Banks offer $54.5 bn in loans to businesses

The figure was highlighted at a joint conference hosted by the State Bank of Vietnam and Vietnam Chamber of Commerce and Industry held in Ho Chi Minh City yesterday. The first bank-to-business connection was piloted in HCM City four years ago and later the model was expanded to the whole country.

Nearly 700 meetings between banks and administrations at all levels have so far taken place. According to the SBV, banks have pledged $26 billion to new businesses and disbursed more than $25 billion. Short-term lending rates range from 6-9% per year and 8-10% per year for medium and long-term loans.