To help people and businesses affected by storms access capital

To support people and businesses to stabilize production activities soon after storm No. 3, implementing the direction of the Central and the province, credit institutions in the area have proactively and directly worked and implemented a number of timely solutions to remove difficulties in capital. However, due to the regulations still having obstacles, many people and businesses have not been able to access them, leading to a lack of resources to rebuild production.

Provincial People's Committee works with Agribank to discuss solutions to support customers.

The State Bank of Vietnam (SBV) Quang Ninh branch has urgently issued documents directing banks in the province to deploy solutions to support customers to overcome the consequences of storm No. 3. In particular, proactively review, grasp, and summarize the damage of customers who are borrowing capital, and immediately implement support measures such as: Restructuring debt repayment terms; considering exemption and reduction of loan interest; continuing to provide new loans to restore production and business after the storm according to current regulations; and handling debts for customers who suffered losses in loan capital according to regulations. Along with that, the unit has also advised the Provincial People's Committee to propose to the Government, the Prime Minister, ministries and branches to issue a number of monetary mechanisms and policies to support customers facing difficulties due to storm No. 3; Advise the Provincial People's Committee to issue Official Dispatch No. 2747/UBND-KTTC dated September 20, 2024 on implementing the debt relief policy for customers according to Decree No. 55/2015/ND-CP of the Government.

The State Bank of Vietnam, Quang Ninh branch, also issued Official Dispatch No. 814/QUN1 dated September 23, 2024, directing commercial banks, microfinance institutions and people's credit funds to urgently implement policies and complete debt relief records for borrowers affected by storm No. 3 according to Decree No. 55. The State Bank of Vietnam, Quang Ninh branch actively participated in working sessions with the Provincial Party Committee, the Provincial National Assembly Delegation, and the Provincial People's Committee to provide information on support policies to resolve difficulties, problems and recommendations.

BIDV Ha Long Bank is actively completing loan applications.

Up to now, credit institutions in the area have restructured the debt repayment period for 12,689 customers with outstanding debt of VND 871.6 billion, reduced lending interest rates for 5,590 customers with a total outstanding debt with reduced interest rates of VND 18,290 billion; and made new loans to 3,888 customers with a total loan amount of VND 1,480 billion. Regarding debt rescheduling, the Vietnam Bank for Social Policies, Quang Ninh branch, has completed screening 414 people eligible for debt rescheduling with a total amount of nearly VND 30 billion including principal and interest. Currently, the Vietnam Bank for Social Policies, Quang Ninh branch is coordinating with relevant agencies to complete the dossier to submit to the Vietnam Bank for Social Policies and the Provincial People's Committee for consideration and approval, thereby helping people reduce their financial burden, feel secure in overcoming the situation, and gradually re-produce production.

Despite many efforts, some problems in regulations have made it difficult for people and businesses to have capital to recover, reproduce, and stabilize after the storm. That is, although storm No. 3 caused great damage to all sectors and fields, there is currently only a debt cancellation policy for the sector serving agricultural and rural development according to the provisions of Decree No. 55, and there is no policy for other sectors and fields. The policy of restructuring debt repayment terms and maintaining the debt group according to Circular 02/2023/TT-NHNN dated April 23, 2023 only applies to outstanding principal arising before April 24, 2023, and at the same time, the obligation to repay principal/or interest arises during the period from the effective date of the Circular to December 31, 2024, so it does not include all affected subjects. Many people and businesses no longer have other collateral for new loans. Meanwhile, this is the subject that needs to borrow more capital for reinvestment.

Mr. Nguyen Duc Hien, Director of the State Bank of Vietnam, Quang Ninh branch, said: In order to continue to have policies to support people and businesses affected by storm No. 3 to quickly restore and develop production, business, and stabilize their lives, the State Bank of Vietnam, Quang Ninh branch, will continue to request the State Bank of Vietnam to consider issuing under its authority and report, request the Government and the Prime Minister to consider issuing a mechanism to increase the level of unsecured loans, allowing the expansion of beneficiaries of debt suspension policies, separate policies on restructuring debt repayment terms, and maintaining debt groups. In addition, the Central Government also needs to study and promulgate policies on debt classification, provisioning and using provisions to handle risks for debts damaged by storm No. 3. At the same time, there should be a separate mechanism for unsecured loans and unsecured loans to handle risks in order to create a legal basis, encouraging credit institutions to boldly lend, especially in cases where there is no longer any property to mortgage loans with capital to restore production.

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