Storm Relief: Banks Offer Lifeline with Extended Debt Repayment Deadlines and Lower Interest Rates
- 3 (Yagi) has caused significant damage to people and property, impacting lives and production across various regions.
- The State Bank of Vietnam (SBV) has issued a directive to credit institutions, foreign bank branches (FCBs), and SBV branches in affected provinces and cities to provide immediate...
- The SBV requires credit institutions to direct their branches and transaction offices to proactively review and summarize the losses of customers who are borrowing capital.
Storm No. 3 (Yagi) Relief Efforts: State Bank of Vietnam Supports Affected Customers
Since September 6, storm No. 3 (Yagi) has caused significant damage to people and property, impacting lives and production across various regions.
The State Bank of Vietnam (SBV) has issued a directive to credit institutions, foreign bank branches (FCBs), and SBV branches in affected provinces and cities to provide immediate support to customers. The targeted areas include Quang Ninh, Hai Phong, Thai Binh, Nam Dinh, Ninh Binh, Thanh Hoa, Nghe An, Ha Tinh, Quang Binh, Quang Tri, Thua Thien Hue, Da Nang, Quang Nam, Quang Ngai, Binh Dinh, Lang Son, Cao Bang, Bac Kan, Thai Nguyen, Ha Giang, Lao Cai, Yen Bai, Tuyen Quang, Phu Tho, Vinh Phuc, Dien Bien, Lai Chau, Son La, Hoa Binh, Hanoi, Ha Nam, Hung Yen, Hai Duong, Bac Ninh, and Bac Giang.
The SBV requires credit institutions to direct their branches and transaction offices to proactively review and summarize the losses of customers who are borrowing capital. This will enable the institutions to promptly apply support measures, such as restructuring debt repayment terms, considering interest rate exemptions and reductions, and providing new loans to restore production and business after the storm, in accordance with current regulations.