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Commercial banks in Vietnam have adopted measures to aid enterprises hurt by the
epidemic, said Nguyen Quoc Hung, director of the SBV’s Credit
Department.
An estimated 44,000 affected firms and individuals, who had taken out total
loans of 222 trillion VND (9.6 bilion USD), have benefited from various credit
initiatives, ranging from interest rate cuts and loan repayment delays to
reduction of fees, he added.
Some 32 out of 45 member banks of the National Payment Corporation of Vietnam (NAPAS)
have announced fee waivers and reductions for online inter-bank transactions
valued less than 500,000 VND as part of efforts to promote cashless payment and
reduce risk of transmission after the World Health Organisation advised people
to stop using cash if possible as the notes may help spread the virus.
The central bank last weekend has urged banks to further cut fees for inter-bank
transactions worth over 500,000 VND to 2 million VND from March 25 until the end
of this year.
The SBV official said earlier this month, Vietnamese commerical banks pledged to
offer a credit package worth 285 trillion VND (12.3 billion USD) to support
affected businesses, offering 0.5 – 1 percent cut in interest rates.
There are more similar ones to come in the future, he added.
SBV Deputy Governor Dao Minh Tu said to strengthen the commerical banks’
financial capacity, the central bank will soon make a decision on cutting
benchmark interest rates as well refinance rates, overnight rates and
open-market rates.
It made the last benchmark rate cut by 0.25 percentage points in September last
year.
Source: VNA
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