Banks support enterprises in various forms

Incomplete statistics show that businesses have enjoyed cuts of at least 100 trillion VND (4.25 billion USD) to support them amid the COVID-19 pandemic.

Banks support enterprises in various forms hinh anh 1

VietinBank receives support requests from customers affected by COVID-19. 

The State Bank of Vietnam (SBV)’s deputy governor Dao Minh Tu said amid the complex situation of COVID-19, the banking industry should implement measures to support enterprises.

These include debt restructuring, debt postponement and extension, as well as interest rate reductions on old and new loans.

The deputy governor emphasised that commercial banks aim to cut lending rates for businesses and households affected by the disease by about 2 percent compared to before the pandemic occurred.

The economy and credit institutions are forecasted to face many difficulties this year, so the deputy governor said commercial banks need to cut operational costs and deposit rates.

The banks should also develop business, profit plans and salary policies, he noted.

Chairman of the board of directors of Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) Phan Duc Tu said the bank has about 155 trillion VND of debt and has conducted debt restructuring and extension for about 3,300 customers so far.

 

Nguyen Dinh Vinh, deputy general director of Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), said that the bank received support requests from about 115 customers affected by COVID-19 with debts of nearly 16 trillion VND.

Economic experts said the monetary policies the banking industry is implementing to support businesses is a positive step.

Economist Nguyen Tri Hieu said recent SBV policies were very quick and timely but still not enough.

Interest rate lowering was not enough to bring the economy through the crisis, the reduction only affects the market, while the problem of the economy was not only in the monetary economy but also the commodity economy. The commodity market was stagnant, he noted.

“I think that monetary policy measures are only supportive measures, which require the support of fiscal policy through support packages to help businesses severely affected by COVID-19 to have the liquidity to pay for partners, pay salaries and pay interest," Hieu said./.VNA

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

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.

Banks maintain normal operations during national social distancing

Banks maintain normal operations during national social distancing

Banking services will remain available to meet the transaction demands of businesses and individuals, according to the State Bank of Vietnam (SBV).

 
 

Other News

.
Ministry leaders discuss action plan to implement EVFTA
Ministry leaders discuss action plan to implement EVFTA
BUSINESSicon  07/08/2020 

Vietnamese enterprises have been urged to renovate their business strategies if they want to benefit from the EU-Viet Nam Free Trade Agreement (EVFTA), 

Top 10 most valuable brands worth US$8.1 billion
Top 10 most valuable brands worth US$8.1 billion
BUSINESSicon  07/08/2020 

The top 10 most valuable brands in Viet Nam 2020 are worth US$8.1 billion, increasing by 17 per cent from last year and accounting for 30 per cent of the list’s total value, according to Forbes Viet Nam magazine.

ASEAN’s investment contributes significantlly to Vietnam’s economic development
ASEAN’s investment contributes significantlly to Vietnam’s economic development
BUSINESSicon  07/08/2020 

Since Vietnam joined ASEAN (July 28, 1995) and committed to the implementation of the ASEAN Free Trade Agreement (AFTA) in 1996, ASEAN's direct investment has contributed significantly to Vietnam’s economic development .

Vietnam Airlines plans to sell nine planes due to financial woes
Vietnam Airlines plans to sell nine planes due to financial woes
BUSINESSicon  06/08/2020 

Vietnam Airlines is planning to sell nine A321CEO planes to optimize its fleet and improve its cash flow, as the national flag carrier’s revenue has dropped sharply due to the Covid-19 pandemic.

Vietnam – one of the best long-term growth stories in Asia
Vietnam – one of the best long-term growth stories in Asia
BUSINESSicon  07/08/2020 

Vietnam is one of the best long-term growth stories in Asia and is one of the most preferred frontier markets, according to HSBC.

Maximum $130,700 fine for listing violations: Draft decree
Maximum $130,700 fine for listing violations: Draft decree
BUSINESSicon  06/08/2020 

Public companies may receive a penalty of VND2-3 billion ($87,120-$130,700) for falsifying share listing and trading documents under a proposal from the Ministry of Finance.

