Amidst the unpredictable developments of the COVID-19 epidemic, many banks have slashed lending rates by up to 2 per cent per year to help customers mitigate the implications on their lives and business.
The package, which is specified in a draft decree, is set to become effective immediately upon the approval of Prime Minister Nguyen Xuan Phuc.
Despite being slow, credit growth of the banking system in March recovered compared with the first two months of this year.
An upgrade is unlikely, given the review for downgrade.
Standard Chartered Bank Vietnam has introduced a series of relief measures to support its corporate banking and retail banking clients to alleviate their financial burdens amidst the COVID-19 outbreak.
Central banks have taken up new relief plans to mitigate a sharp contraction sparked by the coronavirus outbreak across the globe, including cutting costs, slashing rates, and delaying dividend payouts.
VPBank has announced a further lending cut of 2 per cent for small- and-medium sized enterprises (SMEs), the second time it has slashed rates to support customers since the COVID-19 outbreak.
Enterprises affected by the COVID-19 pandemic could have access to a VND16.2 trillion (US$695.28 million) interest free loan package for a maximum duration of 12 months to pay their employees.
Cambodian Public Bank Plc (Campu Bank), a subsidiary of Malaysia’s Public Bank Bhd, on Monday, became the first bank to announce a loan moratorium for its customers.
Vietnamese banks are cutting their deposit interest rates as business gets sluggish during the Covid-19 crisis.