return icon

Covid-19 crisis challenges banks

Some commercial banks have announced lower lending interest rates to help their clients overcome the difficulties caused by coronavirus (Covid-19) crisis.

The State Bank of Vietnam (SBV) on February 6 organized a conference to discuss the credit solutions to help ease difficulties for businesses that suffer from Covid-2019 epidemic.



The central bank requested credit institutions to support the borrowers affected by the epidemic. Banks have two weeks to do this.

Some commercial banks announced early solutions to help clients repair the damages caused by the epidemic soon after the SBV Governor’s instruction was released on February 4.

VP Bank, for example, on February 4 evening, stated that it has cut the lending interest rate by 1.5 percent for the loans without collateral and 1 percent for the loans with mortgaged assets.

Some commercial banks have announced lower lending interest rates to help their clients overcome the difficulties caused by Covid-2019 crisis.

The policy will be applied to clients operating in the business fields suffering from the epidemic, and the businesses which need to import materials from China or export products to China.

The business fields bearing biggest impact in the epidemic include transportation, warehouse, accommodation and travel, restaurants and booking services, especially tourism provinces such as Quang Ninh, Da Nang and Nha Trang.

On February 6, KienLong Bank said it would slash the lending interest rate by 3 percent per annum for existing clients who borrow money to grow dragon fruit, water melon, durian, jackfruit, mango and bananas for export to China.

Meanwhile, HDBank focuses on businesses in the fields of drug and medical equipment supply. The credit limit for non-collateral loans has been lifted to VND10 billion and preferential transaction fees have been offered.

TP Bank said it would give support to individual and institutional clients depending on their situation. It may continue providing loans when clients need capital, and give support to clients who face difficulties because of transportation interruption. It is also considering slashing interest rates and extending debt payment deadlines.

It is expected that more preferential service packages would be launched in the time to come.

A senior executive of VP Bank estimated that about 1,000 of its clients are suffering from the epidemic.

Can Van Luc, Chief Economist of BIDV, warned that the bad debts will increase in the context of the economic activity decline. State management agencies should not only consider the measures to support the enterprises in epidemic-stricken fields, but also think of solutions to deal with bad debts which will increase.

SBV has told commercial banks not to raise interest rates at this time, including deposit interest rates. It promised to support banks in liquidity and make some adjustments to help banks ease interest rates.

Linh Ha 


2019-nCoV impacts on economies of Vietnam and China

2019-nCoV impacts on economies of Vietnam and China

The service sectors of China as well as of Vietnam—including transport, accommodation, tourism, retail, hospitality and entertainment—will be hardest hit by the 2019-nCoV outbreak.

Businesses and workers in Da Nang hit by effects of nCoV epidemic

Businesses and workers in Da Nang hit by effects of nCoV epidemic

Production activities of several businesses in the central coastal city of Da Nang have suffered disruption due to the nCoV epidemic, with enterprises that have transactions with the Chinese market being the worst affected.


Twins survive after premature birth, weighing just 500g

The National Hospital of Obstetrics and Gynecology has for the first time successfully bred twins who were born at 25 weeks, each weighing just 500g.

Hanoi to spend $5.3 million to inspect old apartments

Hanoi plans to spend about VND128 billion (US$5.3 million) to appraise the quality of old apartments across the city this year.

Applying special mechanism, HCMC attracts 10 experts, scientists and talents

HCM City has issued a Resolution on the income level of experts and scientists for the fields the city needs to attract talents in the 2018-2022 period.

People should be cautious of 'easy job, high salary' in Cambodia

Nguyen Minh K., 24, of Ninh Thuan Province, still can't believe he was illegally sold to a casino in Cambodia.

25 Apple ’s partners have factories set up factories in Vietnam

The number of Apple manufacturing partners setting up their factories in Vietnam has increased to 25 at present, four more than the 2020 figure, the tech giant said in its list of supply partners for the fiscal year 2021.


Hanoi inaugurates new road tunnel to address traffic congestion

Netlflix asked to remove "Little Women" for distorting history

The request was made by the Authority of Broadcasting and Electronic Information, under the Ministry of Information and Communications, according to Deputy Director General Le Quang Tu Do.

UOB upgrades 2022 growth forecast for Vietnam to 8.2%

Given Vietnam’s strong economic recovery in the third quarter, the Singapore-based United Overseas Bank (UOB) has raised its forecast for the country’s GDP growth this year to 8.2%, from the previous prediction of 7%.

Vietnam rice prices surge on Indian rice export restrictions

Prices of Vietnamese rice surged in the global and domestic markets after India announced restrictions on broken rice exports and a 20% duty on exports of various other types.

Deaths of Adenovirus total nine, infections increase with many severe cases

The child died at the National Children's Hospital on Monday and is not thought to have any health issues but had been treated for the past 50 days and recently needed a ventilator.


Vietnamese fleet to handle a fifth of exports by 2030: transport ministry

A day in the life of a fisherman in ​​Mong Cai

After Van Don - Mong Cai highway opened for traffic in early September, the border city of Mong Cai became a new tourist attraction.

Vietnamese navy ship arrives at Lumut port, beginning Malaysian visit

Sailing Ship 286-Le Quy Don of the Vietnam Naval Academy and a delegation of the Vietnam People’s Navy arrived at Lumut port in the Malaysian state of Perak on October 4, beginning a visit to Malaysia.

Hanoi, CNN boost tourism promotion cooperation

CNN wishes to resume tourism promotion cooperation with Hanoi, thus contributing to introducing the capital city’s cultural identity and valuable traditions to the world, Senior Vice President of CNN Robert Bradley said.

Vietnam's brand value reaches $431 billion

According to the latest report of the world's leading brand valuation consulting company - Brand Finance, Vietnam's national brand value has increased by 11 percent in 2022, from $388 billion to $431 billion.