Vietnam to allow individuals to foreign loans

According to the more "Saigon Economic Times" reported that Vietnam not only allows the country, government, economic organizations and commercial banks to foreign loans, and for the first time allow individuals to foreign loans, which is Vietnam's draft law on foreign exchange highlights the most. July 2005 the draft law will be reported to the Standing Committee of the Vietnamese government and parliament. Accordingly the draft, foreign bank loans to Vietnam's economic organizations, financial institutions and individuals must be included in the annual approval of the Government of Vietnam's total foreign loans to the degree. Borrowers to repay their debt to assume the responsibility to use the loan to have the purpose and effectiveness. When foreign loans to repay the principal, interest and related costs, to allow loans from the bank to buy foreign currency. According to the State Bank of Vietnam is responsible for the drafting of the Exchange Act states that allow individuals to foreign loans have been provided for many people. The reason: to attract remittances, the country's economic development to increase funding sources; individuals actually have in the past in the way of remittances to the foreign loan, but if its foreign currency abroad without a legal change. In order to effectively manage remittances of funds to make the legalization of allowing foreign loans to individuals is essential. (Information Source: General in Ho Chi Minh City fix)