Information from Bao Viet Commercial Joint Stock Bank (BAOVIET Bank) said that the bank has recently launched a new credit product to support exporters who can earn foreign currency and commit to sell foreign currency for the bank.
Particularly, when borrowing the dong according to this method, the borrowers will be given the lending interest rate in US dollar by BAOVIET Bank. Thus, instead of carrying out an interest rate of 13 percent per year, enterprises can borrow dong with the interest rate of 7.5 percent per year.
According to this method, enterprises will be disbursed immediately when having contracts or export letter of credit (L/C) to purchase raw materials, support working capital with supporting duration of maximum six months.
When having inbound foreign currency source according to the export contract, BaoViet Bank will buy back foreign currency according to the Forex rate as agreed by the two sides at the disbursement date for customers.
BAOVIET Bank will also give advices free of charge to customers in selecting international payment methods and support customers in completing set of documents.