HCMC – Deputy Prime Minister Ho Duc Phoc signed a decision on December 23 to reduce interest rates for borrowers affected by typhoon Yagi, providing much-needed financial relief to impacted individuals and organizations.
Under Decision No. 1629, borrowers from the Vietnam Bank for Social Policies (VBSP) will receive a two-percentage-point annual interest rate reduction. This applies to outstanding loans issued between September 1 and December 31, 2024, targeting government-regulated credit programs in 26 northern provinces and Thanh Hoa province.
VBSP has been tasked with adjusting its operational costs to implement the rate reduction within its 2024 state subsidy plan. The bank is responsible for accurate reporting, maintaining credit quality, and ensuring operational safety during the implementation process.
Complementing this measure, the State Bank of Vietnam issued Circular No. 53/2024, allowing eligible borrowers to restructure their repayment terms. This applies to loans with outstanding balances before September 7, 2024, and repayment obligations due between September 7, 2024, and December 31, 2025.
