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VIETNAM'S BANK LOANS OUTSTRIP FINANCE LEASES.
HANOI, March 1 Asia Pulse - Finance leases have been slow to catch on in Vietnam, due to competitive interest rates and the ready availability of loan capital.
The ceiling interest rate at commercial banks have fallen almost continually for the past two years and some State-owned enterprises can even get loans without mortgages.
The ease of securing loan capital has prompted most enterprises to follow the traditional medium or long-term loan path to buy their equipment.
Finance leases, where a firm pays instalments over a specified term and then pays off a residual amount to take full ownership, have not gained wide currency.
An incomplete legal framework has also hindered their popularity. Nine companies currently offer finance leases. Five are affiliates of State-owned commercial banks, two are joint ventures, and two are wholly foreign owned. The firms recorded total revenue of VND1,100 billion (US$75.9 million) over the past five years.
While this is still modest, their customer base has been growing steadily. A sector insider says the financial lessors posted revenue of VND500 billion ($34.5 million) in 2000 alone, about 45 per cent of their total revenue in the past five years.
The Vietnam Bank for Agriculture and Rural Development (VBARD) has built a strong reputation, with its two finance lease firms turning in a combined revenue of VND330 billion (US$22.7 million), outstanding loans of VND250 billion and pre-tax profit of VND22 billion since they were launched in July 1998.
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Source: HighBeam Research, VIETNAM'S BANK LOANS OUTSTRIP FINANCE LEASES.