Incomplete statistics show that businesses have enjoyed cuts of at least 100 trillion VND (4.25 billion USD) to support them amid the COVID-19 pandemic.
VietinBank receives support requests from customers affected by COVID-19. (Photo: VNA)
Hanoi (VNS/VNA) - Incomplete statisticsshow that businesses have enjoyed cuts oꩵf at least 100 t✨rillion VND(4.25 billion USD) to support them amid the COVID-19 pandemic.
The State Bank of Vietnam (SBV)’s deputygovernor Dao Minh Tu said amid the complex situation of COVID-19, thebanking industry should implement measures to support enterprises. These include debt restructuring, debtpostponement and extension, as well as interest rate reductions on old and newloans. The deputy governor emphasised that commercialbanks aim to cut lending rates for businesses and households affected by thedisease by about 2 percent compared to before the pandemic occurred. The economy and credit institutions areforecasted to face many difficulties this year, so the deputy governorsaid commercial banks need to cut operational costs and deposit rates. The banks should also develop business, profitplans and salary policies, he noted. Chairman of the board of directors of JointStock Commercial Bank for Investment and Development of Vietnam (BIDV) Phan DucTu said the bank has about 155 trillion VND of debt and has conducted debtrestructuring and extension for about 3,300 customers so far. Nguyen Dinh Vinh, deputy general director of VietnamJoint Stock Commercial Bank for Industry and Trade (VietinBank), said that thebank received support requests from about 115 customers affected by COVID-19with debts of nearly 16 trillion VND. Economic experts said the monetary policies thebanking industry is implementing to support businesses is a positive step. Economist Nguyen Tri Hieu said recent SBVpolicies were very quick and timely but still not enough. Interest rate lowering was not enough to bringthe economy through the crisis, the reduction only affects the market,while the problem of the economy was not only in the monetary economy but alsothe commodity economy. The commodity market was stagnant, he noted. “I think that monetary policy measures are onlysupportive measures, which require the support of fiscal policy through supportpackages to help businesses severely affected by COVID-19 to have the liquidityto pay for partners, pay salaries and pay interest," Hieu said./.
The State Bank of Vietnam (SBV) on March 31 issued a directive to reduce the fees for transactions via interbank electronic payment system by 50 percent for local banks.
Banks have warned customers about fraud during the COVID-19 pandemic, advising them not to open suspicious emails or click on dubious links sent as email attachments related to the pandemic.
The Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) and the Vietnam Bank for Agriculture and Rural Development (Agribank) will provide credit packages worth 60 trillion VND (2.5 million USD) and 100 trillion VND respectively to support customers amid the COVID-19 pandemic.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
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The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
VietinBank receives support requests from customers affected by COVID-19. (Photo: VNA)
