VietinBank has introduced an interest rate reduction programme of up to 2% per annum for customers affected by Typhoon Yagi. This programme applies from the end of September until December 31, 2024).
Agribank has launched a large-scale interest rate reduction programme for borrowers affected by the typhoon. For existing loans, the bank is reducing interest rates and waiving overdue interest for a specific period. New loans will also benefit from reduced interest rates.
Similarly, the Military Commercial joint Stock Bank (MB) has rolled out support programmes for storm victims, focusing on interest rate reductions to alleviate financial burdens and aid in recovery efforts. Customers with loans affected by natural disasters can receive interest rate cuts of up to 2% based on the severity of damage and financial situation.
The bank has also allocated 7 trillion VND (277 million USD) for new loans with preferential interest rates to support both individuals and businesses in their recovery efforts.
To further assist customers, many banks have implemented additional measures such as loan extensions, restructuring repayment terms, and providing specialized financial advice. They have also given priority to loan applications for housing and employment needs, and intensified social welfare activities to support heavily affected customers.
The State Bank of Vietnam's branch in Hoa Binh has reported that banks and credit institutions in the province have actively implemented credit programmes to support storm victims. In line with government directives, banks have proactively identified customers in need of debt restructuring and provided guidance on procedures.
As of October 9, 2024, 78 customers in Hoa Binh with a total outstanding debt of over 6.7 billion VND had reported damage by Typhoon Yagi. The support measures implemented include debt restructuring for 3 customers, interest waivers for 72 customers, new loans for 3 customers, and interest rate reductions worth approximately 800 million VND.
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