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Section: Business News - Borrowers of money sourced from the Government's foreign debt will be charged a late fee equal to 150 percent of the interest due on their loans from Monday, August 1.
The present penalty is 130 per cent of the prevailing interest rate.
The decision to tighten the criteria for loans to financial institutions and provincial People's Committees is embodied in Decree No78/2010/ND-CP which was signed on July 14.
The purpose of the decree is to promote effective spending.
"I think the higher late-payment-fee is to remind borrowers of the need to improve the profitability of each borrowed penny," Central Institute for Economic …