Twelve commercial banks in Vietnam have registered for a credit programme worth around VND 408 trillion (USD 15.51 billion), with funding directed towards key growth drivers and small and medium-sized enterprises, according to the Thoi bao Ngan hang (Banking Times).
Twelve commercial banks have registered, announced and publicised their participation in the credit programme, with a combined scale of about VND 408 trillion (Photo: Manh Quan).
The programme comes after the State Bank of Vietnam issued a directive on August 7 calling on commercial banks to develop credit packages and offer preferential interest rates and fees to help businesses gain access to capital. The commitments have been made within a short period following the central bank's request.
As of August 24, 12 commercial banks had registered, announced or publicly communicated their participation in the programme, with a combined credit scale of around VND 408 trillion (USD 15.51 billion).
Four state-owned commercial banks have formally registered with the State Bank of Vietnam, accounting for a combined VND 220 trillion (USD 8.36 billion). Agribank has committed VND 70 trillion (USD 2.66 billion), while BIDV, Vietcombank and VietinBank have each committed VND 50 trillion (USD 1.90 billion).
A further eight joint-stock commercial banks have registered, announced or promoted their participation in the programme, with combined commitments of around VND 188 trillion (USD 7.15 billion). They are SHB, MSB, Sacombank, BVBank, Nam A Bank, NCB, Saigonbank and TPBank.
The programme is expected to give businesses, particularly small and medium-sized enterprises, greater access to financing through tailored credit products and preferential interest rates and fees, depending on the policies and conditions of individual banks.
The additional funding is intended to support businesses' production and operations, facilitate investment and expansion, and channel credit towards sectors identified as key drivers of economic growth. The initiative also forms part of efforts to support Vietnam's target of achieving double-digit economic growth.
