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NEWS UPDATES 1 February 2010

Vietnam banks reluctant to provide loans

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Many people wanting to take bank loans now are very worried because banks are refusing to provide loans despite previous promises between the two sides. Due to a number of reasons, banks are hesitant to lend loans at too low interest rates, reported

A director of construction firm said his company had paid the matured debt of four billion dong. The lender now does not keep promise of re-lending.

An advertising company was approved to borrow loans for purchasing business car from a bank with requirement that the firm had to pay 30 percent of car value in advance.

Based on the lending approval of that bank, the car registry procedures were finished. However, after that, that bank noticed the advertising firm was not lawful to its lending requirements, which forced the firm to liquidate that car to pay debts to the seller, leading to a damage of hundreds of million of dong.

According to many enterprises, the capital demand for debt payment, salary payment, bonus allocation is at very high in year end, so banks' announcement of refusing to provide loans will affect strongly to business production of enterprises.


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