A working session of the Vietn am Bank for Social Policies (VBSP) with residents in the southern province of Đồng Nai. VBSP is a not for profit bank offering full range of financial services to the poor at preferential terms and subsidised rates. — VNA/VNS Photo Hồng Đạt

Vietnam Bank for Social Policies has ceased collecting interest for those affected by Typhoon Yagi until December 31.

The bank’s deputy director Huỳnh Văn Thuận announced late Thursday after a thorough review of damage that the typhoon and following floods caused its clients.

The bank has directed its branches to support clients in their local areas in recovering after the typhoon, he said.

Capital loan priority will be given to the localities severely affected and the bank will also focus on speeding up the disbursement of social credit programs, based on the damage assessment.

It has extended debts and adjusted the debt term for loans due for payment this month.

The maximum extended term is 12 months for short-term loans and up to half of the loan term for medium and long-term loans.

Previously, in response to a Government’s request to offer financial support to people affected by the typhoon on Tuesday, the bank had proposed to add VNĐ4.9 trillion (US$199.5 million) worth of credit to its existing credit lines.

This means that there is an extra $199.5 million that people affected by Typhoon Yagi can borrow from the bank if they are eligible. — VNS