PANO - The Military Commercial Joint Stock Bank (MB) has launched a working capital package for enterprises in the textile and garment sector. Accordingly, MB offers loans to garment enterprises with a high financing rate, up to 100% of the input values or wage payment. The maximum loan duration is six months/ contract, with flexible disbursement methods (in cash or bank transfer). Various mortgage assets include finished products, garment raw materials, machinery, vehicles, debt claims and real estate. Especially, the bank will approve partial or full unsecured-loan for each group of customers. Joining the Trans-Pacific Partnership (TPP) is considered a great opportunity for businesses in the textile and garment sector of Vietnam. Foreseeing the needs, MB has studied the market and launched financial packages for small and medium enterprises operating in the garment production, processing and exports sector. The packages cover loans, guaranteed insurance, discount of export … [Read more...] about MB offers loans for garment and textile enterprises
Unsecured new business loans
More loans disbursed in lender-borrower matching program
More loans disbursed in lender-borrower matching program Tran Thu By Tran Thu - The Saigon Times Daily HCMC – Loans disbursed in the bank-company matching program have increased sharply in the first half of the year, said the central bank’s HCMC branch at a meeting in HCMC last Friday. To Duy Lam, director of the central bank’s HCMC branch, said at a review meeting on the program in the 2012-2015 period that local banks inked deals to provide businesses with loans worth over VND77.6 trillion (US$3.5 billion) in January-June this year, well above the VND67.5 trillion pledged in 2012-2014. Nearly 6,300 clients have taken out loans totaling over VND145.1 trillion from 22 participating banks over the past three years. Meanwhile, lenders have disbursed over 60% of the total pledged in the first six months of 2015. All the borrowers enjoy short-term lending rates of 6-7% per annum and medium- and long-term rates of around 9% per annum. These short-term interest rates … [Read more...] about More loans disbursed in lender-borrower matching program
Outstanding loans to agriculture and rural areas increased by 10.6%
As reported by the State Bank in Phu Yen branch, up to now, the aforementioned loan in accordance with Decree numbered 41/2010 /QD-TTg by the Government on credit policy for developing the province’s agriculture and rural areas is VND 5,734 billion, up over 10.6% in comparsion with the end of 2014, with nearly 114,000 households still outstanding; in particular, the unsecured loan reaching VND 2,430 billion, with nearly 92,300 households still outstanding. Illustration photo – Source: Internet According to the State Bank in Phu Yen branch, during the past time, the provincial banking sector has timely and effectively deployed credit policy for agriculture and rural-area development in the province; gradually raising the living standards, ensuring social security in rural areas, contributing to the positive changes for sustainable agricultural development associated with new-rural-area construction in the province. So far, for the national target program on … [Read more...] about Outstanding loans to agriculture and rural areas increased by 10.6%
Corporate borrowers still shun bank loans
Corporate borrowers still shun bank loans Tran Thu By Tran Thu - The Saigon Times Daily HCMC - Local enterprises have still shied away from bank loans although lending rates have dropped to new lows over the past years. At a meeting between National Assembly deputies in HCMC and bank and business representatives on Monday, most enterprises said they have no demand for new capital given current economic difficulties. A representative of the HCMC Enterprise Association said he used to deliver thousands of credit application forms to enterprises at seminars but only a few firms had returned the papers to him. This indicated that they were not interested in taking out bank loans. Do Duy Hung, general director of Viet Capital Bank, said banks now need corporate borrowers more than enterprises do. The lender has still set aside some VND2.45 trillion worth of loans for businesses but few companies have reached the credit package. Nguyen Quang Triet, deputy general director of Eximbank, … [Read more...] about Corporate borrowers still shun bank loans
SMEs not eligible for unsecured loans
SMEs not eligible for unsecured loans Thanh Thuong By Thanh Thuong - The Saigon Times Daily HCMC - Small and medium-sized enterprises (SMEs) from now on will face stricter credit guarantee conditions as they are required to have collateral to take out bank loans. Given the new regulation on operation of credit guarantee funds for SMEs effective on Monday, SMEs must have total collateral and mortgage value equal to at least 15% of the loan value if they want to have their loans underwritten. Meanwhile, enterprises only seek credit guarantees from the funds when they have no mortgaged assets. Do Tan Truc, deputy head of the financial investment consultancy department at the HCMC Credit Guarantee Fund for SMEs, said that enterprises usually contact the fund when they have no mortgaged assets to ask for bank loans. The fund is now providing guarantees to enterprises to take out unsecured loans. Following the regulation, the fund will only give guarantees to secured loans. Therefore, … [Read more...] about SMEs not eligible for unsecured loans