The banking sector will continue providing support for its customers affected by the pandemic, including ongoing efforts to restructure debt payments and waive and cut interest rates.
Credit institutions in Hanoi have so far waived and lowered lending interest rates for 316,000 customers with a total outstanding loan of VND521 trillion (US$22.7 billion), according to the State Bank of Vietnam – Hanoi Branch.
A branch of SeABank in Hanoi. Photo: Tran Anh |
In addition, the banking sector also restructured debt payment schedules for 58,400 companies and individuals for VND60 trillion ($2.6 billion) and provided new loans with preferential rates for 210,000 others.
The move came following the instruction from the State Bank of Vietnam (SBV) to keep a low-interest-rate environment for businesses and individuals to access loans at affordable rates.
At present, the average lending rates at banks are estimated at 5.5-7.5% per annum for short-term loans; and 7.5-8.5% for mid-and long-term loans.
Businesses in priority fields such as agriculture and exports; small and medium enterprises (SMEs) and hi-tech companies, are entitled to loans with interest rates of around 4.3% per annum.
The SBV-Hanoi Branch requested credit institutions to continue providing support for customers affected by the pandemic, including ongoing efforts to restructure debt payments and waive and cut interest rates.
Meanwhile, banks have also been working on the risk management aspect by setting up an early warning system to identify loans at high risk of default.
As of April, the bad debt ratio in banks in Hanoi accounted for 1.9% of total outstanding loans.
Total capital mobilization in April reached VND4,402 trillion ($191.7 billion), up 0.9% against the previous month and 3.5% compared to late 2021. Of the total, banks’ deposits made up a lion’s share of VND4,006 trillion, up 0.9%.
Total outstanding loans in Hanoi stood at VND2,583 trillion ($112.3 billion), up 1.3% month-on-month and 4.1% against late 2021.
Small and medium enterprises made up 19.2% of total loans, followed by those operating in agricultural production (9.1%); exports (5.2%), and supporting industries (2.4%).
Other News
- 3,400 taels of gold purchased at the first-in-11-year auction
- HoSE to launch KRX-developed transaction system in early May
- Central bank moves gold auction to tomorrow
- Vietnam’s c.bank sells USD to stabilize exchange rate
- Central bank to auction gold to calm domestic market
- Vietnam's Central Bank ready to steady foreign exchange market
- Finance ministry clears bottlenecks to pave way for stock market upgrade
- Over 60% of Vietnamese use QR codes to pay
- Casinos contribute US$370 million to state budget over 5 years
- Standard Chartered and IATA partner to launch IATA Pay in Vietnam
Trending
-
Capital Law revision helps Hanoi promote role as nation’s socio-economic hub
-
Vietnam news in brief - April 25
-
Vietnamese contemporary ballet celebrates Europe Day
-
IT training urged to focus on semiconductors
-
Voluntary social security should cover larger part of informal sector: Experts
-
ASEAN Future Forum 2024: Promoting regional centrality
-
Central bank moves gold auction to tomorrow
-
[Video]Hanoi beauty spots featured in saxophone legend Kenny G's music video
-
Colorful stage shows in Hoan Kiem Lake pedestrian area