Vietnam Development Bank credit up 20%    
Industry News

By : Cesar Tordesillass; Asian Banking & Finance

Vietnam Development Bank achieved a total outstanding loans of around 90 trillion dong by end of 2010 aftere 5 years of operations.

This represents an average growth rate of 20 percent per year, accounting for 3 percent of total social capital investment, reported Nguyen Quang Dung, director of VDB.

VDB is managing 2445 projects with total loans amounting to 168.846 trillion dong, of which 106 projects are in Group A with a capital of 73.583 trillion dong loan. Over the past 5 years, VDB has also lent some $5 billion of export credit.

In five years, the VDB has been raising additional 180 trillion dong, equivalent to 9.6 percent of total social investment, mainly through the issuance of government bonds or bonds guaranteed by the government for VDB. One another source accounting for a very large proportion in the capital structure of VDB is the source of ODA management and the government's funds with about $9.5 billion figure.

In addition, during its operations, if short of funds, VDB could raise money from residents, economic organisations, credit institutions, government's subsidised interest rate programmes.

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