State Bank agrees to extend debt rescheduling for six months
The State Bank of Việt Nam (SBV) has agreed to extend debt rescheduling for customers for a further six months.
In Circular 14/2021/TT-NHNN issued on Tuesday, the central bank allows financial institutions to reschedule debts incurred before August 1, 2020, instead of June 10, 2020; and debts with repayment obligations from January 23, 2020 to June 30, 2022, instead of December 31, 2020.
The new circular extends the repayment term for customers by another six months compared to Circular 03, until June 30, 2022.
In addition, the restructuring of overdue debts will also be extended from July 17, 2021 to before September 7, 2021.
The new regulation also allows credit institutions and foreign bank branches to decide the exemption or reduction of interest and fees according to their internal regulations for the debts incurred before August 1 with repayment obligation between January 23, 2020 and June 30, 2022 and for customers unable to repay debts due to the pandemic.
The central bank’s move aims to alleviate difficulties for businesses hit hard by the COVID-19 pandemic, especially as the fourth wave of infections is causing severe impacts on economic activities and affecting the payment capacity of businesses and people.
According to SBV, the six-month extension of debt rescheduling is based on the vaccination roll-out and disease control plan of the Government.
The new circular took effect on Tuesday.
Earlier, many banks agreed to cut lending rates until the end of this year to support businesses. From the business side, they expected cheaper lending costs, as well as banks to extend their debt repayment terms as the pandemic severely affected their financial health.
Meanwhile, the Vietnam Banks Association had proposed extending debt rescheduling to “three months after the Prime Minister announces the end of the pandemic”.
This suggestion would help SVB avoid amending their policies. — VNS
Related News
Tax revenue is estimated at VND 426,922 billion in the first quarter
09:56 | 06/04/2023 Finance
Central bank starts huge credit package for social housing projects
14:42 | 04/04/2023 Finance
Nearly 400 complaints about insurance distribution through banks on Ministry of Finance hotline
14:47 | 04/04/2023 Finance
Central bank cuts policy interest rates to spur growth
17:43 | 02/04/2023 Finance
Latest News
Corporate bonds worth 1.1 billion USD issued in March
13:55 | 06/04/2023 Finance
In Q1, State revenue estimated to rise by 1.3%
13:28 | 04/04/2023 Finance
Consider raising the level of penalties to ensure fairness and transparency in the stock market
13:27 | 04/04/2023 Finance
Ensure policies to attract investment when implementing global minimum tax
10:33 | 02/04/2023 Finance
More News
SBV asks to issue revised decree on foreign ownership cap at Vietnamese banks
20:30 | 01/04/2023 Finance
Solutions to attract FDI when implementing the global minimum CIT
11:38 | 01/04/2023 Finance
Effective implementation of tax incentives as driving force for growth in trade turnover between Vietnam and Cuba
13:43 | 31/03/2023 Finance
Being many "hot" issues at the general meeting of shareholders of banks
09:24 | 30/03/2023 Finance
Bringing the policies on reducing land rent and water surface rent into life
15:41 | 29/03/2023 Finance
The more delayed the investment disbursement is, the more accumulated the capital expenditure will be
10:22 | 29/03/2023 Finance
Ministry of Finance summarizes the 10-year implementation of the Resolution of the 8th meeting of the 11th Central Committee
10:20 | 29/03/2023 Finance
Deputy PM urges hastened procedures for cancelled IDA loans
14:25 | 28/03/2023 Finance
Reduce operating interest rates to promptly support businesses
10:11 | 28/03/2023 Finance
Your care
The system has not recorded your reading habits.
Please Login/Register so that the system can provide articles according to your reading needs.
Corporate bonds worth 1.1 billion USD issued in March
13:55 | 06/04/2023 Finance
Tax revenue is estimated at VND 426,922 billion in the first quarter
09:56 | 06/04/2023 Finance
Nearly 400 complaints about insurance distribution through banks on Ministry of Finance hotline
14:47 | 04/04/2023 Finance
Central bank starts huge credit package for social housing projects
14:42 | 04/04/2023 Finance
In Q1, State revenue estimated to rise by 1.3%
13:28 | 04/04/2023 Finance