Banks restructure VND384 trillion worth of loans for HCMC businesses

Friday, 2020-07-03 16:14:25
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The conference to connect banks and enterprises in supporting post-coronavirus business recovery
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NDO - Loans worth a total of VND384 trillion (US$16.5 billion) have been restructured by commercial banks to support businesses in Ho Chi Minh City hit by the coronavirus pandemic.

The information was released at a conference jointly held by the HCMC branch of the State Bank of Vietnam (SBV) and the municipal Department of Industry and Trade on July 2.

Support measures taken by commercial banks included reducing interest rates, deferring loan repayments and providing new loans with lower rates, moves which benefited over 230,000 customers.

These actions came following a central bank circular in March aimed at giving assistance to enterprises affected by the coronavirus.

Speaking at the conference, HCMC Vice Chairman Tran Vinh Tuyen said he highly appreciated the banking sector’s assistance while calling on the agencies concerned to take note of all feedback received from enterprises in order to deal with any difficulties arising.

For his part, SBV Deputy Governor Dao Minh Tu pledged to continue working with the HCMC authorities and enterprises in order to get through this troubled time.

He added that the central bank will continue to pursue a flexible monetary policy, keep rates stable and maintain a balance between credit growth and inflation alongside other macroeconomic indicators.

According to Tu, the SBV will quickly amend its circular to extend the support period until the end of 2020 or beyond, depending on the outbreak’s development.

On the occasion, 16 credit institutions in Ho Chi Minh City signed a pledge to provide VND87 trillion (US$3.7 billion) to 17,000 enterprises, mainly small and medium-sized operations hit by the coronavirus.