HCMC – Thirty-two commercial banks have launched low-interest credit packages totalling VND405 trillion for businesses and individuals impacted by typhoon Yagi.
According to the State Bank of Vietnam (SBV), the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has lowered interest rates by 0.5 to 2 percentage points over a period from September 6 to December 31, 2024 for typhoon-hit customers. Total outstanding loans under this incentive policy are estimated at VND160 trillion.
At the Vietnam Bank for Agriculture and Rural Development (Agribank), interest rates have been reduced by 0.5 to 2 percentage points per year based on the extent of damage suffered by customers. Agribank is also waiving 100% of overdue and late payment interest from September 6 to December 31, 2024, for existing clients.
Similarly, the Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) has allocated a VND100 trillion package for preferential loans, with interest rates up to 2.0 percentage points per year lower than normal until the end of 2024.
In addition to lowering interest rates for both existing and new borrowers, some banks are offering further relief by reducing interest payments.
Saigon-Hanoi Commercial Joint Stock Bank (SHB), for example, has cut interest payments by 50% from September 1 to December 31, 2024, for customers affected by the typhoon, with reductions of up to 100% depending on the severity of losses.
Tien Phong Commercial Joint Stock Bank (TPBank) has allocated over VND2 trillion in low-interest loans to assist individual customers.
Similar relief programs have been implemented by other banks, including Vietnam Prosperity Joint Stock Commercial Bank (VPBank), Asia Commercial Bank (ACB), Vietnam Export-Import Commercial Joint Stock Bank (Eximbank), and Shinhan Bank Vietnam.
