February 22, 2021 | 18:03 (GMT+7)
Vietcombank offers interest reduction on COVID-19-affected customers
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) – one of the major banks in Vietnam - on February 22 announced that it will reduce the interest rate on all existing loans for three months until May 22.
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Vietcombank will reduce interest rate by 0.2 percent per year for those who take loans for production and business. Photo: baochinhphu |
The decision is part of the bank’s effort to support its customers amid impacts of the COVID-19 pandemic.
Specifically, Vietcombank will lower interest rate for COVID-19-hit enterprises by 10 percent, and 5 percent for remaining customer groups that suffer negative impacts from the pandemic.
For individual customers, Vietcombank will reduce interest rate by 0.2 percent per year for those who take loans for production and business.
According to the bank, 105,000 customers will benefit from the program with total credit of 350 trillion VND (15.18 billion USD), accounting for 40 percent of the total outstanding debt balance of the bank.
In 2020, Vietcombank offered five interest reduction programs to support enterprises and people affected by COVID-19 and flooding, becoming the credit institution to offer largest reduction in many years, and bringing the loan interest to the lowest level in the banking system.
The total amount of loans covered by interest reduction programs was 441.7 trillion VND, while the total value of interest reduction in 2020 was nearly 4 trillion VND.
Alongside, Vietcombank has restructured the payment date and maintained the debt group classification on over 5.15 trillion VND worth of loans.
Source: VNA