The move is part of an initiative by the State Bank of Vietnam (SBV) to save businesses from the damage caused by the coronavirus epidemic, according to a government directive issued on Friday. Nguyen Quoc Hung, director of the SBV’s credit department, said most banks have agreed to lower their interest rates by 0.5-1 percentage point and scrap fees on payments and transfers for businesses affected by the disease. Of the VND250 trillion, BIDV has registered for VND120 trillion ($5.2 billion), Military Bank for VND35 trillion ($1.5 billion) and Asia Commercial Bank for VND15 trillion ($644 million). The government has also instructed the Ministry of Finance to reduce tax rates and fees for businesses affected by the disease by VND30 trillion ($1.3 billion). The directive is a major move by the government to boost the economy as the epidemic has hit several sectors including tourism, aviation and trade. Vietnam’s GDP growth in 2020 could be a seven-year low of 5.96 percent, according to the Ministry of Planning and Investment.
- FG to unveil incentives for businesses migrating online
- Nigeria moves 15 places in World Bank’s ease of doing business ranking
- VPBank named as best issuing bank partner for women-owned businesses
- Allergan banks on BRI for sustainable business expansion in the nation
- Ujjivan Small Finance Bank launches instant digital savings & fixed deposit account
- Cat credited with saving baby from falling down the stairs
- 5-year-old credited with saving mom's life when her blood sugar got too low
- 'Great risk to nations from undermining independence of central bank'
- Goldman Sachs wants your piggy bank
- Zero-hours contracts make it harder for workers to save, says FCA
Banks to offer credit incentives to save businesses from coronavirus-induced woes have 279 words, post on e.vnexpress.net at March 7, 2020. This is cached page on Talk Vietnam. If you want remove this page, please contact us.