YBO - The Yen Bai branch of the State Bank of Vietnam (SBV) has implemented numerous measures to support customers affected by the COVID-19 pandemic following directions of the Prime Minister, the SBV and the provincial People's Committee.
A meeting of the State Bank of Vietnam – Yen Bai branch discusses measures in support of customers affected by COVID-19.
After receiving the instruction from the central bank, the SBV - Yen Bai branch, branches of other banks and people's credit funds (PCFs) have directed their subsidiary transaction offices to seriously implement measures to help remove difficulties facing borrowers.
Local bank branches have actively made a review of affected customers and guide their subsidiaries in how to apply their temporary internal regulations on rescheduling debt payment and maintaining debt categories for customers affected by the pandemic. They have also taken measures to prevent the misuse of the support measures.
As of March 9, the total debt owed by customers affected by the COVID-19 was 211.2 billion VND by 40 customers, of which138.3 billion VND worth of debt was rescheduled and kept in the same categories, new loans are valued at 54.7 billion VND and debts slated to be entitled to interest rate reduction and exemption amounted to 18.2 billion VND.
In the coming times, the SBV - Yen Bai branch continues to direct bank branches and PCFs to proactively balance capital sources to fully meet capital needs for production and business and well disseminate policies of the Government, Yen Bai province and the central bank to remove difficulties for production and business caused by the COVID-19.
The branch will also require banks to reduce operation costs so as to cut lending interest rates and consider cutting or exempting lending interest rates and service fees to support customers.
Banks are requested to popularise these solutions to customers.
Production and business activities in Yen Bai province were resumed in early May after one month being suspended to implement social distancing measures.
More than 117,600 households in Yen Bai province were recognised as production and business role models between 2016 and 2018, including over 93,400 at the communal level and 24,000 others at the district level.
The World Bank (WB) has issued an update on Vietnam’s macro-economy for May, in which it said the economy may prosper again after social distancing measures were eased nationwide on April 23.
The People’s Committee of northern Yen Bai province has licenced 14 industrial projects with a combined registered capital of 552 billion VND (23.5 million USD) and 11 million USD, in Luc Yen district in the 2016 – 2020 period.