VCCI Urges VNBA to Lower Lending Rates for Businesses
The Vietnam Chamber of Commerce and Industry (VCCI) has sent a document to the Vietnam Banking Association to propose reducing lending interest rate for businesses.
VCCI’s recent survey shows that businesses are facing difficulties in accessing bank loans, which are standing at as high as 21 per cent per annum.
Over 73 per cent of enterprises surveyed agreed capital access presented their biggest challenge, the chamber said, adding that they are borrowing 74.47 per cent of capital from banks and 14.89 per cent from investment funds.
The remaining months of this year will see a great demand for capital lending, with more than 90 per cent for household businesses, 81.5 per cent of for state-owned firms, and 57.7 per cent for foreign-invested firms.
Small and medium-sized enterprises have been hurt the most by capital shortages due to limitations of scale and lack of mortgaged assets, while they have a great demand for capital for production and trading.
Therefore, the reduction of lending interest rates is urgent, which will help fight inflation, stabilize the economy, ease difficulties for businesses and ensure the sustainable development of banking system, VCCI said. (VNA)
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