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Sunday, November 27, 2022

Lenders told to meet fuel importers’ credit needs

The Saigon Times

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HCMC – The central bank governor has written to commercial banks urging them to give fuel companies priority access to new loans.

In an official dispatch sent to bankers, the State Bank of Vietnam (SBV) stated that fuel is a strategic commodity, so it plays an important role in macroeconomic stability, business operations and daily life.

Vietnam has in recent weeks faced a fuel shortfall, with hundreds of gas stations in major cities shutting down or limiting sales due to financial difficulties and tight fuel supplies.

To avert the fuel crunch, the central bank has told banks to accommodate fuel trading firms’ demands for loans to buy petroleum products and ensure supplies for the domestic market.

Besides, banks were tasked with reporting to the central bank the progress of lending money to fuel retailers and importers.

Vietnam’s fuel imports in the year through October had soared 22.7% year-on-year to 7.1 million tons. 

Its crude oil imports in the period rose 17% to 9.4 million tons, all for Vietnam’s two refineries, which meet 70%-80% of the country’s fuel needs.

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