HCMC – The State Bank of Vietnam (SBV) has told credit institutions to reschedule debt payments, consider interest exemptions or reductions, and extend new loans to support clients affected by Storm Wipha in the northern and north-central regions.
According to Dispatch No. 6459/NHNN-TD issued on July 25, the directive applies to SBV branches and credit institutions in regions 1, 3, 4, 5, 6, 7, 8, and 12, the Vietnam News Agency (VNA) reported.
The regions include Hanoi, Haiphong, Quang Ninh, Hung Yen, Bac Ninh, Ninh Binh, Thanh Hoa, Nghe An, Ha Tinh, Lao Cai, Lai Chau, Dien Bien, Son La, Tuyen Quang, Cao Bang, Lang Son, Thai Nguyen, and Phu Tho.
Banks are required to direct branches and transaction offices to assess the financial conditions of borrowers and offer timely support. Relief measures include restructuring repayment schedules, interest waivers or reductions, and new credit facilities to help restore production and business operations.
They must also assist customers in completing paperwork required for debt treatment if needed.
SBV branches in storm-affected areas are tasked with working alongside local lenders and authorities to propose solutions for damage recovery and support affected residents.
If any problems arise beyond their authority, credit institutions and SBV branches must report to the central bank for further guidance.
