Central Bank Proposed to Lend Exporters VND at Dollar Interest Rates
The Ministry of Industry and Trade has proposed the State Bank of Vietnam to build policies allowing export companies to borrow Vietnam dong at foreign currency interest rates.
The ministry proposed raising lending interest rates at the Vietnam Development Bank, but at less than 10 per cent per annum in order to support local exporters.
Export companies should be permitted to borrow dong at interest rates of dollar, based on the foreign currency volume they earn, to buy materials for production.
The State Bank of Vietnam should also ask commercial banks to ensure lending interest rates for exporters at 18 per cent or less and without any fees, the ministry said.
The proposals are aimed to ease difficulties for local exporters and meet the full year’s export target of US$61.2 billion this year. (Vietnam Economic Times, Vietnam Financial Times)
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