Facilitating Businesses to Access Capital, Promoting Business Development

9:49:03 AM | 7/16/2020

Due to the impact of the Covid-19 pandemic, enterprises in Vinh Phuc province have faced many difficulties in production and business activities. Facing that situation, the State Bank of Vietnam in Vinh Phuc province (SBV Vinh Phuc) has requested credit institutions in the locality to implement synchronous solutions to support enterprises and business households affected by Covid-19 pandemic.

SBV Vinh Phuc has issued documents directing credit institutions in the area to provide sufficient capital for production and business; promptly apply support measures such as: rescheduling debt payment, considering loan interest exemption and reduction, temporarily isolating the debt group, and providing new loans to stabilize production and business; preventing illegal actions to benefit from support policies. It has organized a meeting with local credit institutions to understand the impact of Covid-19 on businesses and people; setting up hotlines to receive and handle promptly and thoroughly petitions, proposals, difficulties and problems of people and businesses related to the rescheduling, exemption and reduction of interest and fees, to maintain the debt group according to Circular 01 of the State Bank of Vietnam.

Accordingly, local credit institutions have implemented specific measures to promptly support customers affected by the Covid-19 pandemic, including simultaneously reducing lending rates to help people and enterprises overcome difficulties and stabilize production. Lending interest rates for priority fields are commonly at 4.5-5%/year for short term; 5.5-8%/year for medium and long term (interest rate for normal business and production sectors is 6.0-8.5%/year for short term; 8.8-10.5%/year for medium and long term). At the same time, they continue to implement lending packages, loan programs with preferential interest rates (down from 0.5-2%/year) on a large scale to support businesses, people affected by the pandemic; restructuring the repayment term, exempting, reducing interest rates, fees, maintaining the debt group in order to support customers affected by the pandemic according to Circular 01 of the State Bank of Vietnam; proactively contacting and meeting customers who are business households and enterprises to find out and assess the impact of the pandemic on production and business activities; zoning customer groups and business lines considered to be greatly affected in order to have appropriate, effective and prescribed support measures.

Commercial banks have reduced the fee for money transfer service via electronic inter-bank payment system; exempting/reducing fees for transferring money via NAPAS through Ebanking, SmartBanking, Bankplus, ATM; free transfer for money used to support the prevention of the Covid-19 pandemic; offering many promotions and discounts for customers using non-cash payment. Commercial banks have reviewed the payment service fees, developing specific plans on application and widely informing customers about the scope, form and duration of application. In the coming time, banks will continue to work with other customers to determine the level of influence and guide customers to complete bank documents for assistance.

With the strong direction of Vinh Phuc People's Committee, synchronous and drastic solutions of the State Bank of Vietnam in Vinh Phuc and the participation of local credit institutions, it can  be confirmed that banks and businesses will certainly overcome difficulties and recover the economy, continuing to contribute positively to the local socio-economic development.

By Le NAm, Vietnam Business Forum