COVID-19: Agribank increases support level for credit package
The Agriculture and Rural Development Bank (Agribank) has said it will increase the support level for its credit package worth 100 trillion VND (4.3 billion USD).
Hanoi (VNA)ও -The Agriculture and Rural Development Bank (Agribank) has said it will increasethe support level for its credit package worth 100 trillion VND (4.3 billionUSD).
Loans disbursed fromApril 1 to customers, especially small and medium-sized enterprises, will besubject to a maximum interest rate of 2.5 percent per year.
Customers who have beengiven preferential interest rates under a Government resolution to preventpoverty reduction in 61 poor districts and the State Bank of Vietnam (SBV)’scircular on lending from credit institutions will continue with an interestrate of one percent per annum.
Earlier, the SBVinstructed commercial banks to delay, extend or reschedule debt repayments aswell as reduce interest rates and fees for enterprises, while providing newloans to help them overcome difficulties.
The central bank hasalso adjusted interest rates to support credit institutions with easier capitalaccess.
🌟 On March 13, the SBVGovernor issued Circular No. 01/2020/TT-NHNN directing credit institutions andforeign bank branches to restructure their repayment periods, waive and reduceinterest rates and fees, and maintain debt classifications in order to supportcustomers affected by the COVID-19 pandemic./.
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.
To encourage customers to deposit money online amid the COVID-19 pandemic, many banks have raised interest rates for online savings by up to 1.4 percent higher than over-the-counter deposits.
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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.
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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.
Transactions at Agribank (Source: VNA) 
