Super Typhoon Yagi, the third typhoon of the year, has caused severe damage to people and property, affecting the lives and livelihoods of many across multiple provinces in Vietnam since September 6, 2024.
In response to this crisis, the State Bank of Vietnam has taken swift action by issuing a directive to all credit institutions, foreign bank branches, and local State Bank branches in the affected areas.
The following provinces have been impacted by Super Typhoon Yagi: Quang Ninh, Hai Phong, Thai Binh, Nam Dinh, Ninh Binh, Thanh Hoa, Nghe An, Ha Tinh, Quang Binh, Quang Tri, Thua Thien Hue, Da Nang, Quang Nam, Quang Ngai, Binh Dinh, Lang Son, Cao Bang, Bac Kan, Thai Nguyen, Ha Giang, Lao Cai, Yen Bai, Tuyen Quang, Phu Tho, Vinh Phuc, Dien Bien, Lai Chau, Son La, Hoa Binh, Hanoi, Ha Nam, Hung Yen, Hai Duong, Bac Ninh, and Bac Giang.
The State Bank has instructed credit institutions to proactively assess and address the needs of their borrowers, offering a range of support measures such as debt restructuring, interest rate reductions or waivers, and providing new loans to help restore business operations. Additionally, they are directed to handle debt according to existing regulations for borrowers who have sustained losses related to their loans.
Furthermore, the State Bank has urged credit institutions to reach out and provide comfort to affected families, especially those from underprivileged backgrounds, ethnic minorities, and those with a history of military service. This includes offering support to help them recover their livelihoods and contributing to social welfare initiatives for families who have lost loved ones or sustained property damage due to the typhoon.
Local State Bank branches in the affected provinces are instructed to coordinate with credit institutions to promptly implement support measures for impacted customers. They are also tasked with collaborating with local authorities to devise and execute plans to assist residents and areas affected by the typhoon.
Lastly, the State Bank requests a preliminary report on the assessment of loan losses and the initial implementation of the banking industry’s support measures by September 20, 2024. Monthly updates on the progress of these support measures are to be submitted before the 10th of each month.
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