Bank lending has supported enterprises in export, one of favorable field. Recently, the State Bank has adjusted foreign currency policies, which continues supporting export businesses and limiting import.
Bank lending has supported enterprises in export, one of favorable field. Recently, the State Bank has adjusted foreign currency policies, which continues supporting export businesses and limiting import.
Cat Phu Plant Woodchip Company Limited (in Cam Ranh City) is one of foreign currency borrowers in Vietcombank Khanh Hoa. According to deputy director Luu Van Chanh, the company has used the loan effectively. In 2018, owning to the abundant supply source, the company has exported 140,000 tons of dried woodchip (equal to 300,000 tons of fresh woodchip) to Japan, earning a turnover of more than USD15 million. In 2019, the company plans to expand production and business, build new factory, and intensify woodchip export. The company has suggested Vietcombank Khanh Hoa maintaining foreign currency lending for export.
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The current policy on foreign currency lending with low interest rates facilitates export enterprises. Short-term USD lending rates range from 3.5% to 3.7%/year; USD lending rates for medium and long terms range from 4% to 6.5%/year. Meanwhile, VND short-term lending rates for prioritized borrowers are from 6% to 6.5%/year; VND rates for medium and long terms are 8.5% - 10.5%/year…
According to Ho Thi Mai Trang, deputy manager of the corporate client department of Vietcombank Khanh Hoa, till December 31, 2018, USD credit balance for export hit USD24.6 million, increasing by USD3.6 million over that in 2017. The lending focused on industries for export, including tobacco, textile, coffee, fishery, woodchip, etc. USD credit balance made 5.5% of the total credit balance of the bank branch.
Bui Thi Huong Lan, deputy manager of the corporate client department of BIDV Khanh Hoa also said that exchanged credit balance for export of the bank branch was VND2,030 billion, rising by VND270 billion over that in 2017. USD loans made up 83% of the total credit balance for export, mainly in fishery and coffee.
According to Nguyen Hoai Chieu, director the State Bank – Khanh Hoa Branch, till the end of 2018, USD credit balance hit VND4,560 billion, making up 5.86% of the total credit balance of the whole province. USD credit focused on fishery processing and textile garment for export. USD credit balance for export was VND3,841 billion, making up 84.23% of the total USD credit balance. USD credit balance for import serving industry and construction was VND443 billion, making up 9.71% of the total USD credit balance.
Nam Du
Translated by T.T
