Governor Nguyen Thi Hong: The Banking Sector Offers VND 405 Trillion Credit Packages to Support People and Businesses Affected by Storm No. 3

Banking Activities: Governor Nguyen Thi Hong: The banking sector offers VND 405 trillion credit packages to support people and businesses affected by Storm No.3

Minh Ngoc • 09/28/2024 17:46

On the morning of September 28, at the conference to review, evaluate and draw lessons about the work of prevention and overcoming the consequences of Storm No. 3, chaired by Prime Minister Pham Minh Chinh, Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong informed about the work of prevention and overcoming the consequences of Storm No. 3 of the banking sector.

Governor Nguyen Thi Hong said that the SBV has directed credit institutions in the system to review and assess damages; requiring credit institutions to proactively implement solutions to remove difficulties for people and businesses affected by the storm. Especially, the SBV has called on credit institutions to donate about VND 40 billion through the Fatherland Front.

The leader of the SBV has directly surveyed in Hai Phong and Quang Ninh provinces; organized to work with credit institutions to discuss solutions and then, the SBV organized an online conference with the banking system, inviting the People’s Committees of 26 provinces and cities. At this conference, 32 credit institutions announced credit packages to support with interest rates lower than normal lending rates by 0.5-2%. The total value of these packages is VND 405 trillion.

According to the assessment of credit institutions in the whole system, up to September 25, the debt affected by Storm No. 3 of all provinces and cities is VND 165 trillion, and more than 94,000 customers are affected.

Regarding the implementation of Resolution 143 of the Government, the SBV has drafted a Circular on debt restructuring and consulted widely with enterprises and people; have a document requesting the opinion of the Ministry of Justice to issue a circular in the direction of streamlining; directing commercial banks to proactively calculate support plans, considering debt restructuring, interest exemption and reduction, and building new credit packages.

In the coming time, the SBV will continue to monitor and strengthen the leadership and direction of units in the whole system to implement according to the plan and directives that have been issued.

For ministries, branches and localities, the SBV proposes that ministries, branches and agencies report to competent authorities to arrange capital sources for policy credit programs being implemented at the Vietnam Bank for Social Policies (VBSP) to supplement capital sources for implementing the credit program. If necessary, ministries and branches need to submit to the Prime Minister to supplement credit growth targets for the VBSP in 2024-2025.

People’s Committees of provinces and cities direct departments, branches and localities to coordinate with banks to grasp the situation, monitor the impact of the storm, complete loan procedures, and restructure debts for businesses and people; summarize and report to the Prime Minister, the Ministry of Finance and the SBV for implementation in accordance with regulations.