Today: 23/01/2021 07:32:18 (GMT+7)

Commercial banks in Bac Giang pledge to fuel enterprises to overcome difficulties caused by Covid-19

(BGO)- In implementation of the direction by the provincial Party Committee, People’s Committee and State Bank of Vietnam (SBV), the State Bank in Bac Giang province, the provincial Business Association and Young Entrepreneurs Association jointly held a conference on 15 September to seek solutions for surmounting difficulties in loans and payment of enterprises and cooperatives affected by Covid-19. 

Payment rescheduling, interest rates reduction

Early this year, Covid-19 outbreak affected production and business of many enterprises in the province. Most of the enterprises face difficulties in consumption of goods, lack of raw materials due to import restriction for a long time.

Commercial banks, Bac Giang province, fuel enterprises, overcome difficulties, Covid-19 pandemic, global pandemic

Staff of Vietcombank Bac Giang branch guides Covid-19 hit enterprises to finalize documentation for loan extension.

According to the competent agency, 80 percent of enterprises in the province operating in industrial sector depend on imported materials mainly from China, Republic of Korea and United States. About 160 enterprises face difficulties in consumption of goods while purchase orders have been cut down by 20 to 40 percent compared to the same period.

Speaking at the event, several enterprises and cooperatives shared, their production and business operation has been slowed down even suspended for 1 or 2 months due to long-lasting pandemic.

Many enterprises reduced working hours or forced workers to leave jobs alternatively. As a result, a number of enterprises face obstacles in loan maturity and interest payment.

Focusing on removing difficulties

In response to recommendations of the enterprises and cooperatives, Nguyen Van Oanh stressed, SBV Bac Giang will continue directing commercial banks to well implement the Circular No 01 dated 13 March 2020 by the State Bank of Vietnam on credit institutions and foreign bank branches and restructuring the repayment period, waiver and reduction of interest and fees and maintaining the debt classifications in order to support those clients affected by Covid-19 pandemic.

Since early this year till the end of 31 August, the banks in the province had restructured the repayment period for 1,331 customers with the balance of 1.668 trillion VND (72.332 billion USD) and payment reschedule from 6 months to 01 year.

Accordingly, SBV will work with the provincial Business Association and Young Entrepreneurs Association to continue grasping situation of pandemic-hit enterprises to direct commercial banks to freeze and reschedule debts and reduce interest rates.

Many commercial banks such as Agribank, Bac Giang branch opened hotlines to receive opinions of enterprises about difficulties and obstacles in loans while arranging personnel to finalize documentation for restructuring the repayment period and reduction of interest rates.

The banks in the province had restructured the repayment period for 1,331 customers since early this year until the end of 31 August with balance of 1.668 trillion VND (72.332 billion USD) and payment reschedule from 6 months to 01 year.

The banks cut down interest rates on loans to 3,379 clients with the balance enjoying interest reduction of 9.662 trillion VND (419 billion USD), down from 0.5 to 2.5 percent per year against previous years and lent some 17.5 trillion VND (759 million USD) to 6,793 customers to keep up their business and production with lower interest rates by 0.5 to 2.5 percent.

Particularly, Vietcombank Bac Giang implemented 3 stages of interest reduction and reduced fees for interbank fund transfer in Vietnamese dong for business clients.

Agribank Bac Giang restructured loan resources, reduced interest rates and provided short-term loans with preferential interest of 5 to 5.5 percent per year to preferred clients.

Nguyen Van Oanh added, in order to ensure all enterprises are entitled to the incentive policies until the end of this year, the banks should inform enterprises affected by Covid-19 to promptly sent written requests to the banks for verification.

Enterprises facing difficulties in mortgage can apply for supplementing certificate of land-attached assets to increase loan resources.

World Bank provides $6.2 mln to support Vietnam’s Covid-19 fight
The World Bank will provide Vietnam with $6.2 million in non-refundable aid to strengthen its coronavirus surveillance and testing capacities amid a fresh outbreak.
Quang Nam launches satellite breast milk bank
A satellite breast milk bank was opened at Quang Nam Provincial General Hospital on August 30, aiming to provide milk for 1,000 disadvantaged babies in the province per year.
Over 98.5 percent of enterprises pay tax via bank system
(BGO) – According to Bac Giang provincial Taxation Department, the province has 6,145 operating enterprises, 6,054 of which completed the linkage of electronic tax payment between taxation sector and commercial banks, accounting for over 98.5 percent, up nearly 200 businesses comparing to the figure at the end stage of last year.
"Cow bank" - A meaningful livelihood gift
(BGO) – 2020 marks the 10th year of the Vietnam Red Cross Society (VRC) Central Committee’s  implementation of the "Cow Bank" programme, which provides breeding cows for disadvantaged households. In Bac Giang, many households have come out of poverty thanks to this meaningful livelihood gift.
Banks to offer credit packages for customers affected by Covid-19
The Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) and the Vietnam Bank for Agriculture and Rural Development (Agribank) will provide credit packages worth 60 trillion VND (2.5 million USD) and 100 trillion VND respectively to support customers amid the Covid-19 pandemic.

Minh Linh

Commercial banks, Bac Giang province, fuel enterprises, overcome difficulties, Covid-19 pandemic, global pandemic
New comment has just been added. Click here
Sort:NewBest News