Business

Banks to help enterprises refinance debt

The State Bank of Vietnam (SBV) has asked commercial banks to reschedule enterprises' loans that they have not been able to pay back on time because of negative economic conditions.
The State Bank of Vietnam (SBV) has asked commercial banks to rescheduleenterprises' loans that they have not been able to pay back on timebecause of negative economic conditions.

Therestructuring of loans will be done in accordance to Decision No783/2005/QD-NHNN of the SBV Governor dated May 31, 2005.

Under this decision, commercial banks will have to restructureenterprises' repayment schedules based on their financial capacity, saidNguyen Thi Hong, director of the central banks' Monetary PoliciesDepartment.

Commercial banks will have to considerextending loans to borrowers currently unable to repay the principal orinterest of their loans on schedule but are evaluated to have theability to do so later, Hong told the Tuoi Tre newspaper.

The central bank has also required commercial banks to actively workwith borrowers finding it difficult to repay loans so that they canaccess more credit and gradually restore, maintain and expand productionand business.

This measure was aimed at helpingcommercial banks reduce bad debts and continue to extend new loans tosolvent customers with effective plans and projects, she said.

The restructuring of repayment would only apply to enterprises in "temporary difficulties", she added.

The central bank will not accept credit organisations extending orsuspending loans to help enterprises survive if such supportingactivities violated legal regulations, Hong said.-VNA
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