SBV asks banks to support storm-hit customers

SBV asks banks to support storm-hit customers

Under Document 951/NHNN-TD issued on Tuesday, SBV has asked commercial banks, branches of foreign banks and SBV’s regional offices in areas affected by storms to promptly restore operations and support affected customers.

A view of Hội An ancient town submerged in water during recent floods. The State Bank of Việt Nam (SBV) has issued an urgent directive asking credit institutions and branches of foreign banks in storm-affected regions to support affected customers. — VNA/VNS Photo Trần Lê Lâm

The State Bank of Việt Nam (SBV) has issued an urgent directive asking credit institutions and branches of foreign banks in storm-affected regions to implement measures to support customers recovering from the impacts of recent floods and typhoons.

Under Document 951/NHNN-TD issued on Tuesday, SBV has requested that commercial banks, branches of foreign banks and SBV’s regional offices in areas affected by storms promptly restore operations and support affected customers.

Lenders were told to provide appropriate relief measures for borrowers affected by floods and typhoons that occurred between July and October this year. 

Measures may include rescheduling loan repayments, reducing or waiving interest and fees or offering loan packages with lower rates to recover production and business.

Banks are also encouraged to cut interest rates on existing loans by up to 2 per cent for three to six months for customers affected by storms and floods.

The Việt Nam Bank for Social Policies has been asked to implement measures under the Government’s Resolution 347/NQ-CP dated on October 24 to stabilise livelihoods, resume production, promote growth and control inflation.

Affected localities include Sơn La, Phú Thọ, Lào Cai, Điện Biên, Lai Châu, Thái Nguyên, Cao Bằng, Lạng Sơn, Tuyên Quang, Bắc Ninh, Quảng Ninh, Hải Phòng, Hưng Yên, Ninh Bình, Hà Nội, Thanh Hóa, Nghệ An, Hà Tĩnh, Quảng Trị, Huế, Quảng Ngãi and Đà Nẵng. 

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