Interest rate of export credits down
14:45 | 27/04/2009
VGP – The interest rate of export credits provided by the Việt Nam Development Bank (VDB) will be cut from 6.9% down to 2.9% per year, ordered the Ministry of Finance.

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The rate will be applied for credit contracts inked with VDB which are disbursed from April 17 to December 31, 2009. 

Beyond the period, the normal interest rate is resumed.

The reduction was proposed by VDB after the PM agreed to grant an interest rate incentive of 4% to domestic organizations and individuals which borrow money from commercial banks to promote their business and production activities.

The compensation for export credit interest rate, estimated to reach VND 300-400 billion, will be allocated from the Government’s stimulus package.

In the first quarter, VDB’s export credit disbursement was VND 8,120 billion. The figure is VND 9,443 billion so far. 

By Phương Hạnh

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