Tens of thousands of borrowers at Agribank, BIDV, VietinBank and Vietcombank are eligible for 2% interest rate support.
On May 20, 2022, the Government officially issued Decree 31/2022/ND-CP on interest rate support from the state budget for loans of enterprises, cooperatives and business households. At the same time, on the same day, the State Bank issued Circular 03/2022/TT-NHNN guiding commercial banks to support interest rates according to the above decree.
This Decree will be implemented in 2022 and 2023 or may end earlier when the total amount of interest rate support for customers reaches about VND 40,000 billion, but does not exceed December 31, 2023. The interest rate support level is 2%/year through the direct reduction of the loan interest payable by the interest rate supported loan amount in the period.
According to Agribank’s statistics, there are nearly 100,000 billion VND of outstanding loans belonging to groups of industries that are eligible for support. Agribank is committed to timely, fully, openly, transparently and effectively implementing the interest rate support program, ensuring that all eligible customers are supported within the announced Agribank limit. At the same time, strictly handle cases of wrong implementation, delay and profiteering of policies.
At VietinBank, Deputy General Director Le Duy Hai said that the bank has now made a preliminary list and developed guidelines for implementation throughout the system. VietinBank will also soon issue internal regulations. According to estimates, the number of customers at Vietinbank who fully meet the conditions to enjoy 2% interest rate support accounts for 30% of the total existing credit scale.
Representatives of Vietcombank and BIDV also said that they have issued internal instructions to implement this support program.
According to Mr. Tran Phuong – BIDV’s Deputy General Director, through the review, there are more than 10,000 existing customers who fully meet the conditions, about 200,000 loans are satisfied. Of course, during the implementation process until 2023, new disbursement customers will also continue to be supported.
At Vietcombank, with a loan balance of over 1 million billion VND, the beneficiaries of this interest rate support program accounted for nearly 30% of the total outstanding balance with the number of more than 30,000 customers.
The group of joint-stock banks did not disclose the number of supported customers, but the ACB representative said that the bank had registered a support limit of VND 2,000 billion for 2 years, equivalent to a credit size of VND 100,000 billion. Currently, ACB has a training program for its branches in the ACB banking system.
From the perspective of being a 100% foreign-owned bank, the leader of Standard Chartered said that the bank supports and is aware of the political mission and social responsibility of this interest rate support program. Right from the comment period on the draft Circular 03, Standard Chartered has reviewed the entire process and established a special working group specializing in the implementation of the interest rate subsidy program. This special working group was chaired by two senior leaders of the bank and involved relevant departments, held many regular meetings and implemented the program closely.
According to experts, the 2% interest rate support program not only helps customers restore production and business activities, but also creates conditions for banks to deepen their relationships with customers, helping their business operations. business later.
”For Circular 03, we think this is the optimal solution for banks in general to access, have better relationships with customers and grow credit. Shinhan Vietnam said.
Assessing the impact of this policy, Agriseco Research expects the interest rate support package will create a push for businesses to accelerate the recovery process, contributing to economic growth to fulfill the target of 6% – 6 .5% of the Government. However, the analysis team also noted that the wrong use of capital by supported businesses can lead to undesirable effects for the economy.
Agriseco Reseacrh also believes that the banking industry will benefit from this interest rate support package when it can expand its credit scale and growth rate, boosting net interest income. In particular, the group of state-owned banks may be given more priority when actively taking the lead in cutting interest rates on loans to support customers during the recent epidemic.
In addition, the analysis team expects that there will be an expansion of the credit growth room in the near future for commercial banks when many banks have used up almost the limit granted at the beginning of the year.
Those who are entitled to support 2%/year interest rate
Subjects eligible for interest rate support under this program include: Enterprises, cooperatives, business households with the purpose of using loans in one of the following industries: aviation, transportation, warehousing, tourism, accommodation services, catering, education and training, agriculture , forestry and fishery, processing industry, manufacturing, software publishing, computer programming and related activities, information service activities; including construction activities directly serving the above-mentioned economic sectors but excluding construction activities for real estate business purposes specified in economic sector code (L) under Decision No. 27/ 2018/QD-TTg; to implement projects on construction of social housing, housing for workers, renovating old apartment buildings on the list of projects compiled and announced by the Ministry of Construction.
Conditions for interest rate support: Customers have requested interest rate support, meet loan conditions according to regulations on lending activities of credit institutions, foreign bank branches. This is a loan in Vietnam Dong, signed a loan agreement and disbursed from January 1, 2022 to December 31, 2023, using the capital for the right purposes according to the above regulations, not yet receiving interest rate support. from the state budget according to other policies; stipulate 2 cases where the loan is not eligible for further interest rate support (in Clause 3, Article 4 of Decree No. 31).
Term and interest rate support: The interest rate support period is from the date of loan disbursement to the time when the customer pays off the loan principal and/or interest as agreed between the commercial bank and the customer, in accordance with the support funding source. interest rates announced, but not exceeding December 31, 2023; (ii) The support interest rate for customers is 2%/year, calculated on the loan balance and the actual interest rate support loan term is within the period specified in the Decree.
Method of interest support: At the time of debt repayment of each interest payment term, the commercial bank shall reduce the amount of loan interest payable to the customer by the amount of loan interest supported in the period according to the guidance of the State Bank. Vietnam. Based on the results of the bank’s interest rate support for customers, the state budget will pay the interest rate support amount to the banks.
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