Experts warn that businesses suffering the most may not be able to access the VND285 trillion aid package because they cannot prove solvency. BIDV, one of the four state-owned banks, or the ‘big four’, reported that it has disbursed VND28 trillion out of VND120 trillion it committed to lend. The amount to be disbursed depends on the enterprises’ absorption capability. … [Read more...] about Who can access low-interest credit packages?
Phung Quang Hung, Techcombank’s Managing Director cum Standing Deputy General Director said: “The COVID-19 pandemic has been a challenge for the world’s economy including Viet Nam, causing big effects to the people lives, the development of business community and all sectors of the economy. Techcombank’s VND30 trillion package aims to facilitate our customers to recover their business and lives." … [Read more...] about A US$1.27 billion package offered to supports firms amid the pandemic
Hanoi (VNS/VNA) - Despite being slow, credit growth of the banking system in March recovered compared with the first two months of this year. The State Bank of Vietnam (SBV) reported credit growth in the first quarter of this year reached 1.1 percent, slowing significantly against the 2.28 percent rate in the same period last year, due to adverse impacts of the COVID-19 epidemic. However, the credit growth last month rebounded compared with the first two months of this year, when it was only 0.06 percent, the lowest level in the past six years. Nguyen Quoc Hung, director of the SBV’s Credit Department, said compared with the first two months of the year, the economy now has better access to credit. The credit has begun to recover, Hung said, expecting that a higher growth rate would be seen this week. Besides State-owned banks, many private banks have recently offered credit packages with preferential interest rates to support firms and individuals that have been affected by … [Read more...] about Bank credit growth recovers partly in March
Along with this, for secured loans, the cut stands at 1.5 per cent per year applied to VND-denominated loans, and 1 per cent per year to USD-denominated loans. For unsecured loans, the rate cut is 2 per cent per year for loans in domestic currency and 1 per cent for USD loans. … [Read more...] about Banks ramp up support for customers in COVID-19 time
Vietnam’s government has reacted to the pandemic early and fiercely. Schools were closed, events were cancelled, the population was reminded to be careful, and now, borders were closed and entry to the country has been restricted. Nevertheless, nowhere in Vietnam was any sign of a similar panic to what can be seen now in the increasingly hectic European Union. After the danger had initially seemed to be ignored in the West, headlessness is now apparent. Moreover, thanks to the starving European Central Bank’s (ECB) policy of recent years, essential monetary policy instruments are now missing in the EU. This is different in Vietnam, as we shall see. … [Read more...] about Coping with the outbreak in the Vietnamese way – a role model?