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BIDV to cut loan rates to boost economy   2008-07-15 - Reuters

State-run BIDV, Vietnam’s second-largest lender, has said it is cutting its lending rates for customers in key industries, such as oil, cement and steel, to boost the economy.

 
A pedestrian passes by a BIDV ATM in HCMC’s District 1.  
State-run BIDV, Vietnam’s second-largest lender, has said it is cutting its lending rates for customers in key industries, such as oil, cement and steel, to boost the economy.

 

 

The unlisted bank said it would cut its dong loans by 20 basis points for all borrowers and also reduce the rates on short-term loans to select clients by 60 basis points, to provide for “a reasonable growth of the economy,” BIDV chairman, Tran Bac Ha, said last week.

Manufacturers of essential goods such as medicine, food, water and transport companies, would also enjoy cheaper loans, Ha said.

Vietnam’s central bank had aimed to cap Vietnam’s credit growth this year at 30 percent after a surge of 54 percent in 2007 to control double-digit inflation since last November.

BIDV also said its gross profit during the first half of this year jumped 44 percent to VND604 billion (US$36.6 million).

Total assets of the Hanoi-based Bank for Investment and Development of Vietnam (BIDV) reached VND224.26 trillion at the end of last month, 10.3 percent up from the same period last year.

The bank raised VND159.08 trillion in deposits in the first six months, up 11.8 percent so far this year, 22 percent of which were in foreign currencies.

BIDV’s deposit growth surpassed the 7 percent growth of the whole banking sector, Ha said.

Loans during the first half jumped 31.9 percent from the same period last year to VND130.39 trillion.

Ha said due to the rate cuts BIDV would lose VND320 billion from its annual profit this year which has been projected to rise nearly 48.8 percent after a jump of 82 percent in 2007, following the central bank’s target to control credit growth.



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