Industry insiders said the month before Tet (Lunar New Year) holiday, which will fall on February 14 this year, was always the most popular period for personal loans, as Vietnamese people needed money for home repairs, shopping and car purchases. With the aim of meeting the rising demand, many banks are offering preferential loan packages with a focus on home-purchase loans and consumer lending. Orient Commercial Bank (OCB), for example, has currently launched its own programme COM-B, which provides financial solutions for low-income customers. Accordingly, customers who earn above VND2 million (US$88) monthly can easily borrow COM-B of up to VND70 million. Truong Dinh Long, OCB’s vice-chairman, told Tin nhanh chứng khoán (Securities Express) that although the consumer finance market had developed considerably in recent years, the niche market for low-income individuals was still overlooked. Targeting on this market, COM-B continuously provides consumer finance products for low-income people with simple procedures and fast processing time. Meanwhile, Asia Commercial Bank (ACB) has also introduced a home-purchase package worth VND5 trillion (US$220 million), meeting the demands of more than 27,000 customers. ACB is also offering a total loan of VND10 billion (US$440,000) for small- and medium-sized enterprises at an interest rate of 6.8% per annum. Tu Tien Phat, vice-chairman of ACB, said this programme aimed to give manufacturing enterprises a source of preferential loan, helping them cut down costs of production and to stabilise market prices for the upcoming Tet. VPBank is also applying a programme on home purchases at an interest rate of 6.9%… [Read full story]
Mizuho Bank helps BR-VT attract Japanese investors Hung Le By Hung Le - The Saigon Times Daily HCMC - Japan’s Mizuho Bank on July 1 inked a memorandum of understanding (MoU) with Ba Ria-Vung Tau Province (BR-VT) to help provide support for Japanese companies investing in the southern province. Ho Van Nien, vice chairman of Ba Ria-Vung Tau Province, said the deal with one of the major and prestigious banks of Japan was to strengthen cooperation in attracting Japanese investments to the province and aid operational companies from that country to expand operations. Nien expected Mizuho will help bring more…... [read more]
Binh Phuoc province bank helps thousands break cycle of poverty (31-05-2006) Nguyen Van Lam, director of Binh Phuoc Province's Bank for Agriculture and Rural Development, spoke with Thoi bao Kinh te Viet Nam (Vietnam Economic Times) about the bank's efforts to extend loans to local farmers. What has your bank done to meet local people's demand for loans, and at which areas of forestry has this capital been directed? Binh Phuoc is a midland province with low mountains and hills. The soil in the province is mainly basalt and grey soil. So, the province's strength is in growing trees such…... [read more]
World Bank helps Viet Nam enhance education quality (13-10-2005) HA NOI — The World Bank has provided Viet Nam US$50 million to help boost the quality of basic education, as part of a programme to improve and expand national education over the next three years. State Bank Governor Le Duc Thuy, and World Bank Country Director. Klaus Rohland, signed the credit agreement in Ha Noi yesterday. The financing will be provided to the Ministry of Education and Training for improvements in physical infrastructure, teaching skills, provision of learning materials and community participation. The programme will also provide administrative support to…... [read more]
World Bank helps Vietnam increase competitiveness By Chien Thang - The Saigon Times Daily HCMC – The World Bank Group (WB) announced the new five-year country partnership strategy (CPS) with Vietnam on Tuesday to provide support to address Vietnam’s challenges as a lower middle-income country. The WB’s new strategy in Vietnam for the five-year period ending in mid-2016 will support reforms and investments as keys to Vietnam’s transition to a successful middle income country. The CPS is aimed at strengthening Vietnam’s competitiveness in the regional and global economy, enhancing the sustainability of its development, and broadening access to social and…... [read more]
World Bank help sought for education, institutions (24-11-2009) HA NOI — Viet Nam yesterday asked for further support from the World Bank for educational development and policy making. Deputy Prime Minister Hoang Trung Hai spoke to World Bank Country Director for Viet Nam Victoria Kwakwa about the request at a reception in Ha Noi. He expressed his thanks to the WB for its supports of the country's process of building policies concerned with public-private co-operation, which is aimed at encouraging all sectors to take part in building infrastructure. He said projects invested in building infrastructure often involved various ministries, agencies…... [read more]
