The State Bank of Vietnam (SBV) has decided to allow commercial banks to reschedule the debt repayment period and maintain the debt group for certain sectors for an additional six months, to support struggling businesses.

An official of the State Bank of Vietnam said the central bank will encourage credit institutions to continue cutting interest rates and extending debt repayment deadlines for enterprises.

The Philippines will use over 11% of the proposed national budget for 2023 to repay its debts, the Department of Finance said on August 25.

Businesses in southern Dong Nai province have called for reducing bank interest rates and restructuring debt repayment to enable them to resume operations now that the COVID-19 pandemic is basically under control.

Flawed legal regulations on collateral for debt collection have hampered bad debt settlement, participants said at a workshop in Hanoi on May 23.