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Banking & Finance

Credit institutions asked to support flood victims

Released at: 15:46, 11/08/2015

Credit institutions asked to support flood victims

Support to include deferring payments and reducing interest rates, which degree of assistance provided dependent upon financial capacity.

by Minh Tuyet

The Governor of the State Bank of Vietnam (SBV) Nguyen Van Binh has asked credit institutions to take action to mitigate the difficulties being experienced in severely flooded areas in the country, with such measures being dependent upon their financial capacity. He asked that they review agricultural loans to farmers and enterprises who have suffered damage from the heavy flooding in northern areas such as Quang Ninh, Dien Binh, Lang Son, and Lai Chau provinces.

He mentioned certain solutions, such as extending payment deadlines and cutting interest rates for flood victims with loans, together with providing additional loans to help people overcome the difficulties, in accordance Decree No. 55 and Circular No. 10 from the SBV.

Credit institutions must guide their subsidiaries and branches in flooded areas to cooperate with local authorities and SBV branches to evaluate and clarify the level of difficulties being experienced in the agricultural sector. The evaluation is to be submitted to the provincial people’s committee, who will then report to the Prime Minister. After that a decision will then be made on the provision of credit for the recovery and development of agriculture and rural areas.

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