Vietnam banks to report loans to fdi firms before Nov 30

The State Bank of Vietnam requested local credit institutions and branches of foreign banks to submit reports on loans to foreign direct investment (FDI) firms by Nov 30, the central bank said on its website on Nov 15.

Specifically, the central bank asked local credit institutions and branches of foreign banks to prepare reports on: (1) Loans to FDI firms for operation in Vietnam according to their credit contracts still in force as of Oct 31, 2011; (2) Loans to customers for investments abroad according to their contracts still in force as of Oct 31, 2011.

Ministry of Planning and Investment (MOPI) previously asked cities’ and provincial People’s Committees to request FDI firms to submit reports on their borrowings from credit institutions and branches of foreign banks in Vietnam.

MOPI also asked the SBV to prepare report on loans provided by credit institutions and branches of foreign banks to FDI firms for investments domestically and internationally.

The MOPI’s move came out after some FDI firms were reported to borrow funds from credit institutions but manage inefficiently and even cease their operations.

Source Sophie/ StoxPlus

Tags: Vietnam banking industry, Vietnam finance, Vietnam financial

Posted by VBN on Nov 16 2011. Filed under Banking-Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry