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Banks seek to pump more credit into business
Thursday,  May 17, 2018,19:35 (GMT+7)

Banks seek to pump more credit into business

HCMC – Many banks have sought to increase lending to production and business activities while tightening controls on real estate loans, Tuoi Tre Online newspaper reports.

HCMC Development Commercial Bank (HDBank) has launched an attractive credit package with a preferential interest rate of 6% in the first two months or 8.5% in the first six months for businesses including those in agriculture. The rates will be applicable only for loans approved by June 30 and disbursed by July 31.

In addition, the bank has issued credit cards with a maximum limit of VND500 million.

Southeast Asia Commercial Bank (SeABank) has offered loans worth up to 100% of collateral or 80% of construction contract value for enterprises in the construction sector.

In addition, Vietnam Prosperity Bank (VPBank) has provided loans with VAT invoices used as collateral. This is a combination of both secured and non-secured loans.

To get this kind of loan, small and medium enterprises only need to show contracts with reputable partners and VAT invoices as collateral.

Enterprises will be offered loans of 90% of value of VAT invoices with a lending term of six months. The loans will be disbursed within a maximum of 24 hours upon approval.

According to VPBank, the loans will help enterprises be more active in their production and business activities.

Banks meanwhile have tightened credit for the real estate sector to avoid risks and bad debts by raising interest rates. Many banks have raised lending rates for the sector to between 10% and 12% annually alongside stringent requirements.

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