Chuck Kuhn's Asia in Photos: Vietnam to let banks set rates on consumer loans

Saturday, January 24, 2009

Vietnam to let banks set rates on consumer loans

HANOI, Jan 24 (Reuters) - Vietnam will allow banks to establish interest rates on consumer loans on a negotiable basis from next month, the central bank said.
The new rule, effective from Feb. 1, will allow banks to set interest rates on consumer loans outside the ceiling rate, which is equivalent to 150 percent of the base rate regulated by the central bank, bankers said.
"Banks are allowed to apply negotiable interest rates for consumer loans and credit card loans according to the central bank's lending regulation, the supply and demand of funds and borrowers' creditworthiness," the central bank said in a statement seen on Saturday.
On Friday, the central bank said it would also cut the benchmark base rate to 7 percent from Feb. 1, effectively lowering the ceiling rates to 10.5 percent, from 12.75 percent now as it moved to boost corporate borrowing to stave off an economic slowdown. (Reporting by Nguyen Nhat Lam

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They say "

“I can’t say what made me fall in love with Vietnam - that a woman’s voice can drug you; that everything is so intense. The colors, the taste, even the rain. Nothing like the filthy rain in London. They say whatever you’re looking for, you will find here. They say you come to Vietnam and you understand a lot in a few minutes, but the rest has got to be lived. The smell: that’s the first thing that hits you, promising everything in exchange for your soul. And the heat. Your shirt is straightaway a rag. You can hardly remember your name, or what you came to escape from. But at night, there’s a breeze. The river is beautiful. You could be forgiven for thinking there was no war; that the gunshots were fireworks; that only pleasure matters. A pipe of opium, or the touch of a girl who might tell you she loves you. And then, something happens, as you knew it would. And nothing can ever be the same again.”
― Graham Greene, The Quiet American

Tips on Travel to Vietnam

It's always warm in Southeast Asia apart from high mountains, so leave the heavy clothing at home. Cotton and breathable fabrics are always better than synthetics -- although cotton does wrinkle a lot when traveling! December through April is roughly the dry season in that region, although it can still rain a little. December is a good time to go in terms of temperature -- cooler than in the humid summertime. Either way, wearing more clothing (shirt sleeves and long pants) is always more respectful towards the Asian culture, especially when visiting temples and rural areas.