Sixteen banks in Viet Nam reduced a total of 12.23 trillion VND (536.2 million USD) in interest rates for borrowers affected by the COVID-19 pandemic from July 15 to September 30, equivalent to 59.36 percent of their commitments, according to the State Bank of Viet Nam.

Illustrative image (Photo: VNA)

Accordingly, the Bank for Agriculture and Rural Development of Viet Nam (Agribank) cut the largest amount, of 4.88 trillion VND. Loans worth 1.27 quadrillion VND enjoyed interest rate reductions, benefiting over 3.18 million customers.

It was followed by the Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank) and the Joint Stock Commercial Bank for Investment and Development of Viet Nam (BIDV), with 1.97 trillion VND and 1.9 trillion VND cut down, respectively.

Earlier in early July, following the Government’s Resolution 63/NQ-CP and directions of the SBV, through the Viet Nam Banks’ Association, 16 commercial banks agreed to cut the lending rates for enterprises hard hit by the COVID-19 pandemic from July 15 until the end of this year, with the total amount of reduced interest of 20.6 trillion VND.

Four State-owned commercial banks committed to provide a support package worth 4 trillion VND to reduce interest rates and 100 percent of service fees for customers in localities imposing social distancing under the Prime Minister’s Directive 16.

Source: VNA