On February 27, 2020 State Bank of Vietnam issued Official Letter No.1117/NHNN-TD on deployment of supporting measures for clients affected by Covid-19 epidemic.
Thereby, credit institutions need to grasp the practical business situation, assess the damages, negative effects on clients due to the impact of the Covid-19 epidemic to execute these following adjustments:
- Restructuring the term of debt repayment, interest rate reduction and exemption, temporarily keeping in the same group of debts for clients’ debts which are affected by Covid-19 and having principal balance and/or debt on maturity in temporary period from January 23,2020 to March 31,2020, until State Bank issue new Official Letter with further instructions.
- Providing new loans to customers in accordance with regulations to stabilize manufacturing production and business.
The debt repayment restructuring is executed based on customers’ request and the credit institution’s assessment of the extent of damage, impact, financial ability and repayment capability of the customer after restruction of repayment term.
