This café chain was almost forced to shut down when social distancing measures were introduced six months ago. Employing more than 500 people, it struggled with a lack of revenue and had a hundred billion VND loan to repay.
It then received a helping hand from its bank, with an interest rate cut and a rescheduling of its debt repayments.
After five years of implementing the central bank’s Circular No 1, commercial banks have disbursed 69 billion USD to 310 customers with an interest rate 05.-2.5 percent lower than before the pandemic.
Despite having access to credit programmes tailored to different types of businesses, not many enterprises are leveraging this capital. As of the end of September, credit growth was up 6.1 percent over last year’s figure.
The banking sector is working on the fastest and most suitable plans for businesses to recover and contribute to the economic growth target of 2.5 percent for this year./.
