HCMC – The State Bank of Vietnam (SBV) has told commercial banks to assist borrowers in Quang Ninh Province and Haiphong City affected by typhoon Yagi to restructure debt, cut interest rates, and make new loans.
As of September 11, nearly 12,000 customers had been impacted by the storm and ensuing flooding, according to the SBV branches in Quang Ninh and Haiphong.
In Quang Ninh, 11,058 borrowers with total debt of VND10.65 trillion, 5.6% of the province’s total, have been affected. In Haiphong, 890 borrowers with debt of a combined VND15.69 trillion have also taken a hit from the disaster.
SBV Deputy Governor Dao Minh Tu has urged local SBV branches to propose suitable policies and instructed credit institutions to evaluate the damage for each borrower, aiming to help businesses recover after the storm.
Previously, the SBV instructed branches and transaction offices to collect damage reports from borrowers and implement measures such as debt restructuring and interest rate reductions.
According to the Quang Ninh Department of Agriculture and Rural Development, nearly 3,000 households involved in marine farming suffered losses from the storm, with damages amounting to trillions of Vietnamese dong.
