VietinBank receives support requests from customers affected by COVID-19. (Photo: VNA)
Hanoi (VNS/VNA) - Incomplete statisticsshow that businesses have enjoyed cuts of at least 100 trillion VND(4.25 billion USD) to support them amid the COVID-19 pandemic.
The State Bank of Vietnam (SBV)’s deputygovernor Dao Minh Tu said amid the complex situation of COVID-19, thebanking industry should implement measures to support enterprises.
These include debt restructuring, debtpostponement and extension, as well as interest rate reductions on old and newloans.
The deputy governor emphasised that commercialbanks aim to cut lending rates for businesses and households affected by thedisease by about 2 percent compared to before the pandemic occurred.
The economy and credit institutions areforecasted to face many difficulties this year, so the deputy governorsaid commercial banks need to cut operational costs and deposit rates.
The banks should also develop business, profitplans and salary policies, he noted.
Chairman of the board of directors of JointStock Commercial Bank for Investment and Development of Vietnam (BIDV) Phan DucTu said the bank has about 155 trillion VND of debt and has conducted debtrestructuring and extension for about 3,300 customers so far.
Nguyen Dinh Vinh, deputy general director of VietnamJoint Stock Commercial Bank for Industry and Trade (VietinBank), said that thebank received support requests from about 115 customers affected by COVID-19with debts of nearly 16 trillion VND.
Economic experts said the monetary policies thebanking industry is implementing to support businesses is a positive step.
Economist Nguyen Tri Hieu said recent SBVpolicies were very quick and timely but still not enough.
Interest rate lowering was not enough to bringthe economy through the crisis, the reduction only affects the market,while the problem of the economy was not only in the monetary economy but alsothe commodity economy. The commodity market was stagnant, he noted.
“I think that monetary policy measures are onlysupportive measures, which require the support of fiscal policy through supportpackages to help businesses severely affected by COVID-19 to have the liquidityto pay for partners, pay salaries and pay interest," Hieu said./.
