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Ho Huu Hanh, director of the State Bank of Vietnam’s branch in HCMC, told the Thoi Bao Kinh Te Saigon newspaper that outstanding loans in the first three quarters of the year reached VND648 trillion (US$36.3 billion).
Deposits expanded 32.6 percent over the period, almost at the same pace as credit, Hanh said. But most of the deposits were short term ones while medium and long-term loans accounted for 42 percent of the total, he said.
Banks in the city were trying to use a maximum of 30 percent of short-term funds to offer medium and long-term loans as required by the central bank, he said.
Hanh also said more businesses have chosen to take dollar loans since July, with dollar-denominated loans now accounting for 40 percent of the total credit given.
The central bank governor, Nguyen Van Giau, said in a statement earlier this month that credit growth in Vietnam’s banking system will slow down over the next few years from the 30 percent targeted this year.
Bill to ease way for consumer lawsuits
Vietnamese consumers will find it easier to sue producers of low-quality products under a new bill which the parliament will consider passing next year.
According to the bill, customers would not have to demonstrate losses caused by the products; the onus would be on producers to show that their products meet quality standards.
Le Danh Vinh, Deputy Minister of Industry and Trade, said it was difficult sometimes for consumers to prove losses suffered, citing the example of gasoline.
Many citizens have complained that low-quality gasoline has caused their vehicles to break down. However, it was hard for them to prove their accusation since tests and assessments were time-consuming and costly, Vinh said at a recent conference in Hanoi.
Ho Tat Thang, Deputy Chairman of the Vietnam Standard and Consumers Association, said consumers are in a weak position since they usually lack information about products and are not involved in the negotiation of trade contracts.
“Consumers’ rights are being seriously violated, but it is still difficult to protect them,” he said.
“When the law comes into effect, consumers will have better opportunities to sue and win lawsuits,” Thang said.
The draft law reduces procedures for lawsuits with a trial opening within three weeks after consumers lodge a complaint within stipulated time limits. The time limit will also depend on the value of the trade.
According to Vinh, the bill also affirms consumers’ right to take class action against a producer or service provider if the complaint has more than 100 signatories.
VietNamNet/TN, VNA
