Loan support to stabilize prices for Tet goods

Under the Government’s policy on stabilizing prices for Tet goods and the State Bank of Vietnam’s (SBV)“Connecting banks with businesses” program, the branches of province-based commercial banks are implementing a lot of credit packages to stabilize production and trade for 2016’s Tet goods.

Providing loans for stabilizing Tet goods prices got ready

2015 is the first year provincial Department of Industry and Trade has worked with the SBV’s Binh Duong branch to realize the province’s price stabilization program for essential commodities through providing preferential loans for businesses participating in the program. The coordination has brought good signs to the program only after four-month implementation.

A booth with price-stabilized goods at Di An town-based Big C supermarket

Representative of the SBV’s Binh Duong branch said that till now, there have been many businesses registering for the loan support program to stabilize prices for essential commodities with the interest rate from 6.68% to 10% per annum. The total capital for the support program from the branches of province-based banks in 2015 is around more than VND3.05trillion.

Tran Ngoc Linh, Director of BIDV’s Binh Duong branch said that the branch has spent great loans with the interest rate that is 1%-2% lower than the normal level for businesses under the province’s price stabilization program. Till now, the branch has reached successful negotiation with some supermarkets and petroleum enterprises participating in the price stabilization program on the occasion of the upcoming Tet festival. It is hoped that the branch’s preferential loans will help businesses get high results in stabilizing prices for Tet goods.

Preferential loans for businesses

Ho Van Binh, Director of provincial Department of Industry and Trade (DoIT) said that 12 businesses participating in the province’s price stabilization program have got VND65.5bln in non-interest loan… in 2015.

For the 2016 price stabilization program, provincial DoIT has received suggestion for connection from 7 participating businesses. This showed that province-based businesses have been ready for taking part in a task of ensuring social welfare.

Pham Thi Thanh Loc, Director of Vinmart Binh Duong said that 2015 was the third consecutive year her supermarket has participated in the price stabilization program. In 2016, the supermarket will continue pursuing its goal for the sake of social welfare by taking part in the program. The hope of the supermarket is to receive more support from the branches of province-based banks to be able to well realize its political task in the locality in 2016.

Since August 2015, under the “Connecting banks with business” program, the SBV’s Binh Duong branch has urgently mobilized credit institutions to provide loans with low interest rate for businesses participating in the price stabilization program between 2015 and 2016. In its orientation for credit growth in 2015 and in the coming time, the province’s banking system will also put focus on loan support for businesses belonging to the local price stabilization program…

Reported by Truc Huynh-Translated by K.T