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| VAMC bond holders will get preferred refinancing rate from the SBV. — Photo hanoimoi.com.vn |
HA NOI (Biz Hub) — Vietnam Asset Management Company (VAMC)'s special bond holders will be eligible to borrow refinancing loans at the preferred rate of 5 per cent, according to a new prime ministerial decision.
The decision, on refinancing rates of the SBV for credit institutions holding the VAMC's bonds, will offer a rate that is 2 percentage points lower than the State Bank of Viet Nam's (SBV) current refinancing rate.
In Circular No 20 issued by the SBV in September, it stated that the refinancing loan limits would not exceed 70 per cent of the price of special bonds
The regular interest rate will be decided by the Prime Minister. The overdue interest rate would be equivalent to 150 per cent of the refinancing interest rate provided in the credit contract between SBV and the credit institutions.
VAMC recently announced a plan to issue VND35 trillion (US$1.66 billion) in special bonds in two phases by the end of 2013. The company has issued bonds to many banks, including Agribank, Saigon-Hanoi Bank and Viet A Bank. — VNS