After the rise of the annual deposit interest rate as high as 17.5 per cent, commercial banks finally cooled down the race, lowering it to 14 per cent as required by the State Bank of Viet Nam. They, however, seemed reluctant to cut the lending interest rate accordingly.
Prior to deposit rates returned to 14 per cent, banks, especially small ones, pushed up their lending rates to as high as 21 per cent. Several have begun adjusting their lending rates down for new borrowers, like the joint-stock Western Bank. Its CEO, Nguyen Quoc Sy, said his lending rates for new loans ranged between 18 and 19 per cent.
According to the chairwoman of a garment enterprise in HCM City, businesses could not pay an 18 per cent interest rate for loans to invest in operation development. They only ventured to support their working capital.
Loans to individual customers charged higher rates, of 22 per cent as ACB offers it if the debtor does not have mortgages.
Hoang Van Toan, chairman of Great Trust Commercial Bank, said lending rates would certainly drop but it would take some time, not immediately. This is understandable as banks had offered previously high deposit rates, and credit demand remains strong. A higher money supply is expected after the Lunar New Year as well.
According to a banking industry insider, the high capital demand may prompt banks and depositors to negotiate higher rates. Because of the need of capital, several banks have to accept negotiations with depositors who want a higher interest rate (more than 14 per cent), so banks cannot reduce their lending interest rate.
Several large banks have offered a lending interest rate lower than those of small banks, but they have tight requirements.
Debtors were asked to have high-value mortgage and transparent financial report, which have proven to be obstacles to small and newly established enterprises.
A banker said high lending interest rates were the way to limit access to loans for corporate customers as banks now are focusing on ensuring liquidity by the Lunar Year-end, and lending will resume afterwards. Even larger capable banks are not eager to provide loans because the interbank interest rate for one-month term has come up to 20 per cent.
Seaport for rent
Viet Nam will for the first time apply the model to manage a seaport infrastructure by leasing it to an operator through bidding, to the Cai Mep-Thi Vai International Port. The Viet Nam Maritime Department under the Ministry of Transport has appointed the Overseas Coastal Area Development Institute of Japan (OCDI) as provider of consulting service for assisting the ministry to select a tenant who will operate the facility.
According to the deputy head of the department, Nguyen Ngoc Hue, leasing the port is the quick way to recollect investment capital, which will help lessen the burden on the State budget.
"The lease contract will go to the best bidder who offers the highest prices and the best business plan for exploiting the port's potential," said Hue.
He hopes operating experiences and capacities to attract customers of the selected candidate will also help boost the port prestige internationally.
Hue said it would be a failure if this international port would be able to draw only Viet Nam's exported commodities, which have been shipped through Hong Kong and Singapore before getting to their final destinations.
The total turnover from the commodities handling stands at a modest level of US$1 billion per year.
Cai Mep-Thi Vai International Port in southern Ba Ria-Vung Tau Province is invested by the ministry with almost VND11.5 trillion ($590 million) coming from Japan's Official Development Assistance (ODA). It is expected to be in use early 2012 as a modern deep-water sea port, capable of receiving container ships of up to 100,000DWT.Source: vnagency.com.vn
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