Stimulating aggregate demand in national economy (14/6)
14/06/2013 - 30 Lượt xem
Interest
rates have been revised down sharply. The interest rates of short-term
and medium term loans from commercial banks have reduced to around 8-9
percent and 10-11 percent per year respectively. Outstanding balance of
the old loan with interest rates above 15 percent currently accounts for
12.9 percent of the total. So, interest rate issue is no longer a
barrier to producer and business people.
However,
some businesses with loan demand have found it difficult to access and
absorb bank credit. At a workshop on unfreezing funds for businesses
coorganized by the Vietnam Chamber of Commerce and Industry (VCCI) and
relevant departments at the end of May, General Director of Vietnam
Prosperity Joint Stock Commercial Bank (VPBank) Nguyen Duc Vinh said “We
are not undercapitalized, and our residual capital is due to a fail in
finding safe outlets. Only 3 of 10 companies coming to VPBank can get
loans while the remaining 7 cannot. Many companies presented promising
projects but we did not dare to loan because of no collateral.”
As
for Vietnam Bank for Agriculture and Rural Development (Agribank), more
than 900 of its 1,000 traditional customers under a survey said that
they would not expand business and prefer to maintain the current scales
on account of decreased sales. So, their loan demands at this time are
not an urgent need.
According
to experts, recent decreases in public investment failed to support
aggregate demand of capital needed for the economy. The purchasing power
declined. Exports grew in terms of price, and not the scale and
volume. Supply and demand went unmatched. All these factors hindered the
national economic development.
According
to the State Bank Governor Nguyen Van Binh, the bank rates were revised
down sharply, but credit has been grown very slowly mainly because of
weak aggregate demand in national economy and low purchasing power in
the market. So, it is necessary to stimulate the aggregate demand,
thereby promoting the growth of credit, production and business.
“However, we should not let abundant capital sources at commercial banks
run too much into the consumer sector, and should let them into
manufacturing sectors to ensure sustainable economic growth,” Binh said.
Businesses
should have prepared clear and feasible bank debt repayment plans
before applying for bank loans. Meanwhile, commercial banks should plan
to diversify their products and services to best meet corporate
borrowing needs and are ready for bilateral dialogue to find the best
solution for safe loans./.
Source: VEN
Source: VEN
