Banks support businesses during the pandemic COVID-19.March 30, 2020
On March 24, in Hanoi, the State Bank of Vietnam held an online meeting with 12 joint stock commercial banks on the implementation of solutions to support businesses and people affected by COVID-19.
Representatives of 12 joint stock commercial banks attending the meeting include: Military Commercial Joint Stock Bank, LienVietPostBank, Saigon – Hanoi Commercial Joint Stock Bank, Vietnam Prosperity Joint-Stock Commercial Bank, Vietnam Technological and Commercial Joint-Stock Bank, Tien Phong Commercial Joint Stock Bank, Southeast Asia Commercial Joint Stock Bank, Asia Commercial Bank, Saigon Thuong Tin Commercial Joint Stock Bank, Ho Chi Minh City Development Commercial Joint Stock Bank, Vietnam International Commercial Joint Stock Bank, Vietnam Export Import Commercial Joint Stock Bank.
Implementing the Directive No. 11/CT-TTg of the Prime Minister on urgent tasks and solutions to remove difficulties for production and business, ensure social security in response to COVID-19, State Bank has urgently issued Circular No. 01/2020/TT-NHNN stipulating the credit institutions restructuring the repayment term, exemption, reduction of interest and fees, keeping debt groups in order to support customers affected by COVID-19 outbreak. In addition to issuing debt restructuring and interest rate reduction policies in accordance with regulations and guidelines of the State Bank, commercial banks also have more active actions to support businesses:
BIDV (Joint Stock Commercial Bank for Investment and Development of Vietnam) : Reduce interest rates from 0.5-1.5% / year for both new and existing customers in the affected areas with a credit package size of 28,000-30,000 billion VND.
VPBank (Vietnam Prosperity Joint-Stock Commercial Bank): for corporate customers, right from the beginning of February, VPBank immediately announced a special support package for small and medium-sized enterprises – those who suffer the most from the epidemic. Accordingly, enterprises in the field of transport and warehousing; accommodation, travel, restaurants – food and drinks; enterprises with main export and import markets are China, etc. will get support to reduce lending interest rates by 1% -1.5% / year.
SHB (Saigon – Hanoi Commercial Joint Stock Bank): all business customers in the sectors and industries affected by COVID-19 have access to the preferential loan package worth 3,000 billion VND and expected increased to 5,000 billion VND. Money transfer services decreased by 30-50%, for online deposit customers, plus interest rates 0.4-0.5%. For customers who save money and personal loans, they will receive COVID-19 insurance package.
Vietcombank (Vietnam Joint Stock Commercial Bank for Foreign Trade of Vietnam): assist clients to overcome difficulties and stabilize production, offering solutions to reduce lending interest rates to 1.5% / year and reduce service fees (payment made from 11/2/2020) on 28% for customers.
Sacombank: deploy preferential capital value of 10,000 billion VND with interest rates sharply reduced to 2% / year for individual customers, business loans for production and business.
As Spanish Chamber of Commerce in Vietnam, we are offering supports to our corporate members most affected by the COVID-19 to find solutions.