In the first two months, its exports have expanded by 8%, FDI inflows amounted to US$2.5 billion and retail sales were up by 5.4%, the bank said, noting that while prospects remain favorable for the Vietnamese economy in the medium term, GDP growth will be affected negatively by the recent coronavirus outbreak, now a global pandemic. … [Read more...] about BUSINESS NEWS HEADLINES APRIL 7
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In the leading food processor Vissan, State capital will account for 67.76 per cent of the capital after equitisation. The figures are 90 per cent at Ngọc Đồng Food Co Ltd, 55.68 per cent at HCM City General Material Import Export JSC and 51 per cent at Bình Điền JSC. … [Read more...] about BUSINESS NEWS HEADLINES APRIL 8
Experts warn that businesses suffering the most may not be able to access the VND285 trillion aid package because they cannot prove solvency. BIDV, one of the four state-owned banks, or the ‘big four’, reported that it has disbursed VND28 trillion out of VND120 trillion it committed to lend. The amount to be disbursed depends on the enterprises’ absorption capability. … [Read more...] about Who can access low-interest credit packages?
According to the State Bank, reports from 23 credit institutions show that VND926 trillion worth of outstanding loans will be affected by the epidemic, which accounts for 11.3 percent of total outstanding loans of the entire banking sector. According to the State Bank, reports from 23 credit institutions show that VND926 trillion worth of outstanding loans will be affected by the epidemic, which accounts for 11.3 percent of total outstanding loans of the entire banking sector. … [Read more...] about Coronavirus forces banks to take cautious steps
Hanoi (VNS/VNA) - Despite being slow, credit growth of the banking system in March recovered compared with the first two months of this year. The State Bank of Vietnam (SBV) reported credit growth in the first quarter of this year reached 1.1 percent, slowing significantly against the 2.28 percent rate in the same period last year, due to adverse impacts of the COVID-19 epidemic. However, the credit growth last month rebounded compared with the first two months of this year, when it was only 0.06 percent, the lowest level in the past six years. Nguyen Quoc Hung, director of the SBV’s Credit Department, said compared with the first two months of the year, the economy now has better access to credit. The credit has begun to recover, Hung said, expecting that a higher growth rate would be seen this week. Besides State-owned banks, many private banks have recently offered credit packages with preferential interest rates to support firms and individuals that have been affected by … [Read more...] about Bank credit growth recovers partly in March