On September 9, 2024, the State Bank of Vietnam (SBV) issued Document No. 7417/NHNN-TD requesting all Chairpersons of the Boards of Directors/Boards of Members, the General Managers/CEOs of the credit institutions and the foreign bank branches, as well as the Directors of the SBV municipal and provincial branches, to implement measures to help their customers overcome the difficulties caused by super typhoon Yagi (aka Typhoon No.3).
SBV Headquarters
In order to promptly help customers overcome the difficulties, recover their production and business activities, the SBV has requested the credit institutions and the foreign bank branches (hereinafter referred to as CIs), as well as the SBV branches in the cities/provinces of Quang Ninh, Hai Phong, Thai Binh, Nam Dinh, Ninh Binh, Thanh Hoa, Nghe An, Ha Tinh, Quang Binh, Quang Tri, Thua Thien Hue, Da Nang, Quang Nam, Quang Ngai, Binh Dinh, Lang Son, Cao Bang, Bac Kan, Thai Nguyen, Ha Giang, Lao Cai, Yen Bai, Tuyen Quang, Phu Tho, Vinh Phuc, Dien Bien, Lai Chau, Son La, Hoa Binh, Hanoi, Ha Nam, Hung Yen, Hai Duong, Bac Ninh, and Bac Giang to immediately implement measures to help their customers overcome the difficulties caused by super typhoon Yagi.
Specifically, for the CIs: directing their branches and transaction offices to proactively review, collect and consolidate the information about the losses suffered by their borrowers to promptly apply support measures, such as rescheduling the debt payment, reducing the lending interest rates, providing new loans for production and business recovery in accordance with the applicable laws and regulations.
Resolving the debts of the affected borrowers in line with Decree No.55/2015/ND-CP dated June 9, 2015 and Decree No.116/2018/ND-CP dated September 7, 2018 on the credit policies for agriculture and rural development; Circular No.10/2015/TT-NHNN dated July 22, 2015 and Circular No.25/2018/TT-NHNN dated October 24, 2018 of the SBV providing guidance for the implementation of a number of substances of Decree No.55/2015/ND-CP; Decision No.50/2010/QD-TTg dated July 28, 2010 and Decision No.08/2021/QD-TTg dated May 11, 2021 issued by the Government on the mechanisms for the resolution of debts at risk at Vietnam Bank for Social Policies.
For the SBV municipal and provincial branches: directing the CIs in their locations to urgently implement the measures to help the typhoon-affected customers; reporting to the SBV on the assessed damage and losses of the CIs’ customers, as well as the initial results of the implementation of the support measures in their areas before September 20, 2024; and afterward providing monthly reports on the implementation results of the support measures by the CIs.
The SBV also requested the Chairpersons of the Boards of Directors/Boards of Members, the General Managers/CEOs of the CIs present in the above-mentioned cities/provinces to seriously implement the SBV’s directions. During the implementation, in case of any arising difficulties or obstacles beyond the authority of the CIs, the SBV branches should promptly report to the SBV for considerations and resolution.
Le Hang