The State Bank of Vietnam (SBV) said that it has promulgated Circular No. 01/2020/TT-NHNN and Circular No. 03/2021/TT-NHNN 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-NHNN (which has been amended, supplemented by Circular No. 03/2021/TT-NHNN ) 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 .
|Published||Vietlaw's Newsletter No. 528|