With the influence of the Covid-19 pandemic, the banking has adjusted credit policies actively and flexibly, promptly implemented supporting policies to support businesses and people.
With the influence of the Covid-19 pandemic, the banking has adjusted credit policies actively and flexibly, promptly implemented supporting policies to support businesses and people.
Reducing interest and extending debts
According to the report of the State Bank of Khanh Hoa Branch, by the end of November, the number of the borrowers affected by Covid-19 was 9,186 (including 1,021 enterprises and 8,165 individuals) with VND35,416 billion in their outstanding loans. The consumer sector and the trading sector was most affected with outstanding loans of 8,416 billion VND, accounting for 23.76% of the total; the influenced outstanding loans in tourism sector was more than 8,240 billion VND, accounting for 23.27%; the figure of transport sector was VND 6,487 billion, accounting for 18.32%; the figure of agriculture was 3,873 billion VND, accounting for 10.93%...
In order to promptly support people and businesses to overcome difficulties and stabilize their production and business, the State Bank of Khanh Hoa Branch has issued many documents directing credit institutions in the area to develop groups of supportive solutions. As a result, by the end of November, the credit institutions in the province adjusted their debt terms and extended their debts for 2,142 borrowers with outstanding loans of more than VND 7,808 billion, including 311 enterprises with outstanding loans of VND 6,543 billion. Credit institutions also exempted and reduced interests for 139 borrowers with outstanding loans of more than VND 529 billion. The exempted and reduced interest amounts was by VND 3.3 billion. In addition, many branches of credit institutions in the province have reduced operating costs to proactively reduce lending interest rates for old loans. So far 11,932 borrowers have been reduced interest rates on outstanding loans of 21,680 billion VND with total reduced interest of more than 85 billion VND. Credit institutions also apply many policies to exempt and reduce fees to encourage customers to do electronic transactions and make non-cash payments to limit the spread of disease.
Lending to pay employees
Recently, the first 2 enterprises of the province have been disbursed loans to pay for 124 employees who stop jobs with the amount of 254.7 million VND. Phuong Thang Trade Tourist Service Co., Ltd. is lent 17.6 million VND to pay salaries for 3 employees in August, September and October. Hon Tam Nha Trang Sea Joint Stock Company borrowed 237.1 million VND to pay the salary for 121 employees in November. The loan term is 12 months (from the disbursement date) with the interest rate of 0%/year, the overdue interest rate of 12%/year. Pham Minh Nhut - General Director of Hon Tam Nha Trang Sea Joint Stock Company shared, the Covid-19 pandemic caused great difficulties for the company, including paying salaries to employees. Before the epidemic, the company had 580 employees, currently only 200 employees. Therefore, this loan package is useful for both businesses and employees, helping businesses reduce difficulties and retain workers to prepare for the upcoming holiday season and Tet.
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According to Nguyen Van Cuong - Deputy Director of Khanh Hoa Brach of the Vietnam Bank for Social Policies, the branch has contacted more than 50% of enterprises in the province; set up a guidance team to timely catch and remove difficulties and problems in the process of lending to pay salaries to employees who have stopped working due to the Covid-19 pandemic. After the two first companies have access to the capital, currently, a number of other businesses carry out borrowing procedures. However, many businesses have not met the prescribed conditions. Therefore, in the coming time, the branch of the Bank for Social Policies will coordinate with sectors, organizations and unions to continue popularzing and supporting enterprises to access loans to pay salaries for employees.
Mai Hoang
Translated by T.T
