VPBank slashes lending rates for businesses affected by coronavirus

Thursday, Feb 06, 2020 16:11

A staff member at VPBank wearing a face mask speaks to a customer. The bank will cut rates for businesses affected by the coronavirus epidemic. — Photo VPBank

Viet Nam Prosperity Joint Stock Commercial Bank (VPBank) will reduce lending interest rates by up to 1.5 percentage point per year for customers affected by the coronavirus epidemic, the bank said in a press release on Thursday.

This was a bold action by VPBank in response to the State Bank of Viet Nam’s call on Tuesday urging credit insitutions to provide support to businesses which were suffering from the epidemic.

Businesses which were significantly affected would be those operating in transportation, warehouse, accommodation, tourism, restaurant and catering services, booking services and export to China.

For non-mortage loans, the annual rates could be cut by up to 1.5 percentage points and 1 percentage point for loans with mortage assets.

Besides, VPBank also actively studied and evaluated the production and business situations of their customers to provide prompt support.

It was estimated that nearly 1,000 business customers of VPBank would be affected by the epidemic. The number could be higher if the epidemic continues to worsen.

The bank would also keep a close watch on the developments of the epidemic in Viet Nam and abroad to provide support to affected firms. — VNS

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