VietinBank credit package comes just ahead of share issue
Leading Vietnamese partly private lender Vietinbank launched a $476 million credit package on November 8 to provide enterprises with cheap loans.
The package, in partnership with the CEO Club Ho Chi Minh City, supplies VND loans at an annual interest rate of 6-8 per cent and USD at 2.5-4 per cent. Short-term loans were also made available at 5 per cent a month.
In related news Vietinbank plans to issue 162.5 million shares on the Ho Chi Minh Stock Exchange on November 11, according to a statement put out by the bourse.
Japan’s Bank of Tokyo-Mitsubishi UFJ bought a 20 per cent stake in VietinBank for around $740 million in 2012.
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