COVID-19: Agribank increases support level for credit package

Transactions at Agribank (Source: VNA)

Hanoi (VNA) - The Agriculture and Rural Development Bank (Agribank) has said it will increase the support level for its credit package worth 100 trillion VND (4.3 billion USD).

Loans disbursed from April 1 to customers, especially small and medium-sized enterprises, will be subject to a maximum interest rate of 2.5 percent per year.

Customers who have been given preferential interest rates under a Government resolution to prevent poverty reduction in 61 poor districts and the State Bank of Vietnam (SBV)’s circular on lending from credit institutions will continue with an interest rate of one percent per annum.

Earlier, the SBV instructed commercial banks to delay, extend or reschedule debt repayments as well as reduce interest rates and fees for enterprises, while providing new loans to help them overcome difficulties.

The central bank has also adjusted interest rates to support credit institutions with easier capital access.

On March 13, the SBV Governor issued Circular No. 01/2020/TT-NHNN directing credit institutions and foreign bank branches to restructure their repayment periods, waive and reduce interest rates and fees, and maintain debt classifications in order to support customers affected by the COVID-19 pandemic./.