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VietinBank receives support requests from about 115 customers affected by COVID-19. (Photo source: VNA)

Incomplete statistics show that businesses have enjoyed cuts of at least VND100 trillion (US$4.25 billion) to support them amid the COVID-19 pandemic.

The State Bank of Vietnam (SBV)’s deputy governor Dao Minh Tu said amid the complex situation of COVID-19, the banking industry should implement measures to support enterprises.

These include debt restructuring, debt postponement and extension, as well as interest rate reductions on old and new loans.

The deputy governor emphasised that commercial banks aim to cut lending rates for businesses and households affected by the disease by about 2 per cent compared to before the pandemic occurred.

The economy and credit institutions are forecasted to face many difficulties this year, so the deputy governor said commercial banks needed to cut operational costs and deposit rates.

The banks should also develop business, profit plans and salary policies, he noted.

Chairman of the board of directors of Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) Phan Duc Tu said the bank had about VND155 trillion of debt and had conducted debt restructuring and extension for about 3,300 customers so far.

Economist Nguyen Tri Hieu said recent SBV policies were very quick and timely but still not enough.

Interest rate lowering was not enough to bring the economy through the crisis, the reduction only affects the market, while the problem of the economy was not only in the monetary economy but also the commodity economy. The commodity market was stagnant, he noted.

“I think that monetary policy measures are only supportive measures, which require the support of fiscal policy through support packages to help businesses severely affected by COVID-19 to have the liquidity to pay for partners, pay salaries and pay interest," Hieu said.

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