The Governor of the State Bank of Vietnam (SBV) has just issued Directive No. 04 directing credit institutions (CIs) to implement solutions to support customers in overcoming the consequences caused by storm No. 3.

The Governor of the State Bank of Vietnam requested its affiliated units and credit institutions to urgently direct branches and transaction offices in 26 provinces and cities to promptly and responsibly deploy solutions to support customers affected by storm No. 3.

Specifically, restructuring debt repayment terms, exempting and reducing interest rates for customers; restructuring debt repayment terms, maintaining debt groups, debt freezing, and providing new loans to customers subject to the provisions of Decree No. 55/2015, Decree 116/2018 and guiding documents of the State Bank.

Proactively report to the State Bank branches in the area to report and advise the Provincial and City People's Committees to direct relevant organizations and individuals to complete documents, procedures and processes for debt cancellation.

The Governor of the State Bank also requested the Vietnam Bank for Social Policies to handle risky debts for borrowers affected by storm No. 3 according to the provisions of Decision No. 50/2010 and Decision No. 08/2021 of the Prime Minister.

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The Governor of the State Bank of Vietnam requested credit institutions to urgently support customers in the most practical way. Photo: Hoang Ha.

Continue to effectively implement credit solutions for production and business sectors, priority sectors, and economic growth drivers. Develop new credit programs and packages with appropriate interest rates; promptly approve new loans and create favorable and easy conditions for borrowers, especially regarding collateral and credit limits. However, it is still necessary to ensure the principles of credit institution safety, not to take advantage of or profit from policies.

Associations in the banking industry continue to promote their role in connecting credit institutions, creating consensus and unity among member banks in implementing solutions to restructure debt repayment terms and provide new loans to ease difficulties for customers affected by storm No. 3.

The Governor of the State Bank also requested that units under the central State Bank continue to operate monetary policy proactively, flexibly, promptly, effectively, and in synchronous, harmonious, and close coordination with fiscal policy and other macroeconomic policies.

In particular, it is necessary to proactively study the impacts and influences of storm No. 3 on monetary policy management, especially credit limits, capital needs and liquidity for the economy in general and commercial banks in particular, in order to have appropriate management solutions.

Timely grasp and assess the situation and level of impact of customers borrowing capital due to storms and floods to propose appropriate and timely monetary and credit policies and solutions; continue to advise the Governor of the State Bank of Vietnam to direct credit institutions to implement solutions to restructure debt repayment terms, consider exempting and reducing loan interest for customers, and develop new credit programs with appropriate preferential interest rates.

Advise the Governor of the State Bank to report to competent authorities to implement debt suspension for customers who have suffered heavy losses in loan capital and assets formed from loan capital due to widespread storms and floods.