A transaction office of Vietcombank (Photo: VNA)
Hanoi (VNA) – The Joint Stock Commercial Bankfor Foreign Trade of Vietnam (Vietcombank) – one of the major banks in Vietnam- on February 22 announced that it will reduce the interest rate on allexisting loans for three months until May 22.
The decision is part of the bank’s effort to support its customersamid impacts of the COVID-19 pandemic.
Specifically, Vietcombank will lower interest rate for COVID-19-hitenterprises by 10 percent, and 5 percent for remaining customer groups thatsuffer negative impacts from the pandemic.
For individual customers, Vietnambank will reduce interest rate by 0.2percent per year for those who take loans for production and business.
According to the bank, 105,000 customers will benefit from the programme withtotal credit of 350 trillion VND (15.18 billion USD), accounting for 40 percentof the total outstanding debt balance of the bank.
In 2020, Vietcombank offered five interest reduction programmes to supportenterprises and people affected by COVID-19 and flooding, becoming the creditinstitution to offer largest reduction in many years, and bringing the loaninterest to the lowest level in the banking system.
The total amount of loans covered by interest reduction programmes was 441.7trillion VND, while the total value of interest reduction in 2020 was nearly 4trillion VND.
Alongside, Vietnambank has restructured the payment date andmaintained the debt group classification on over 5.15 trillion VND worth of loans./.