Singaporean business surges ahead
Singaporean business surges ahead
BUSINESSicon  07/08/2020 

Singaporean business and investment in Vietnam has increased significantly over the decades, thus greatly contributing to strengthening economic bilateral ties.

Furthering developmental ties with dynamic Singapore
Furthering developmental ties with dynamic Singapore
BUSINESSicon  06/08/2020 

Vietnam and Singapore are witnessing their heyday in bilateral and multifaceted cooperation.

Wide impacts to be made with new law changes
Wide impacts to be made with new law changes
BUSINESSicon  06/08/2020 

Effective in 2021, the amended laws on Enterprises, Investment, and Public-Private Partnership are expected to entail breakthrough changes to Vietnam’s business and investment landscape in the coming time, 

Decisive actions to achieve goals
Decisive actions to achieve goals
BUSINESSicon  06/08/2020 

The Ministry of Planning and Investment is currently working on possible scenarios for the upcoming period amid the ongoing developments of the global health crisis.

Millenium to develop $15 billion LNG project in Khanh Hoa
Millenium to develop $15 billion LNG project in Khanh Hoa
BUSINESSicon  06/08/2020 

If the $15 billion LNG project of Millenium Group is approved, it will contribute to making the Nam Van Phong area the largest LNG centre in Southeast Asia.

Rebound likely despite bumpy roads
Rebound likely despite bumpy roads
BUSINESSicon  06/08/2020 

Despite a serious dip in local production caused by the health crisis, Vietnam is expected to be one of the fastest-growing nations worldwide this year, with the economy forecast to stay among the few nations with positive growth.

Unique advantages can pull Vietnam out of uncertainty
Unique advantages can pull Vietnam out of uncertainty
BUSINESSicon  06/08/2020 

In life, economic and health gains are not always equal. This is true for individuals and for countries. While Vietnam has managed to contain the pandemic so far, its economy has been hurt in recent months. 

Hanoi’s Old Quarter businesses bear brunt of COVID-19 impact
Hanoi’s Old Quarter businesses bear brunt of COVID-19 impact
BUSINESSicon  06/08/2020 

The second wave of the COVID-19 epidemic to hit Vietnam has continued to deal a devastating blow to small businesses, travel agencies, and tourist accommodations in the Old Quarter of Hanoi due to the suspension of operations.

Container handling charge increases proposed to attract investment in seaports
Container handling charge increases proposed to attract investment in seaports
BUSINESSicon  06/08/2020 

Container loading and unloading service charges should be increased to approach the regional level so investors would not feel hesitant when pouring money into developing seaports.

Policies encourage automakers to assemble cars in Vietnam
Policies encourage automakers to assemble cars in Vietnam
BUSINESSicon  06/08/2020 

 Several automakers are considering assembling their best-selling models in Viet Nam due to the Government’s policy of zero import tariffs on components and a 50 per cent reduction in registration fees.

Thai firms acquire wind power farm in Ninh Thuan
Thai firms acquire wind power farm in Ninh Thuan
BUSINESSicon  06/08/2020 

Thailand’s Banpu and its power business arm Banpu Power (BPP) have joined forces to acquire El Wind Mui Dinh, an onshore wind farm in the south-central province of Ninh Thuan, in a deal worth $66 million.

EVFTA smooths the way for Vietnamese farm produce
EVFTA smooths the way for Vietnamese farm produce
BUSINESSicon  06/08/2020 

The EU-Vietnam Free Trade Agreement, at its core, aims to liberalise both tariff and non-tariff barriers on key exports of both sides over a period of 10 years.

Mountainous areas and islands need investment
Mountainous areas and islands need investment
BUSINESSicon  07/08/2020 

PhD Doctor Le Quoc Phuong, former deputy director for the Information Centre for Industry and Trade, under the Ministry of Trade, talks on key requirements in trade development in mountainous areas and islands.

Vietnam receives positive view in global exports as EVFTA takes effect: report
Vietnam receives positive view in global exports as EVFTA takes effect: report
BUSINESSicon  05/08/2020 

Vietnam is expected to continue growing its share of global exports despite decline amid the resurgence in the COVID-19 pandemic after three months of no local transmissions, according to an HSBC report.

 
 
 
Leave your comment on an article

OR QUICK LOGIN