According to the State Bank of Vietnam, 32/40 banks have registered to lend at interest rates 0.5-2% lower to support businesses and people affected by the recent storm No. 3.
Banks actively pump money...
According to preliminary statistics from the State Bank, up to now, the entire banking industry has about 83,400 customers suffering losses due to storm No. 3 with VND 116,000 billion in outstanding loans affected. This number is expected to increase as credit institutions and State Bank branches continue to compile and update statistics.
State Bank Governor Nguyen Thi Hong also said that, following the Prime Minister 's direction, 32/40 commercial banks have registered new credit packages with interest rates 0.5 - 2% lower to provide to businesses and people affected by the storm.
Agribank leaders informed that based on the level of damage of customers affected by storm No. 3 and floods, they will adjust the interest rate down by 0.5 - 2%/year and waive 100% of overdue interest and late payment interest; reduce 0.5%/year of lending interest compared to the amount incurred from September 6 to December 31.
Vietcombank also reduced interest rates by 0.5% from September 6 to December 31 for customers borrowing capital for production and business purposes, with outstanding loans of about VND130,000 billion and nearly 20,000 people.
BIDV expects the total outstanding balance to be reduced by VND100,000 billion. Specifically: VND40,000 billion for existing loans and deploy a credit package of VND60,000 billion for new loans. The maximum interest rate reduction is up to 2%/year depending on the level of damage and the customer's loan term. The interest rate reduction support period is from September 20 to December 31.
Private banks such as ACB, VPBank, TPBank, HDBank... also offer similar support packages, with attractive interest rate reductions and long-term preferential periods. For example, HDBank plans to offer a preferential credit package of VND10,000 billion with interest rates 1-2% lower than usual. The bank will also reduce 1% interest rates on existing loans for production and business. For new production and business loans, interest rates will be reduced by 2% in the first 3 months compared to current interest rates, or 0% for the first month.
... people are still worried about difficulty in borrowing
Although the bank promises to actively disburse funds to support customers recovering from storms and floods, many people and businesses are still concerned that it will be difficult to access this preferential policy.
After super typhoon Yagi, Mr. Hoang Ngoc Doan (born in 1968, residing in Tam Xa, Dong Anh, Hanoi) suffered a loss of more than ten billion VND when floodwaters submerged his family's entire chicken farm of nearly 10,000 m2. Not only did he lose his income, Mr. Doan also had to worry about previous bank loans coming due and the difficulty of accessing new loans to have capital to restore his business.
Knowing the bank's support policy, right after the flood receded, Mr. Doan proactively counted all the damage to go to the bank to make a file, hoping to borrow money at a low interest rate and request a debt extension or deferment. But the answer he received was "there are no specific instructions yet, we have to wait."
"I went to branches of 2 or 3 banks, and the staff all said that although there was a policy from above, they had not received any specific circulars or instructions related to this, so they could not implement the lending," said Mr. Doan.
Mr. Le Van Manh, Director of Maxko Vietnam Investment Co., Ltd. (headquartered in Ba Vi District, Hanoi) has also not been able to access preferential credit sources. He frankly commented: “ Preferential loan packages have never been easy for small and medium-sized F&B businesses like us. After nearly 15 years of business, my business has never been supported by these packages .”
Mr. Manh cited that in the post-COVID-19 period, he tried to access a credit package to support business recovery but failed right from the steps of preparing documents and papers. “There are policies and incentive packages, but the lending conditions are very strict, especially in terms of paperwork. Just taking care of all the paperwork takes up too much time and effort. Therefore, many businesses quickly give up.
Even if you have all the documents, you still have to wait to see if it is approved. In addition, in reality, many businesses still have to borrow at higher interest rates than the policy. In short, it is very difficult for small and medium-sized businesses to get preferential loans," said Mr. Manh.
During this difficult time due to storms and floods, Mr. Manh’s coffee roasting factory in Thanh Tri district (Hanoi) was flooded, mud submerged the machinery, causing damage. The associated raw material areas in Hung Yen, Ba Vi, etc. also washed away all their products. Mr. Manh confided that he also wanted to get a preferential loan to restore production and business, but determined that there was not much hope.
Ms. Nguyen Hoa, a fish cage farmer in Nam Dong ward (Hai Duong city) is worried: "I lost more than 2 billion VND. All the fish cages were swept away by the flood. If the condition for preferential loans is collateral, I definitely cannot meet it."
Don't let people say "go on TV to borrow low interest rates"
Faced with people's concerns and fears, Deputy Governor of the State Bank Dao Minh Tu emphasized: " In this difficult situation, banks must show responsibility and not let people talk about low-interest loans on TV.
Banks must proactively seek out customers, especially those in difficulty at the moment, not let customers come and make requests. Of course, banks must ensure conditions and safety, but if they are too strict, such as requiring collateral for people who are losing everything, it will not be possible.
According to many experts, the issue of concern now is how to support, what is the priority ranking and the simplified procedures so that capital can reach businesses in time. During the storm and flood, the damage to the agricultural sector needs to be prioritized for support. According to the report of the Ministry of Agriculture and Rural Development, about 190,358 hectares of rice and 48,720 hectares of crops were flooded; 3,269 aquaculture cages were damaged and swept away. This caused heavy damage to farmers and fishermen in the areas where the storm passed.
VCCI recommends increasing support money for aquaculture businesses, exempting water surface rent, port entry fees, and anchorage fees... for up to 1 year. Or the State supports 50-70% of insurance premiums for fishing and tourism vessels until the end of 2025.
In particular, there are opinions that financial institutions need to have 0% interest loan packages. Because to recover business, everyone thinks about capital, this is a vital factor, directly affecting reconstruction after natural disasters.
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