Short-term Vietnamese dong lending rates eased on the interbank market after a long national holiday but are expected to firm in the coming weeks on strengthening loan demand, bankers said on Monday.
Four state-run banks, Vietnam's key lenders, offered overnight dong loans at a range of 5.0-6.0%, down from 5.5-6.5% two weeks ago and similar to the rates prior to Tet, the Lunar New Year festival that ended last week.
But rates on six-month loans also eased to a range of 8.2-8.6% from 8.2-9.0% two weeks ago.
The short-term dong rates rose in early February as companies sought funds to pay year-end bonuses to employees and to clear debts in the weeks leading to Tet.
"We expect very strong demand for dong loans from March especially those for long-term capital investment and infrastructure from both the state and private setors" a banker in Hanoi said.
Major projects include a scheme by the Transport Ministry to invest 20 billion US$to upgrade national roads and bridges in the next four years and a string of new power plants and grids.
Source: Reuters
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