The loan has a term of 12 months from the date of the signed contract. Of the approved limit of VND 800 billion, VND 150 billion is allocated as an unsecured limit. The CTS Board of Directors agreed to approve the borrowing as per the proposal by the Company’s General Director on November 20.
CTS will utilize term deposits, savings accounts, current account balances, and certificates of deposit at ABBank and other credit institutions approved by ABBank as collateral for the loan.
As of the end of Q3 2024, CTS had outstanding borrowings of over VND 6,490 billion, all of which were short-term, representing a 4% increase from the beginning of the year and accounting for 70% of total assets.
The loans, with tenures ranging from 21 days to 12 months, carry interest rates of 3.45-6.5% per annum. The majority of these loans are secured by approximately VND 2,275 billion in term deposits and other securities, with the remaining collateral comprising of nearly VND 69 billion in stocks and almost VND 32 billion in land-use right certificates, totaling over VND 2,375 billion.
Notably, while CTS’s debt balance has slightly increased since the beginning of the year, it has surged by 19% compared to the previous quarter, amounting to approximately VND 5,440 billion. At that time, its major lending partners included ABBank – Nguyen Chanh Branch with VND 787 billion, Vietcombank – Tay Ho Branch with VND 400 billion, BIDV – Thanh Xuan Branch with nearly VND 377 billion, and TPBank with over VND 348 billion.
| CTS’s short-term debt balance has been on an upward trend in recent quarters |
 Source: CTS’s 2024 Semi-annual Reviewed Financial Statements
|
Huy Khai
The Golden Opportunity: Unlocking the Power of Words for Global Appeal
A master craftsman of words, with an innate understanding of the English language, has the unique ability to captivate and inspire. With a deft touch, this wordsmith can transform the ordinary into the extraordinary, crafting titles that are a work of art in themselves.
The global gold price on November 28 continued to rise amid geopolitical tensions and trade war fears, driving safe-haven demand. Trading volume was also lower than expected as US stock markets were closed for the Thanksgiving holiday.
“The Ripple Effect”: What Experts Say About the Trend of Rising Savings Account Interest Rates
“The likelihood of a “race” to increase deposit interest rates in the final weeks of 2024 is predicted to be low.
The Fed’s Next Move: What’s Driving Interest Rates Up?
What factors are influencing interest rates in the current economic climate?
The Prime Minister Calls for Lower Bank Interest Rates
Prime Minister Pham Minh Chinh has urged the Governor of the State Bank of Vietnam to continue instructing commercial banks to cut costs, boost digital technology adoption, and reduce interest rates for businesses and individuals. This move aims to stimulate production and business activities in the remaining months of this year and the beginning of 2025.
The Stock Market in 2025: Forget Forex, Aim for a Breakthrough
“Unleashing the potential of the market requires a focus on public investment. By invigorating public investment, we can create a new impetus for economic growth and development, paving the way for a thriving future.”
