Vietnam PM requests eased loan access amid lukewarm credit growth
Prime Minister Pham Minh Chinh has ordered the State Bank of Vietnam (SBV) to create more favorable conditions for loan approval as year-to-date credit growth has yet to meet half of the full-year target.
In a dispatch last weekend, the prime minister asked credit institutions to simplify procedures and bolster information technology application to further cut interest rates.
Credit growth in the banking system reached just 6.29% in the year to October 11, much lower than last year and the annual target of 14-15%, according to the dispatch.
The government chief, therefor, asked for faster disbursement of the VND120 trillion ($4.9 billion) credit package for social housing and VND15 trillion ($612 million) package for businesses in the forestry and seafood sectors.
Data from the Ministry of Construction showed that just VND83 billion (3.4 million) has been disbursed out of the committed VND1.1 trillion ($44.7 million) from the VND120-trillion package after six months of deployment of the one-million social homes project.
The prime minister also asked the SBV, the country’s central bank, to deploy loan packages offered by commercial banks for businesses and individuals. The focus should be put on sectors such as investment, consumption, and exports, the three driving forces of economic growth.
The SBV has been asked to manage monetary tools in a smooth and effective manner while revising its regulations to facilitate credit access and corporate bond trading of credit institutions.
The prime minister also ordered the Ministry of Finance to issue expansive fiscal policy and take further measures regarding tax breaks and fee reductions to support economic expansion.
Vietnam’s GDP expanded 5.33% year-on-year in the third quarter this year, resulting in 4.24% growth in the nine months through September, just higher than the nine-month readings of 2020 and 2021 in the 2011-2023 period, according to government data.
- Read More
Gasoline retailer PVOIL posts $11.8 mln pre-tax profit in Q1
PVOIL, a subsidiary of state-run giant Petrovietnam, recorded a consolidated pre-tax profit of VND300 billion ($11.83 million) in the first quarter of 2024, up 5% year-on-year, said its leadership.
Companies - Fri, April 26, 2024 | 7:59 am GMT+7
US's human rights report has 'inaccurate information about Vietnam situation'
Vietnam on Thursday said it has ‘regrets’ over the recent annual human rights report released by the U.S. Department of State.
Society - Thu, April 25, 2024 | 10:05 pm GMT+7
Schools in Philippines go online amid extreme heat
Record heat in the Philippines in April has forced schools to send children home for online classes.
Southeast Asia - Thu, April 25, 2024 | 9:59 pm GMT+7
Marubeni seeks cooperation in sustainable aviation fuel, offshore wind power in Vietnam
Marubeni Asian Power Singapore Pte Ltd., a wholly-owned subsidiary of Japanese multi-sector giant Marubeni, is seeking to cooperate with Vietnamese businesses in sustainable aviation fuel and renewable energy, particular offshore wind power.
Energy - Thu, April 25, 2024 | 8:53 pm GMT+7
Vietnamese billionaire reaffirms steadfast commitment to EV maker VinFast
Vietnam’s richest man, billionaire Pham Nhat Vuong, says he personally and the conglomerate that he chairs, Vingroup, will continue financing VinFast despite heavy losses incurred by the EV-maker since 2017.
Companies - Thu, April 25, 2024 | 5:32 pm GMT+7
Malaysia tackles food security challenges
Empowering local communities in the agriculture sector to attract young people to this field is one of the measures taken by Malaysia to address labour shortage while also contributing to tackling challenges in food security.
Southeast Asia - Thu, April 25, 2024 | 5:10 pm GMT+7
UK supports ASEAN’s economic integration
The UK delegation to ASEAN held a seminar in Jakarta, Indonesia on Wednesday to discuss the ASEAN-UK economic integration programme.
Southeast Asia - Thu, April 25, 2024 | 5:09 pm GMT+7
Vietnam considers direct power purchase agreements with no restrictions on capacity, usage
A draft decree on direct power purchase agreements (DPPAs) between producers and large consumers via their own power lines has no caps on capacity, connection voltage level and intended usage.
Energy - Thu, April 25, 2024 | 5:07 pm GMT+7
Indonesian central bank raises interest rates to highest level in 7 years
Bank Indonesia (BI) on Wednesday raised interest rates to their highest level in seven years.
Southeast Asia - Thu, April 25, 2024 | 4:58 pm GMT+7
Bosch Vietnam, RMIT University to foster tech-driven workforce development
Engineering firm Bosch Vietnam will collaborate with Royal Melbourne Institute of Technology Vietnam (RMIT Vietnam) to provide students with skills and knowledge to meet changing demands in a “technology-driven landscape.”
Companies - Thu, April 25, 2024 | 4:27 pm GMT+7
Northern Vietnam port city okays $368 mln investment by South Korean firms
The northern port city of Hai Phong granted investment certificates Wednesday to eight Korean-invested projects worth around $368 mln at a forum held in Seoul.
Industries - Thu, April 25, 2024 | 4:03 pm GMT+7
AI giant Nvidia explores Vietnam investment expansion opportunities
U.S. chip and artificial intelligence giant Nvidia says it will consider expanding investment in Vietnam after a high-ranking delegation ends a fact-finding trip to the country.
Industries - Thu, April 25, 2024 | 3:13 pm GMT+7
Construction giant Vinaconex plans rights issue, capital base hike in 2024
Vinaconex, among Vietnam’s top construction companies, plans to issue nearly 120 million shares to existing shareholders at VND10,500 ($0.41) apiece this year.
Companies - Thu, April 25, 2024 | 3:03 pm GMT+7
Former Tan Hiep Phat Company director sentenced to 8 years in prison
Tran Qui Thanh, former director of Tan Hiep Phat Trading Service Company Limited, was sentenced to eight years behind bars for “abusing trust to appropriate property”.
Society - Thu, April 25, 2024 | 2:05 pm GMT+7
Vietnam sets aside $1 bln to train semiconductor workforce
Vietnam will spend VND26 trillion ($1.02 billion) by 2030 to develop a well-prepared workforce for the semiconductor industry as the country attempts to seize a “once-in-a-thousand-year” opportunity.
Economy - Thu, April 25, 2024 | 12:16 pm GMT+7
Vietnam’s central province okays S Korea’s SK E&S to process LNG-to-power project
The central coastal province of Quang Tri, SK E&S under South Korean chaebol SK, and Vietnamese conglomerate T&T Group have agreed to cooperate in investment, trade, energy transition, and green growth.
Energy - Thu, April 25, 2024 | 10:31 am GMT+7