Banks cut interest rates to support businesses amidst COVID-19 outbreak
17:52 | 11/03/2020

VGP – A series of commercial banks have launched credit packages on preferential loans with a view to supporting businesses amidst COVID-19 epidemic.

The banking sector directed commercial banks to keep a close watch on production and damage levels in order to seek appropriate measures and resolve difficulties for their customers. 

Vietcombank, BIDV, MB, VPBank, TPBank, KienlongBank, MSB, ACB, Sacombank, SHB  offered credit packages and programs on lower interest rates for victims of COVID-19. 

Statistics showed that about VND 926,000 billion of debs have been affected by COVID-19 outbreak, accounting for about 14.27% of total debts in 23 credit organizations. 

Over 44,000 customers with a total debt of VND 222,000 billion would benefit from the programs via measures such as debt payment restructuring, interest rate exemption and reduction. 

The State Bank of Viet Nam is crafting a circular which will support credit organizations to restructure debt payment deadlines and offer borrowing interest rate reduction and exemption among the group of customers heavily affected by the epidemic./. 

By Kim Loan

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