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Will short-term loans be applied negotiated interest rates?

Update: 07-04-2010 | 00:00:00

The State Bank of Vietnam allows to apply negotiated lending rates for short-term loans. It means that loans of less than 12 months still have the lending rate cap of 12% per year.

Credit institutes’ capital mobilization faces difficulties.

As of the end of March, the total mobilized capital of local credit bodies reached over VND31tril, down 0.6% over early year. In macroscopic level, as of the end of Feb. banks nationwide reached only over 1% in credit growth rate, a very low level from last year.

This showed that banks faced difficulties of capital mobilization. Besides, long and short term deposit rates were at the same level of 10.499% per year, making depositors eyed short term rates. Therefore, banks’ medium and long term capital source became decreasing, despite promotion programs were launched constantly.

Reps of many banks said that if the State bank allows to expand negotiated interest rate mechanism for short term loans, the capital flow will be smoothed.

At the March meeting of Government, the gov’t targeted to curb inflation and seek ways to decrease interest rate level. Deputy Governor of the State bank Nguyen Dong Tien said the govn’t resolution will allow to conduct negotiated interest rates for short term loans. The State bank has presently found out measures to implement the instruction.

Regarding the negotiated lending rates for short-term loans, Maritime Bank’s Binh Duong branch director said if the State bank allows to conduct negotiated lending rates for short term loans, there will have a harmony for lenders and borrowers’ interest. Implementing negotiated lending rates will contribute to create a proper structure of interest rate, helping businesses access loans easily.

Reported by T.Hong – Translated by A.C

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