Vietnam Economy HCMC banks offer support for 224,000 virus-hit businesses The Saigon Times Saturday, May 30, 2020,18:47 (GMT+7) HCMC banks offer support for 224,000 virus-hit businessesThe Saigon Times A teller counts Vietnamese banknotes. Since the outbreak of the novel coronavirus, banks in HCMC have provided support for some 224,000 local firms and household businesses – PHOTO: VNA HCMC – Banks in HCMC have lowered their interest rates and rescheduled loans worth VND290.5 trillion (US$12.4 billion) for around 224,000 firms and household businesses reeling from the coronavirus pandemic. The State Bank of Vietnam (SBV) held a conference on Friday to discuss measures to support affected individual and corporate clients of banks in HCMC, reported the Vietnam News Agency. As of late April this year, banks in HCMC restructured the repayment of loans worth VND51.8 trillion (US$2.2 billion) for more than 162,700 clients, said Nguyen Hoang Minh, deputy director of the central bank’s HCMC branch. Minh said local banks cut interest rates for over 17,700 clients whose outstanding loans totaled over VND48.7 trillion (US$2.09 billion). From January 23, they also gave out new loans worth VND190 trillion (US$8 billion) to over 43,400 existing clients. As of late April, banks offered short-term loans worth some VND165 trillion… Read full this story
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