Techcombank's customers could enjoy reduction of lending rate for loans during the novel coronavirus pandemic (Photo courtesy of Techcombank)

The package includes exemptions and reductions of lending rates as well as extending and rescheduling debts for both businesses and individuals.

Accordingly, 20 trillion VND (858 million USD) would be given to support firms to restructure their debts. In addition, Techcombank will also reduce interest rates for customers by up to 2 percent. It also committed to ensuring credit sources to support companies to resume business after the end of the pandemic.

The bank’s household and individual customers can access a 10 trillion VND (429 million USD) support package including reduction of the lending rate of 2 percent and mortgages for buying and repairing houses in six to 12 months.

Techcombank’s Managing Director cum Standing Deputy General Director Phung Quang Hung, said the COVID-19 pandemic has been a challenge for the world’s economy including Vietnam, causing big effects to the people’s lives, the development of the business community and all sectors of the economy. Techcombank’s 30 trillion VND package aims to facilitate customers to recover their business and lives.

In addition to the package, Techcombank has accelerated investments into digitalisation of transactions to limit the use of cash and minimise the risk of COVID-19 infection.

Techcombank also donated 10 billion VND to the Vietnam Fatherland Front Central Committee to help cope with the COVID-19 pandemic. VNA

Who can access low-interest credit packages?

Experts warn that businesses suffering the most may not be able to access the VND285 trillion aid package because they cannot prove solvency.

VN banks to offer credit packages for customers affected by COVID-19

VietinBank and Agribank will provide credit packages worth 60 trillion VND ($2.5 million) and 100 trillion VND respectively to support customers amid the COVID-19 pandemic.