Urgently implement measures to support customers affected by Typhoon Yagi

In order to help the people and businesses affected by Typhoon Yagi overcome their difficulties, the SBV has directed credit institutions to implement measures to support their customers immediately after the typhoon. Moreover, the entire banking sector actively participated in the disaster relief efforts and made a lot of donations to help the country folks in the affected areas.

Implementing Resolution No.143/NQ-CP of the Prime Minister dated September 17, 2024, on the key tasks and solutions to urgently overcome the consequences of Typhoon Yagi, stabilize the living conditions of the people, accelerate the recovery of production and business operations, actively promote economic growth, and effectively control inflation, the SBV Governor has requested SBV entities, credit institutions and banking associations to implement specific measures as follows:

For the central SBV entities, they are requested to continue managing monetary policy in a proactive, flexible and effective manner in coordination with fiscal policy and other macroeconomic policies, contributing to promoting economic growth, maintaining stability in the money and forex markets, and ensuring a prudent banking sector;

The SBV entities are further requested to promptly review, collect, and consolidate information about the damage and losses suffered by the banks' borrowers to initiate appropriate support measures and packages. They should report to the Governor to issue instructions to the credit institutions to implement specific measures, including rescheduling debt payments, reducing lending interest rates, and providing new loans for production and business recovery in accordance with applicable laws and regulations.

In addition, the SBV entities should promote the communication activities in the banking sector, enhance effectiveness and ensure consistency and unity between the central SBV entities and the SBV municipal and provincial branches; as well as between the SBV and the media, the press agencies in the banking sector, along with the credit institutions, to provide the information on the implementation results of the support measures and packages by the banking sector.

For the SBV municipal and provincial branches, they are requested to coordinate with the relevant departments and agencies to collect and consolidate information about the damage and losses suffered by the banks' customers in their areas of jurisdiction in order to: (i) advise the People's Committees of their respective provinces and cities to effectively support and alleviate the difficulties faced by the people and businesses; (ii) direct credit institutions in their areas of jurisdiction to actively implement measures to support customers affected by Typhoon Yagi in accordance with applicable laws and regulations.

For the credit institutions, they are requested to urgently direct their branches and transaction offices in the 26 provinces and cities affected by the typhoon to promptly implement the support measures and packages as directed by the SBV to assist all customers affected by Typhoon Yagi. This includes measures such as rescheduling debt payments and maintaining debt classifications in accordance with Decree No. 55/ND-CP, Decree No. 116/2018/ND-CP dated September 7, 2018, and other guiding documents from the SBV.

The SBV Governor also requested banking associations to continue promoting their roles and fostering consensus and unity among member banks in implementing measures to remove the difficulties for the banks’ borrowers affected by Typhoon Yagi.

Directive No. 04/CT-NHNN took effect from the date of signing.

HY