The lending interest rate is expected to fall to 14-16 percent per year, but enterprises said that statement and implementation have a very large distance.
Not to mention, lowering the interest rates is one thing, the posibility of borrowing money or not is another story. In fact, enterprises are still bearing the interest rate of 18-19 percent/year for the existing loans.
The State Bank of Vietnam (SBV) is doing what it promised that it will gradually bring the interest rate down to 11-12 percent/ year and lower by 1 percent of interest rate every quarter.
However, its rapid reduction of deposit interest rate cap to 12 percent/year on April 11 did not make businesses much joy and excited. Instead, they still remain doubtful, worried or even unbelievable.
Interest rates burden of 18-19 percent/ year and fear of lateness still remain.
"I think that, if the fact happens in accordance with the SBV governor's statement with the deposit rate at 12 percent/ year and lending interest rates at 14-16 percent, enterprises can keep stable production in the short term and overcome the temporary difficulties"
Le Minh Hai, general director of Vietnam-Germany Steel Production JS Corp. shared with Vietnam Economic Forum.
Hai wondered: "deposit and lending interest rates still have a very large gap. During the past time, we still have to bear the lending interest rate at non-state commercial banks at 19.5 percent/ year. This difference should be quickly adjusted, if not, banks are still profitable, but business is still suffering from losses. "
In addition, Hai also stressed about the big lateness between announcement and implementation in fact because during the past years, when the credit market was stress, the central bank declared to lower the interest rates. However, in fact, the real interest rates still remained high. For example, in 2011, the bank announced the lending interest rate at 17-18 percent per year, but in fact, many enterprises still had to borrow at the costs of 20-22 percent per year.
Sharing the same situation with Le Minh Hai, Doan Trong Ly, chair of Animal Production Processing and Import Export Joint Stock Co. (Aprocimex) lamented the average interest rate we are borrowing is at 18.5 percent per year, of which, only Vietnam Commercial Joint Stock Bank of Industry and Trade (VietinBank-CTG) is offering the interest rate of 17 percent per year. Even, some other lender, we have to bear the lending interest rate of up to 20 percent per year. Further more, other companies have to incur the loan rate at 25-26 percent per year.
Talking about the central bank's move in performing its promise, Ly said that: "That move is to save banks only and has no benefit for companies".
According to Doan Trong Ly, except large banks such as VietinBank, Vietcombank or Agribank, many commercial joint stock banks do not lower the interest rates.
According to Ly, banks should have responsibility for the economy by creating favourable conditions for the development of production. The current interest rate policy is still not transparent, unclear and unpublicised.
"To save the producers of essential goods, banks should have a specially prioritised interest rate policy. For example, there are sectors such as agriculture, supporting industries, export and transport. The particular interest rate should be down to 10 percent or less, while applying the normal interest rates for the other sectors" Ly proposed.