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Banks lower interest rates for 8,000 virus-hit borrowers
The Saigon Times Daily
Friday,  Mar 13, 2020,17:22 (GMT+7)

Banks lower interest rates for 8,000 virus-hit borrowers

The Saigon Times Daily

A bank employee counts Vietnamese banknotes. Banks have reduced lending rates for 8,000 customers affected by the coronavirus outbreak - PHOTO: THANH HOA

HCMC - Local banks have reduced lending rates for 8,000 customers who have been affected by the coronavirus outbreak, stated Nguyen Quoc Hung, head of the State Bank of Vietnam’s (SBV's) Credit Department. They are also considering rate cuts for 34,350 others with outstanding loans amounting to VND185 trillion.

On March 12, the State Bank of Vietnam issued a circular instructing local credit institutions and the branches of foreign banks to reschedule debt payments as well as lower interest rates to help virus-hit customers, the local media reported.

Hung said the Covid-19 outbreak continues to develop, directly affecting enterprises in the import-export, tourism and transport sectors.

Due to the pandemic, customers have found it hard to pay loans totaling VND926 trillion on schedule.

Banks have rescheduled the payment deadlines for loans worth VND21.75 trillion.

They have also reduced, even waived, service fees for customers.

In the coming months, the central bank will continue to monitor the development of the disease and will issue appropriate credit policies. It will also direct commercial banks to support clients by removing obstacles and reducing losses triggered by Covid-19, noted SBV Deputy Governor Dao Minh Tu.

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