Transactions at HDBank (Source: HD Bank) Hanoi (VNS/VNA) - Financial firms extended loan dues for more than 223,000borrowers whose outstanding loans stood at 151 trillion VND (6.49 billion USD) by May 25, according to the State Bankof Vietnam.
Financial firms also cutinterest rates for more than 320,000 borrowers whose outstanding loans totalled1.14 quadrillion VND.New loans, worth 767 trillion VND, were disbursed to more than 196,000 clients with rates cut by0.5-2.5 percent from the pre-pandemic period.
The global pandemic had hadnegative impacts on all socio-economic aspects and dragged on all economicsectors and businesses, the central bank’s credit department director Nguyen Quoc Hung, said at a meeting thisweek.
Credit growth rates of thebanking sector in the first four months of the year were lower than a year ago,he said.
Credit growth as of May 20 was 1.32 percent. The rates inJanuary, February, March and April were 0.1 percent, 0.07 percent, 1.1 percentand 1.42 percent, respectively.
The pandemic means borrowershad been unable to pay their debts on the due dates, Hung said, adding possible uncollectableloans were worth 2 quadrillion VND or 23 percent of the financial-banking sector’s total.
The worst-hit sectors includedprocessing and manufacturing, transport, accommodation, eatery and hospitality,and education and training, he said.
To help the local businesscommunity recover, the central bank had cut controlling rates twice by total1.5 percent per annum since the outbreak started in early February. Maximumlending rates for short-term loans in prioritised sectors were curbed by 1 percentto 5.0 percent per annum.
The National PaymentCorporation of Vietnam (NAPAS), the National Credit Information Centre ofVietnam (CIC) and NAPAS members had helped customers cut costs to promotecashless transactions by cutting transaction fees, he said./.
VNA
