Customers affected by storm No. 3 will have their debts restructured until the end of 2025.

The State Bank of Vietnam (SBV) is drafting a Circular regulating the restructuring of debt repayment terms by credit institutions (excluding policy banks) and foreign bank branches to support customers facing difficulties in repaying debts due to the impact and damage of storm No. 3. The Circular is expected to take effect from October 2024.

Customers who are subject to the above circular are those in the provinces and cities of Ha Giang, Cao Bang, Lang Son, Bac Giang, Phu Tho, Thai Nguyen, Bac Kan, Tuyen Quang, Lao Cai, Yen Bai, Lai Chau, Son La, Dien Bien, Hoa Binh, Hanoi, Hai Phong, Hai Duong, Hung Yen, Vinh Phuc, Bac Ninh, Thai Binh, Nam Dinh, Ha Nam, Ninh Binh, Quang Ninh, Thanh Hoa who are having difficulty in paying debts due to storm No. 3.

The State Bank of Vietnam's circular on debt restructuring for customers affected by Typhoon Yagi is expected to take effect from October 2024.

According to the draft, credit institutions are allowed to consider restructuring the repayment period for the principal and/or interest balance of the debt based on the customer's request and the financial capacity of the credit institution. The Circular applies to customers with principal balance arising before September 7 and the obligation to repay principal and/or interest arising in the period from September 7 to December 31, 2025.

Customers will have their debt restructured according to the Circular in case they are unable to pay their debts on time due to the impact of Typhoon Yagi or have partners affected or damaged by this typhoon.

At the same time, customers need to be assessed by the credit institution as having the ability to fully repay the principal and/or interest according to the restructured repayment period or being affected by storm Yagi and needing time to stabilize their lives, build and find a plan to restore production and business.

The consideration of debt repayment restructuring in this case shall be carried out within the first 3 months from the effective date of the Circular and the debt repayment restructuring period shall not exceed one year from the date of debt repayment restructuring.

In other cases, the consideration of debt repayment restructuring is carried out from the effective date of the Circular until December 31, 2025 and there is no limit on the number of times the debt repayment period is restructured.

The final repayment date of the restructured debt balance (including debt extension) is determined in accordance with the customer's level of difficulty but not exceeding December 31, 2026.

Within the first 10 days of each month, credit institutions (except for people's credit funds) and foreign bank branches must send reports to the State Bank of Vietnam (Department of Credit for Economic Sectors, Banking Inspection and Supervision Agency) on the implementation of debt restructuring up to the last day of the previous month.

Source: https://www.nguoiduatin.vn/khach-hang-thiet-hai-boi-bao-so-3-se-duoc-co-cau-no-den-het-nam-2025-204240930180636454.htm