Ly Xuan
Hai, general director of Asia Commercial Bank (ACB), said some banks had
increased borrowing dollar rates to attract funds for lending. He added
that ACB’s dollar credit had increased due to the currency’s lower
lending rate.
Currently, U.S. dollar lending rates at banks range from between 5.5%
to 7% per year. However, some lenders offer 3.5% to 4.5% per year to
big corporations. Meanwhile, enterprises who borrow Vietnam dong will
have to pay 15% to 18% annually in interest inclusive of bank fees.
Nguyen Quoc Sy, deputy general director of Western Commercial Bank,
said that the majority of their customers taking out loans in U.S.
dollars were exporters, who have the greenback to refund such loans.
“Importers have to consider taking out U.S dollars loans as they
cannot control forex risks. Also, they can’t be sure that they can buy
dollars from the bank for payment,” he said.
Nguyen Hoang Minh, deputy director of the Central Bank’s HCMC Branch,
said the high credit growth had occurred because more enterprises were
allowed to borrow foreign currency.
According to the central bank, as of late February total mobilization
of the city’s credit institutions fell 0.45% compared to late last year
due to high lending rates.
Vietnam dong mobilization fell 1.3% while the U.S. dollar rose 1.77%.
In addition, Vietnam dong credit growth decreased 0.35% as dollar loans
rose 2.48%.