Vietnam Kicks off 2nd Stimulus Package to Boost Econ Growth-Central Bank
Vietnam has kick-started its medium, long-term subsidizing lending program with 2% interest rate to be offset on bank loans for five key sectors as part of its efforts to boost economic growth this year.
The 2% interest rate subsidy will be applied to loans disbursed for agricultural, forestry, seafood sectors, processing industries, science and technology activities, and sales of farm produce, forestry and salt products from Jan 1 through Dec 31, 2010.
The State Bank of Vietnam has issued a circular on the implementation of the program, under which the loans will have a 24-month maturity since the start of 2010.
The multibillion dollar stimulus packages launched by the government of Vietnam in early 2009 helped to boost the economic growth to 5.32%, higher than the 5% and 5.2% targets.
Vietnam targets GDP growth of 6.5% and credit growth of 25% this year. (VGP)
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