Business

Credit institutions asked to join storm recovery efforts

The Governor of State Bank of Vietnam (SBV) on September 26 issued Directive No.04/CT-NHNN requesting its credit institutions, foreign bank branches, and banking associations to promptly implement solutions to support people and businesses affected by Typhoon Yagi.

A farm is damaged by Typhoon Yagi. (Photo: VietnamPlus)
A farm is damaged by Typhoon Yagi. (Photo: VietnamPlus)

Hanoi (VNA) – The Governor of State Bank of Vietnam (SBV) on September 26 issued Directive No.04/CT-NHNN requesting its credit institutions, foreign bank branches, and banking associations to promptly implement solutions to support people and businesses affected by Typhoon Yagi.

Implementing Resolution No.143/NQ-CP of the Prime Minister dated September 17, 2024 asks SBV and its credit entities to take on the key tasks and solutions to overcome the consequences of Typhoon Yagi, stabilise living conditions, accelerate the recovery of production operations, promote economic growth, and control inflation.

SBV entities were requested to continue managing monetary policy in coordination with fiscal policy and other macroeconomic policies, contributing to economic growth, stability in the money and forex markets, and ensuring a prudent banking sector.

The SBV entities were also asked to promptly update information on damage suffered by the banks' borrowers to initiate appropriate support measures and packages.

They should report to the Governor to reschedule debt payments, reduce lending interest rates, and provide new loans for production and business recovery in accordance with applicable laws and regulations.

In addition, the SBV entities should promote the communications in the banking sector, to ensure consistency between the central SBV entities and the SBV municipal and provincial branches. This includes the SBV and the media, the press agencies in the banking sector, to provide the information on support measures.

Credit institutions were requested to direct branches and transaction offices in the 26 provinces and cities affected by the typhoon to promptly implement the support packages to customers affected by Typhoon Yagi. This includes measures such as rescheduling debt payments and maintaining debt classifications in accordance with Decree No. 55/ND-CP, Decree No. 116/2018/ND-CP dated September 7, 2018, and other guiding documents from the SBV.

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The SBV requires credit institutions to implement policies to restructure debt repayment terms, maintain debt groups, freeze debt, and provide new loans to customers affected by Typhoon Yagi. (Photo: Vietnamplus)

Meanwhile, the SBV municipal and provincial branches were requested to coordinate with the relevant departments to collect and consolidate information on losses suffered in their areas.

The SBV Governor requested banking associations to foster consensus among member banks to aid the banks’ borrowers affected by Typhoon Yagi./.

VNA
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