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Outstanding loans for HCMC’s forestry and fisheries take up nearly 80 percent of credit package |
With short-term VND loan interest rates from 4 percent-6 percent a year and foreign currency loans from 3.5 percent-5.5 percent a year, it has helped people, manufacturers and businesses in the field of forestry and fisheries sector in Ho Chi Minh City have access to cheap capital.
Mr. Nguyen Duc Lenh, Deputy Director of the State Bank Ho Chi Minh City branch, said that in implementing the Government's direction to support, remove difficulties, and promote production and export of the forestry and fisheries industry, commercial banks in Ho Chi Minh City have so far disbursed VND474 billion of the VND15 trillion credit package. Some 196 borrowers received capital from banks for production.
Currently, outstanding loans for this sector in Ho Chi Minh City reach VND355 billion, accounting for 78.1 percent of total outstanding loans for forestry and fisheries products from this credit package. In particular, outstanding loans for exploitation and aquaculture account for the highest proportion, nearly 70 percent of total outstanding loans for the fisheries sector in the area.
Also according to the Deputy Director of the State Bank Ho Chi Minh City branch, the loan interest rate is 1 percent-2 percent per year lower than the average lending interest rate of banks, creating favorable conditions for businesses, business households and individuals in Ho Chi Minh City to reduce loan costs, get financial support and reduce production and business costs; thereby, helping them maintain and stabilize production, overcome difficulties and develop.
In particular, low lending interest rates have also encouraged business households to expand exploitation and aquaculture activities, providing raw materials for seafood processing and export activities - the driving force for growth, especially at the end of the year, when consumer demand increases.
