Sacombank cuts interest rate by up to 2 percentage points on loans to individual and corporate customers directly affected by storms and floods as a measure to support them. — Photo courtesy of the bank

Sacombank will cut interest by up to 2 percentage points this year on existing and new loans to individual and corporate customers directly affected by storms and floods as a measure to support them.

It has also cut service fees by 50 per cent and waived early repayment penalty interest.

The recent typhoon Yagi and its aftermath have caused severe damage in many places in the north, impacting the livelihoods and business activities of thousands.

“The bank has instructed branches and transaction offices in the northern, central and Central Highlands regions to proactively review, assess and report the extent of damages and propose support measures to alleviate the difficulties of borrowers,” a Sacombank spokesperson said.

The lender had earlier donated relief goods worth VNĐ500 million (US$20,328) to people in Lào Cai and Thái Nguyên provinces and contributed another VNĐ500 million to a charity programme Tuổi Trẻ newspaper is running to provide relief to people affected by the storm.

Its trade union has called on all employees to make voluntary donations for the affected people. The funds collected from them will be handed over to the Vietnam Fatherland Front Committee in HCM City.— VNS