Việt Nam cuts policy lending rates for typhoon-hit provinces

Việt Nam cuts policy lending rates for typhoon-hit provinces

Việt Nam has cut lending rates by 2 percentage points for borrowers in four central and Central Highlands provinces hit by Typhoon No. 13.

A farmer in Lâm Đồng tries to save her durian orchard after the area was flooded due to Typhoon No. 13. Việt Nam has cut lending rates by 2 percentage points for borrowers in typhoon-hit provinces. — VNA/VNS Photo Nguyễn Dũng

Việt Nam has cut lending rates by 2 percentage points for borrowers in four central and Central Highlands provinces hit by Typhoon No 13.

Under Decision 2731/QĐ-TTg dated December 16, outstanding loans at the Việt Nam Bank for Social Policies (VBSP) will be eligible for a 2 per cent reduction in annual interest rates for the period from October 1 to December 31.

The reduction is applied to organisations and individuals borrowing from the Government’s policy credit programmes and operating in Khánh Hoà, Gia Lai, Đắk Lắk and Lâm Đồng provinces, which suffered severe damage from the storm.

Previously, the Government approved a similar 2 per cent annual interest rate reduction for VBSP borrowers affected by Typhoon No 12 in 22 provinces and cities in the northern and north-central regions for the same October–December period. 

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