According to a report by the State Bank branch in Hai Phong City, the total mobilized capital in the area as of August 31, 2024, reached VND 343,692 billion, up 4.2% compared to December 31, 2023 (VND 329,761 billion in 2023). The total outstanding loans to economic sectors, according to quick reports as of August 31, 2024, reached VND 233,410 billion, up 12.8% compared to December 31, 2023 (VND 206,905 billion in 2023). Non-performing loans as of July 31, 2024, stood at VND 3,156 billion, or 1.35% of total outstanding loans.
By September 10, credit institutions in Hai Phong City recorded 890 customers with a total outstanding debt of VND 15,686 billion affected by the storm, concentrating in four industries.
Livestock and aquaculture: VND 1,965 billion, or 12.5% of the post-storm affected debt.
Production, business, and trade: VND 10,805 billion, or 68.9% of the post-storm affected debt (mainly production workshops, goods, and machinery damaged, affecting customers’ production and business after the storm).
Wharves, fishing vessels, and enterprises engaged in river and sea transport: VND 1,816 billion, or 11.6% of the post-storm affected debt.
Hotel and homestay businesses: VND 1,100 billion, or 7% of the post-storm affected debt.
“In the past time, BIDV has continuously updated information from its branches in the two localities of Hai Phong and Quang Ninh and some other localities to assess the damage of customers. The bank considers this an urgent task that needs to be prioritized, evaluating each customer case to have a plan to restructure the debt, extend the debt, reduce interest…, issue credit packages with reasonable interest rates and reasonable scale to accompany people and businesses to recover after the storm.”
In Quang Ninh province, the State Bank branch reported that as of August 31, 2024, credit outstanding balance in the area reached VND 190,000 billion, up 7.2% compared to December 31, 2023. Of which, short-term loan outstanding balance reached VND 115,000 billion, accounting for 60.5%; medium and long-term loan outstanding balance reached VND 75,000 billion, accounting for 39.5%.
As of July 31, 2024, the outstanding credit balance of the agro-forestry-fishery sector in Quang Ninh province reached VND 5,541 billion, accounting for 2.96% of the province’s total outstanding credit balance, up 7.75% compared to the end of 2023. The outstanding credit balance of the industry and construction sector was VND 45,259 billion, up 7.11% compared to December 31, 2023. Credit outstanding balance in the trade-service sector reached VND 136,141 billion, accounting for 72.83% of the province’s total outstanding credit balance, up 5.65% compared to the end of 2023.
According to a quick statistic of credit institutions in Quang Ninh province, as of September 10, 2024, there were a total of 11,058 customers with a total outstanding debt of VND 10,654 billion (accounting for 5.6% of the province’s total outstanding debt) heavily affected by the consequences of Storm No. 3; some customers in the field of aquaculture were severely affected (floating raft cages were washed away).
Among them, the number of damaged customers in each specific sector is as follows.
Agriculture, forestry, and fisheries sector: 6,270 customers, VND 1,463 billion in outstanding debt, or 13.73% of the post-storm affected debt.
Industry and construction sector: 533 customers, VND 5,243 billion in outstanding debt, or 49.12% of the post-storm affected debt.
Trade and service sector: 4,255 customers, VND 3,948 billion in outstanding debt, or 37.05% of the post-storm affected debt.
“In implementing solutions to support customers to overcome the consequences of Storm No. 3, Agribank has directed ABIC Insurance Company to urgently carry out procedures to support and compensate customers, ensuring timely support for customers. We have set up delegations to meet, encourage and directly share with customers affected by Storm No. 3; grasp and assess the overall damage of borrowing customers, expected affected debt, repayment capacity. At the same time, deploy measures to restructure debts according to Decree 55, restructure affected debts according to Circular 02, reduce interest rates, and provide new loans to promptly support customers to restore and stabilize production and business…”.
The State Bank branches of Quang Ninh and Hai Phong provinces proposed five groups of solutions to overcome difficulties and support customers to restore and develop production and business.
First, it is recommended that credit institutions and branches of credit institutions in the area restructure the deadline and maintain the debt group for borrowing customers affected and damaged by Storm No. 3.
Second, consider exempting and reducing interest rates for damaged customers.
Third, continue new lending to customers to restore production and business after the storm according to current regulations.
Fourth, handle debts and risks in accordance with current regulations for heavily damaged customers who have lost their ability to pay.
Fifth, local authorities should promptly support the people, focusing on the following subjects: (1) Aquaculture farmers damaged at sea due to storms and rains; (2) Rice, flower, and tree growers who have suffered damage; (3) Support for people whose houses have been blown away or collapsed; (5) Support for tourist boats and fishing vessels that have sunk or been damaged by storms and rains.
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The Audit Office Labor Union successfully raised over one billion VND from sponsors, donors, and supporters, including generous contributions from its own officers, civil servants, employees, and workers.
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On the afternoon of September 11, Prime Minister Pham Minh Chinh chaired an important meeting of the Government’s Standing Committee.
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The Vietnam Maritime Administration strictly prohibits any exploitation of emergency situations, typhoons, or floods to hike up service prices unreasonably. Such actions are considered price gouging and are unacceptable, as they take advantage of challenging circumstances to the detriment of those affected.
