Vietnam to subsidize company borrowing to spur economic growth (14/10)
06/08/2010 - 17 Lượt xem
The State Bank of Vietnam will provide an interest-rate subsidy of as much as 4 percentage points on medium- and long- term loans disbursed between April 1 this year and Dec. 31, 2010, according to a statement on the bank’s website Monday.
The support will be offered through December 2011, it said. The bank didn’t say how much money would be spent on the program.
The government in January offered about VND17 trillion ($952 million) in subsidies to encourage banks to lend to companies at preferential interest rates.
Vietnamese banks have lent more than VND409 trillion to firms as of Oct. 8 under the government’s loan-subsidy program, the central bank said in a report on Oct. 9 on its website.
Vietnam’s economy will accelerate in 2010 after the nation avoided sliding into recession this year, the Ministry of Finance said in a statement on its Web site today. Growth in 2009 will be about 5 percent, the ministry said.
The government has asked local authorities to try to push through stimulus measures and boost consumption, production, business activity and exports, the ministry said.
“Although faced with the direct impact of the global financial crisis and recession, our economy didn’t fall into a recession,” the ministry said.
Source: Bloomberg, Thanhniennews
