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SBV transfers VND16 trillion to offer loans to impacted firms
The Saigon Times
Friday,  May 15, 2020,18:27 (GMT+7)

SBV transfers VND16 trillion to offer loans to impacted firms

The Saigon Times

A bank teller counts Vietnamese banknotes. The State Bank of Vietnam has transferred VND16 trillion to the Vietnam Bank for Social Policies to support virus-hit businesses - PHOTO: THANH HOA

HCMC – The State Bank of Vietnam (SBV) has transferred VND16 trillion to the Vietnam Bank for Social Policies, so employers can borrow non-collateral loans with a 0% interest rate to pay salaries to their employees who have been furloughed due to Covid-19.

Deputy Governor of SBV Dao Minh Tu made this announcement at a conference in Hanoi on May 14.

Of the State’s Covid-19 relief package worth VND62 trillion, SBV is providing the VND16-trillion package to offer loans to affected businesses through the Vietnam Bank for Social Policies.

To apply for non-collateral and 0% interest rate loans, employers must seek confirmation from local authorities, Tu remarked.

The SBV official added that it could take years to handle the aftermath of the coronavirus pandemic. He cited international experts, noting that many sectors, especially transport, tourism, imports and exports, will encounter both direct and indirect effects of the pandemic.

From the outset of the pandemic, the country’s banking sector has actively taken steps to evaluate it, predict its impact and roll out urgent measures to support affected enterprises and local residents.

SBV in early March issued Circular No.1 and Directive No.2, guiding credit institutions to reschedule debts, waive or reduce lending rates and fees for loans and offer new loans to projects and enterprises that need further capital to maintain or resume their operations amid the lockdown to stem the spread of the virus.

In addition, online payment services and cashless transactions have been promoted to assist the local people during the social-distancing campaign. SBV and credit institutions have also waived and reduced payment fees to support the locals and businesses, up to a total value of some VND1 trillion.

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