needed to support COVID-19-affected labourers
Businesses facing difficulties due to COVID-19, resulting in job cuts, are eligible to take out zero-interest loans of up to 50 percent of the regional minimum wage from the Vietnam Bank for Social Policies (VBSP) to make severance payment to their employees. … [Read more...] about Vietnam mulls $2.6bn support for people, businesses affected by COVID-19
Fitch’s maintenance of Vietnam’s sovereignty rating at BB is a bright spot in the country’s credit profile, the ministry said, and is based on its medium-term development potential, stable macroeconomic environment, under-control Government debt, and easier accessibility to external finances than other countries. … [Read more...] about Finance Ministry, Fitch look into Vietnam’s economic outlook