Banks reduce over 536 million USD worth of interest rates for pandemic-hit borrowers
Sixteen banks in Vietnam reduced a total of 12.23 trillion VND (536.2 million USD) in interest rates for borrowers affected by the COVID-19 pandemic from July 15 to September 30, equivalent to 59.36 percent of their commitments, according to the State Bank of Vietnam.
Hanoi (VNA) – Sixteen banks in Vietnam reduced a total of 12.23trillion VND (536.2 million USD) in interest rates for borrowers affected by the COVID-19 pandemic from July 15 to September30, equivalent to 59.36 percent of their commitments, according to the StateBank of Vietnam.
Accordingly, the Bank for Agriculture and Rural Developmentof Vietnam (Agribank) cut the largest amount, of 4.88 trillion VND. Loansworth 1.27 quadrillion VND enjoyed interest rate reductions, benefiting over3.18 million customers.
It was followed by the Joint Stock Commercial Bank forForeign Trade of Vietnam (Vietcombank) and the Joint Stock Commercial Bank forInvestment and Development of Vietnam (BIDV), with 1.97 trillion VND and 1.9trillion VND cut down, respectively.
Earlier in early July, following the Government’s Resolution63/NQ-CP and directions of the SBV, through the Vietnam Banks’ Association, 16commercial banks agreed to cut the lending rates for enterprises hard hit by theCOVID-19 pandemic from July 15 until the end of this year, with the totalamount of reduced interest of 20.6 trillion VND.
Four State-owned commercial banks committed to provide asupport package worth 4 trillion VND to reduce interest rates and 100 percentof service fees for customers in localities imposing social distancing under thePrime Minister’s Directive 16./.
The State Bank of Vietnam (SBV) has issued a Decision 1349/QD-NHNN on interest rates applicable to reserve requirement deposits and excess reserves of credit institutions and foreign banks’ branches in the SBV.
The Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) has unveiled an online preferential credit package of 5 trillion VND (220 million USD) with an interest rate of only 4.99 percent.
Since commercial banks has seen big earnings during the third quarter of 2021 despite social distancing measures in place in many cities and provinces, insiders believed there is still room for lenders to further cut interest rates for enterprises affected by COVID-19.
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Illustrative image (Photo: VNA) 
