Banks cut interest rates for borrowers affected by COVID-19
Banks cut interest rates for loans worth more than 1.12 quadrillion VND (49 billion USD) of nearly 322,190 borrowers affected by the COVID-19 pandemic as of May 11, a State Bank of Vietnam (SBV) report showed.
Hanoi (VNS/VNA) - Banks cut interestrates for loans worth more than 1.12 quadrillion VND (49billion USD) of nearly 322,190 borrowers affected by the COVID-19pandemic as of May 11, a State Bank of Vietnam (SBV) report showed.
The banksalso extended debt payment deadlines for another 215,136 borrowers with totalloans of nearly 137.94 trillion VND.
New outstandingloans totalling nearly 600 trillion VND with interest rate reductions of 0.5-2.5 percentage points per year were alsooffered to nearly 190,000 borrowers.
Of thetotal, the Vietnam Bank for Social Policies extended the debt payment deadlinefor 3.65 trillion VND in loans of 141,909borrowers and offered new preferential interest rate loans of 21.2 trillion VND to519,342 borrowers.
The SBV hasalso transferred 16 trillion VND to the Vietnam Bankfor Social Policies, so employers can borrow non-collateral loans with a zeropercent interest rate to pay salaries to their employees who have beenfurloughed due to COVID-19. To apply for non-collateral and zero percentinterest rate loans, employers must seek confirmation from local authorities.
According toSBV Deputy Governor Dao Minh Tu,it could take years to handle the aftermath of the coronavirus pandemic. Henoted that many sectors, especially transport, tourism, imports andexports, will encounter both direct and indirect effects of the pandemic.
From theoutset of the pandemic, the country’s banking sector has actively taken stepsto evaluate it, predicted its impact and rolled out urgent measures to supportaffected enterprises and local residents.
The SBV in early March issued Circular No 1 and Directive No2, guiding credit institutions to reschedule debts, waive or reduce lendingrates and fees for loans and offer new loans to projects and enterprises thatneed further capital to maintain or resume their operations amid the socialdistancing period to stem the spread of the virus.
In addition,online payment services and cashless transactions have been promoted to assistpeople during the social-distancing time. The SBVand credit institutions have also waived and reduced payment fees to supportpeople and businesses, up to a total value of some 1 trillion VND./.
Credit growth would likely reach only 9-10 percent this year against 13 percent last year even if the country’s infrastructure investment was good, experts forecast.
The outstanding loans of 12 inefficient projects under the Ministry of Industry and Trade totalled nearly 21 trillion VND (892.7 million USD) as of the end of 2019, most were overdue, according to the Government’s report to the National Assembly.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
Transactions at HD Bank (Source: VNA) 
