Pandemic-hit employers to access interest-free loans to pay staff hinh anh 1A transaction office of the Bank for Social Policy in Thanh Hoa province (Photo: VNA)

Hanoi (VNA) - The State Bank of Vietnam (SBV) has transferred to the Vietnam Bank for Social Policy (VBSP) the full 16 trillion VND (680.4 million USD) in cash to be allocated to help struggling employers and their employees amid the COVID-19 pandemic.

SBV Deputy Governor Dao Minh Tu announced the move at a conference between banks and enterprises in Hanoi on May 14.

The central bank earlier allowed employers to borrow money from the VBSP at no interest for a year to pay employees forced to cease work due to the pandemic.

Tu said the economic recovery would not only take months but possibly several years, especially in the field of transportation, tourism, import and export. “Many industries are not only affected directly but also indirectly,” he noted.

The SBV has also announced hotlines of its branches in 63 cities and provinces nationwide, which have been published on its website The hotlines are expected to be a channel for businesses to reflect their problems relevant to debt restructuring, extension and interest rate cuts due to the COVID-19 outbreak./.