On July 9, 2021, the State Bank of Vietnam held an online meeting to discuss solutions to support businesses and the economy against the impact of the Covid-19 pandemic.
Attending the online conference were the heads of departments, agencies and units under the SBV, the SBV city branch. Hanoi and Ho Chi Minh City, Vietnam National Credit Information Center, Vietnam National Payment Joint Stock Company, General Secretary of Banking Association, Chairman of the Board of Directors/Board of Directors/General Director of 4 state-owned commercial banks and 12 joint stock commercial banks…
Standing Deputy Governor of the State Bank of Vietnam Dao Minh Tu said that the Covid-19 epidemic has had a great impact on the economy in general and banking activities in particular since its outbreak.
In fact, businesses have been facing many difficulties and according to the General Statistics Office, the rate of enterprises withdrawing from the market is not small. According to the Deputy Governor, the State has been making great efforts to come up with many solutions and policies to remove difficulties for businesses. In particular, the banking industry can be considered as a very active support channel for businesses in recent times. For example, the SBV immediately intervened right after the outbreak, promptly issued Circular 01/2020/TT-NHNN, followed by Circular 03/2021/TT-NHNN (amending and supplementing Circular 01) for restructuring, delaying outstanding loans and due interest, reducing interest rates and fees, and many other policies, the banking system has implemented very practical support for businesses, helping businesses remove difficulties,
However, the Deputy Governor also said that, up to this point, the epidemic has continued to be complicated, businesses have continued and become more and more difficult, and their resilience has declined. Therefore, this year 2021 still needs strong, active support and greater responsibility of all banks in continuing to restructure debts and support interest rates in the spirit of the Governor's direction from the beginning of the year and under the drastic direction of the Government and the Prime Minister.
Recognizing the challenges facing the economy in general and the business community in particular, representatives of the Bankers Association and commercial banks have also given their opinions and suggestions to further promote synchronously deploying solutions to remove difficulties for customers affected by the Covid-19 epidemic to restore production and business; continue to create favorable conditions for people and businesses in accessing credit, meeting the legitimate needs of the people...
The Deputy Governor also reinforced the view that the banking system will continue to support businesses through solutions and measures in the spirit of positive and substantive support. In particular, support businesses but must ensure safety, maintain financial capacity for the bank itself, for the whole banking system and for the entire national financial system. The banking system continues to show its responsibility to the community, businesses and society with specific actions and action plans, which will be issued by the Governor of the State Bank in the near future with the following requirements: specific tasks for the whole Department to implement.
Notably, the State Bank assigned the Banking Association to mobilize the consensus of credit institutions to reduce interest rates to specific levels right in this July 2021.
Thu Thuy
Source: Business and Marketing online
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