Business

Sixteen banks cut over 21.2 trillion VND for pandemic-hit customers

Sixteen commercial banks cut over 21.24 trillion VND (936 million USD) of loan interest for COVID-19-hit customers from July 15 to December 31, 2021, surpassing their commitment by 5.13 percent, the State Bank of Vietnam (SBV) reported on February 9.
Sixteen banks cut over 21.2 trillion VND for pandemic-hit customers ảnh 1Illustrative image (Source: VNA)
Hanoi (VNA) – Sixteen commercial banks cut over 21.24 trillion VND (936 million USD) of loan interest for COVID-19-hit customers from July 15 to December 31, 2021, surpassing their commitment by 5.13 percent, the State Bank of Vietnam (SBV) reported on February 9.

The Vietnam Bank for Agriculture and Rural Development (Agribank) made the sharpest reduction with over 5.51 trillion VND  for more than 3.5 million customers.

It was followed by the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), with 4.63 trillion VND for 269,644 customers; and the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), over 4.12 trillion VND for 452,746 customers.

According to Deputy Governor of the SBV Dao Minh Tu, last year, the bank maintained the regulatory interest rates, creating favourable conditions for credit institutions to access the SBV capital at low costs.

Tu said that the 16 banks, which own 75 percent of the total outstanding loans of the economy, showed strong performance inrealising their commitments to reducing interest rates for pandemic-hit clients.

Earlier, the banks committed to cutting loan interests amounting to 20.6 trillion VND for customers.

Four State-run commercial banks continued to commit a 4-trillion-VND aid package for reducing loan interests and cutting all banking service fees for customers in localities undertaking social distancing in line with the Prime Minister’s Directive No. 16./.
VNA
#Vietnam Bank for Agriculture and Rural Development (Agribank) #Vietcombank #BIDV #loan interest #COVID-19 #Vietnam #Vietnam news #Vietnam News Agency
Follow VietnamPlus

Related News

Banks urged to cut interest rates for epidemic-hit firms

Banks urged to cut interest rates for epidemic-hit firms

The State Bank of Vietnam (SBV) has urged domestic and branches of foreign credit institutions to offer a cut in loan interest rates for businesses affected by the acute respiratory disease caused by the SARS-CoV-2 (COVID-19) which is taking toll on the regional economies.
Banks cut home loan interest rates

Banks cut home loan interest rates

Interest rates of home loans at commercial banks have tended to reduce significantly since the second half of July due to low capital demand from business and production.
Banks in HCM City to continue supporting businesses

Banks in HCM City to continue supporting businesses

Banks in Ho Chi Minh City are focusing on measures to mitigate the difficulties faced by businesses due to the COVID-19 pandemic and help them get back to health, a State Bank of Vietnam official has said.
Central bank extends credit growth limits

Central bank extends credit growth limits

The State Bank of Vietnam (SBV) has extended the credit growth limits for the second time this year to some commercial banks, of which the highest level is up to 30 percent.
SBV to consider revising credit growth targets for banks

SBV to consider revising credit growth targets for banks

From now until the end of the year, the State Bank of Vietnam will review and consider revising credit growth targets for credit institutions and priority is expected to be given to those that reduce loan interest rates.

See more

The working session between Deputy Minister of Industry and Trade Nguyen Hoang Long and IKC Representative Director and Executive Vice President Atsuhiko Hirano in Hanoi on June 12 (Photo: Vietnamese Ministry of Industry and Trade)

Vietnam, Japan cultivate energy collaboration

Deputy Minister of Industry and Trade Nguyen Hoang Long urged Idemitsu to leverage its role as a strategic shareholder and team up with other partners to respond swiftly to geopolitical shifts, ensuring a stable, sustainable crude oil flow to the refinery.

Leaders of Bamboo Airways and Rakso Holdings Co.Ltd sign an MoU to promote cooperation in the aviation, tourism and service sectors at the forum in Seoul on June 12. (Photo: VNA)

FLC Group seeks to expand investment cooperation in RoK

Ambassador Vu Ho suggested enhancing Vietnam – RoK ties in tourism, aviation and flexible investment models to develop flagship projects meeting high standards, helping herald a new cooperation phase between the two countries.

Delegates press the buttons to launch the Meiko Yen Quang semiconductor manufacturing plant project. (Photo: VNA)

Work starts on 500-million-USD Meiko semiconductor plant in Phu Tho province

The project has an initial investment of more than 500 million USD and will focus on artificial intelligence and space technology-related applications. Once fully operational, it is expected to generate annual revenue of around 530 million USD per year and create approximately 2,000 jobs for local workers.

Coffee, often referred to as the “brown gem” of Lam Dong, is one of the province’s signature agricultural products. (Photo: VNA)

Lam Dong reshapes coffee industry to elevate export value

Lam Dong plans to strengthen branding and trade promotion efforts, develop coffee-growing regions linked to geographical indications, expand digital traceability systems and make greater use of free trade agreements (FTAs) to diversify export markets.

Cargo handling operations at Berths 3 and 4 of the Hai Phong International Gateway Port. (Photo: VNA)

AI reshapes logistics, raising bar for workforce skills

According to the Vietnam Logistics Business Association (VLA), the logistics sector will require around 2.2 million workers by 2030, including 1.6 million employees for logistics service providers and nearly 600,000 personnel supporting logistics operations in manufacturing and trading enterprises.

The site planned for the Ninh Thuan 1 nuclear power plant in Phuoc Dinh commune of Khanh Hoa province (Photo: VNA)

Nuclear power projects to transform Khanh Hoa coastal communities

Khanh Hoa province aims to hand over fully cleared sites to investors by June 30, 2026. For Ninh Thuan 1, both the plant site and the resettlement zone are scheduled for completion by June 30. For Ninh Thuan 2, the plant site is due on June 15, with the resettlement area following by June 30.

Professor Tao Yitao, Director of the China Centre for Special Economic Zone Research (Photo: VNA)

Stable beginnings, powerful breakthroughs for Vietnam’s private economic sector

Vietnam is now at a critical juncture in pursuing what its leadership has described as a new era of national rise. In the long term, the development of the private economic sector will depend not only on supportive policies but also on a stable, transparent institutional environment that guarantees fair competition, said Professor Tao Yitao, Director of the China Centre for Special Economic Zone Research.

The trade policy review of Uruguay at the WTO headquarters. (Photo: VNA)

Vietnam participates in WTO review of Uruguay's trade policy

Vietnam also welcomed Uruguay's active engagement in the multilateral trading system as a founding member of the WTO. Uruguay has ratified the Agreement on Fisheries Subsidies, joined the Multi-Party Interim Appeal Arbitration Arrangement (MPIA), and contributed to Joint Statement Initiatives (JSIs) on e-commerce and micro, small and medium-sized enterprises (MSMEs).

Experts discuss cooperation opportunities in Vietnam-Germany manufacturing value chains at the forum. (Photo: VNA)

Vietnam-Germany cooperation creates new opportunities for sustainable manufacturing

Germany is an important partner of Vietnam and a global leader in green technology, smart manufacturing, automation and circular economy solutions. The combination of German technological expertise and Vietnam's manufacturing capabilities and strong commitment to transformation would create significant opportunities in green production, supporting industries, digital transformation, supply chain management and eco-industrial park development.