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Not only contributing to Covid-19 prevention and control by providing financial support, supplies and medical equipment, the commercial banking system in the province has also implemented many solutions to support businesses and people to overcome difficulties in production and business operations.

The State Bank of Vietnam has directed the entire industry to raise awareness of Covid-19 prevention and control and strive to support customers to overcome difficulties. In the photo: Customers make distance transactions at Vietcombank Binh Duong Branch

Rational measures

Mr. Vo Dinh Phong, Director of the State Bank of Binh Duong Branch, said that since the beginning of the year, the State Bank of Binh Duong Branch has regularly monitored and issued many documents directing credit institutions in the province to  implement many synchronous solutions and removed difficulties for loan customers affected by the Covid-19 epidemic and to actively support the economic growth. In such action and in terms of loan interest rates, credit institutions will reduce the current interest rate by 0.5 to 2% per year depending on the type of customers and credit institutions. Credit institutions have reviewed and assessed the impact to quickly remove difficulties for customers through the rescheduling of debt repayment, exemption and reduction of interest and fees, maintenance of debt groups and continual new lending.

Up to now, credit institutions have restructured the repayment term and kept the same debt group for 1,085 customers with a total loan balance of VND 6,011 billion; interest exemption and reduction have been applied for 4,865 customers with an outstanding balance of VND 7,389 billion; interest has been exempted and reduced by nearly VND 3 billion. At the same time, credit institutions have actively implemented programs of preferential credit product packages with lower interest rates than usual at 0.5 to 3% per year lower. New loan of VND 147,750 billion to 11,930 outstanding customers. In addition, the State Bank of Vietnam's Binh Duong Branch has also directed the provincial Bank for Social Policies to implement loans to pay wages, and loans to restore production to employers according to Resolution No. 68/NQ-CP dated July 1, 2021 of the government. Up to now, VND 1,449 billion has been disbursed to employers to pay salaries.

Credit institutions have also enhanced information, propagated and deployed online banking products and services. They have also implemented solutions to promote non-cash payments and  continue to reform and simplify processes and procedures in a bid to limit the risk of Covid-19 spread. Along with that, credit institutions have deployed flexible personnel plans to ensure safe and smooth operations in all situations to serve the customers.

Safe business operations

In difficult conditions, commercial banks have considered the coming months as a sprint to realize their goals of supporting the economy's recovery and development. Mr. Nguyen Thai Minh Quang, Director of Vietcombank Binh Duong Branch, said: “We continue to lend to priority subjects, especially small and medium-sized enterprises; lending is offered in 5 priority areas and credit packages are implemented. Preferential rates are used to focus on corporate customers, and at the same time, to diversify credit programs and products that are suitable for each customer group. Along with that, we continue to implement many low-interest programs for new loans to support the customers in the difficult time. It is expected that the total amount of interest to support customers by the end of 2021 would reach VND 4,000 billion and for the whole year of 2021 it would be VND 6,100 billion.

Similarly, Mr. Tran Ngoc Linh, Director of BIDV Binh Duong Branch, also said that BIDV Binh Duong has focused on maximizing all resources to overcome internal difficulties and to ensure safe, smooth and uninterrupted operations in all cases. BIDV focuses on drastic solutions to extend credit for priority business areas. At the same time, it regularly checks and supervises to ensure the implementation of customer support in accordance with regulations and efficiency. “It will reduce operating costs to continue to reduce lending interest rates in the spirit of always standing side by side with customers, partners and management agencies in joined hands for disease prevention and control while maintaining safe and sustainable business activities," said Mr. Tran Ngoc Linh.

Reported by Thanh Hong - Translated by Vi Bao