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blue-check Information about policies on loan interest exemption, reduction amid Covid-19

Official letter No. 6224/NHNN-TD dated August 31st, 2021 of the State Bank of Vietnam regarding policies on loan interest exemption, reduction
Posted: 16/9/2021 10:12:50 AM | Latest updated: 22/9/2021 7:47:46 AM (GMT+7) | LuatVietnam: 5293 | Vietlaw: 528
VietlawOnline

The State Bank of Vietnam (SBV) said that it has promulgated Circular No. 01/2020/TT-NHNNstatus2 and Circular No. 03/2021/TT-NHNNstatus2 on debt rescheduling, loan interest exemption or reduction, etc. applicable to clients affected by the Covid-19 pandemic.

Accordingly, clients that have loans meeting the conditions regulated at Article 4 and Article 5 of Circular No. 01/2020/TT-NHNNstatus2 (which has been amended, supplemented by Circular No. 03/2021/TT-NHNNstatus2 ) shall be considered to be entitled to debt rescheduling, loan interest exemption or reduction. However, competence to make specific decisions belongs to credit institutions based on their balance of finance capacity.

Currently, there are 16 banks that committed to reduce loan interest rate up to 1%/year in the last 5 months of 2021 for clients affected by Covid-19, including Viettinbank, Vietcombank, Agribank, BIDV, MB, Lien Viet Post Bank, TPBank, VIB, ACB, Seabank, SHB, HDBank, MSB, VPBank, Techcombank, and Sacombank.

In addition, at the beginning of August 2021, the SBV also actively requested 4 State commercial banks, including VCB, Agribank, BIDV, and Viettinbank to further committing on reduction in interest rate and reduction in charges/fees of banking services in provinces/cities that are implementing social distancing under Directive No. 16/CT-TTg .

Ms Phuong Thao (VietlawOnline.com)
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Published Vietlaw's Newsletter No. 528

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