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Vietnam money: dong lending rates edge up on rising demand
06/08/2010 - 72 Lượt xem
| Overnight lending rates in the Vietnamese dong edged up in the past week as demand for loans, especial from the corporate sector, was expected to strengthen from next month, bankers said Monday. | |
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Vietnam's four main banks offered overnight loans in dong at 4 to 5.5 percent on Monday, up from a range of 3.2-5.5 percent last week and 3-4 percent two weeks ago. Six-month rates ranged between 7.6 and 8.6 percent. "Borrowing demand from companies often picks up significantly from September onward when they need funds to pay for business contracts," a banker in Hanoi said. Vietcombank has said a consortium of Vietcombank and several other lenders had agreed on a loan of VND440 billion ($27 million) to steelmaker VIS and another loan of $52 million to develop the Hanoi Intercontinental Hotel. On the retail front, bankers said demand for car financing and mortgages was expected to rise as banks ease requirements for potential buyers and extend mortgage maturities. Banks are also competing to raise more funds to meet rising loan demand by offering prizes such as gold bars and luxury cars to attract more deposits and raising rates on dollar and dong deposits. Techcombank has raised the yields on its dong deposits by an average 1.12 percentage points with 12-month deposits now offering annual interest of 9.42 percent. VIB Bank, GP Bank and Maritime Bank have also raised interest rates on dollar deposits by up to 0.36 percentage points to 5.25-5.4 percent on 12-month deposits. "The interest rate increases are aimed at meeting the bank's business and market demand," VIB Bank said in a statement. It also said it attracted VND13 trillion in deposits in the first half while total loans during the period reached 12 trillion dong ($720 million), 90 percent of its annual target. Source: Reuters | |
