Fish farmers in Hai Duong affected by Storm Yagi.
On September 10, 2024, Prime Minister Pham Minh Chinh issued Official Dispatch No. 92/CD-TTg on focusing on overcoming the consequences of Storm No. 3 and post-storm floods.
The Official Dispatch was sent to the Party Committee Secretaries and People’s Committee Chairpersons of the provinces and cities of Quang Ninh, Hai Phong, Thai Binh, Nam Dinh, Hoa Binh, Lao Cai, Yen Bai, Son La, Lai Chau, Dien Bien, Ha Giang, Cao Bang, Bac Kan, Thai Nguyen, Tuyen Quang, Phu Tho, Vinh Phuc, Lang Son, Bac Giang, Bac Ninh, Hai Duong, Hanoi, Hung Yen, Ha Nam, Ninh Binh, and Thanh Hoa; ministers of ministries, heads of ministerial-level agencies, and Governmental agencies.
In this document, the Prime Minister directed the Governor of the State Bank of Vietnam (SBV) to instruct credit institutions and commercial banks to proactively review and summarize the damage of their borrowing customers and promptly apply supportive policies on interest rates, debt freezing, debt rescheduling, and continue lending to help people and businesses restore production and business activities.
Earlier, on September 9, the SBV also issued a document to credit institutions, branches of foreign banks, and SBV branches in 35 provinces and cities on implementing solutions to support customers in overcoming the consequences of Storm No. 3.
The list of localities mentioned in the document includes 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 SBV has requested credit institutions to instruct their branches and transaction offices to proactively review and summarize the damage of their borrowing customers to promptly apply supportive measures to remove difficulties.
These measures include restructuring the debt payment term, considering interest exemption and reduction, and continuing new lending for post-storm production and business recovery in accordance with current regulations; and handling debt for damaged borrowing customers in accordance with the law.
On September 11, in Quang Ninh, the SBV organized a working session to grasp the damage of banks and customers in the two provinces of Quang Ninh and Hai Phong.
At the working session, SBV Deputy Governor Dao Minh Tu said that the banking industry had also directed the implementation of solutions to support customers in overcoming the consequences of Storm No. 3 right after the storm.
Accordingly, the SBV requested credit institutions and their branches and transaction offices to proactively review and summarize the damage of their borrowing customers to promptly apply supportive measures to remove difficulties for customers, such as restructuring the debt payment term, considering interest exemption and reduction, and continuing new lending for post-storm production and business recovery in accordance with current regulations…
Regarding solutions to support people affected by Storm Yagi, the leaders of the banks said that they would quickly review the customers affected by Storm No. 3. Based on the overall assessment, the banks will take supportive measures such as appropriately reducing lending interest rates.
Mr. Le Duy Hai – Deputy General Director of VietinBank, at the working session with the SBV in Quang Ninh, said that according to a preliminary statistic, there were about 195 corporate customers affected by Storm No. 3 with outstanding loans of about VND 18,000 billion. In the coming time, VietinBank will quickly assess the overall damage to customers in the entire system to have appropriate support measures.
Meanwhile, Mr. Le Trung Thanh – Deputy General Director of BIDV, added that the branches in the two localities of Hai Phong and Quang Ninh and some other localities continuously updated information to assess the damage level of customers. The bank considers this an urgent task that needs to be prioritized, evaluating each customer case to have a plan to restructure debt, reschedule debt, reduce interest…, issue credit packages with reasonable interest rates and reasonable scale to accompany people and businesses to recover after the storm.
Earlier, on September 9, 2024, the General Director of Agribank issued a document directing branches and units to urgently overcome the consequences of Storm No. 3 and proactively respond to floods that may occur in the future. The bank requested Type I branches to urgently and proactively grasp the situation of their operation and that of their transaction offices, as well as the business situation of borrowing customers, to estimate the damage caused by the storm; and promptly apply supportive measures to remove difficulties for customers in accordance with the direction of the Government, the SBV, and the provisions of law (restructuring the debt payment term, considering interest exemption and reduction…)
5 Strategies to Revive Business Operations Post-Natural Disasters
Preliminary statistics from the State Bank’s Quang Ninh and Hai Phong branches reveal a significant impact on outstanding debt in the aftermath of Storm No. 3, particularly in the fields of production, business, trade, industry, and construction.
The Rail Revival: Restoring Connectivity on the North-South Railway Line Post-Storm
The Vietnam Railways Corporation (VNR) has successfully recovered from the disruptions caused by Typhoon No. 3 on the North-South railway line. With swift and efficient efforts, the railway line is now fully operational, ensuring a return to normal train services as of today, September 8th.
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### PVI Insurance: Navigating the Storm with Over VND 400 Billion in Claims Paid to Customers Affected by Storm No.3.
A devastating storm, known as Storm No. 3, swept through northern provinces and cities, leaving a trail of destruction in its wake. The powerful storm resulted in casualties and extensive property damage. In the aftermath, an insurance company stepped up to provide compensation, with payouts totaling an astonishing 400 billion VND to those affected by the storm’s wrath.
