Sign up | Log in




January 25, 2009

Vietnam: Banks allowed to set rates on consumer loans
Vietnam will allow banks to establish interest rates on consumer loans on a negotiable basis from next month, Reuters quoted the central bank as saying.

The new rule, effective from February 1, will allow banks to set interest rates on consumer loans outside the ceiling rate, which is equivalent to 150 percent of the base rate regulated by the central bank, bankers said.

"Banks are allowed to apply negotiable interest rates for consumer loans and credit card loans according to the central bank's lending regulation, the supply and demand of funds and borrowers' creditworthiness," the central bank said in a statement seen on Saturday.

On Friday, the central bank said it would also cut the benchmark base rate to 7 percent from February 1, effectively lowering the ceiling rates to 10.5 percent, from 12.75 percent now as it moved to boost corporate borrowing to stave off an economic slowdown.

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

| Terms of Use | Site Map | Privacy Policy  | DISCLAIMER |

Version 5.0
Copyright © 2006-2017 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand