Seafood companies have begged the State Bank of Vietnam (SBV) to allow them to borrow money in foreign currencies until the end of 2013 to help them overcome the current difficulties.
In fact, seafood exporters once got the favor from the central bank which agreed to delay the enforcement of the Circular No. 03 on allowing businesses accessing foreign currency loans until the end of December 2012. However, they do not think this is enough.
??The Vietnam Association of Seafood Exporters and Producers (VASEP) has proposed the central bank to delay the enforcement once again, but it has got no reply from the bank which has shown its strong determination to stop the lending and borrowing in foreign currencies in Vietnam.??
VASEP’s Chair Tran Thien Hai said seafood companies have been in a critical situation and they need any possible measure to help them escape from the current difficulties.
??Hai said if Vietnamese enterprises cannot borrow money in foreign currencies at low interest rates, Vietnamese seafood exports would not be able to compete with regional countries. Thai and Indonesian businesses, for example, can borrow foreign currencies at the low interest rates of 3-5 percent. Meanwhile, Vietnamese have to borrow dong at the sky high rates of 11-13 percent.
??It seems that seafood companies have been on tenterhooks because they have not got the nod from the central bank yet, while the central bank keeps calm.
