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.
Transaction at VietinBank
The provision aims torealise the directions of the Prime Minister and the Governor of the State Bankof Vietnam (SBV) on implementing urgent measures to cope with the pandemic whichis hitting all sectors hard.
Under its credit programme, VietinBank will cut the lending interest rates down by 2 percent compared to the previous ones. Meanwhile, Agribank's customers will enjoy interest rates 1percent and 0.5 percent lower than normal for loans in VND and in foreigncurrencies respectively.
This programme will run until three months after the pandemicends or the package is completely disbursed.
Earlier, the SBVhad instructed commercial banks to delay, extend, and reschedule debt paymentsas well as reduce interest rates and fees for enterprises, while providing newloans to help them overcome difficulties.
Besides, the central bank also adjustedinterest rates to support credit institutions with easier capital access.
On March 13, the SBV Governor issuedCircular No. 01/2020/TT-NHNN directing credit institutions and foreign bankbranches to restructure their repayment periods, waive and reduce interestrates and fees, and maintain debt classifications in order to support customersaffected by the COVID-19 pandemic./.VNA
Banking services will remain available to meet the transaction demands of businesses and individuals, according to the State Bank of Vietnam (SBV).
After two years of strong recovery and high growth, the banking sector is facing major challenges because of Covid-19.