Banks that refuse to support 2% loan interest must notify customers

This is one of the contents in the document of the State Bank of Vietnam, Ho Chi Minh City branch on the implementation of Circular 03 of the State Bank to the general directors (directors) of commercial banks in the area.

The document aims to implement Decree 31 of the Government and Circular 03 of the State Bank on the program of interest rate support from the state budget for loans of enterprises, cooperatives and business households. These subjects will receive a loan interest rate support of 2% from the budget package of VND 40,000 billion in 2022 and 2023.

The State Bank of Vietnam’s branch in Ho Chi Minh City requires banks in the area to develop and issue guiding documents, organize the implementation of interest rate support according to regulations; register for interest rate support plans from the state budget for 2 years; customer support quickly, timely, right object and in accordance with regulations…

Banks have started to deploy a 2% interest rate support package for customers affected during the pandemic

Banks check and supervise the use of loan capital in accordance with the purpose of using the loan with interest rate support. Simultaneously, monitor, keep records, make separate accounting and statistics of loans eligible for interest rate support in accordance with regulations; promptly report to the State Bank of Vietnam branch in Ho Chi Minh City to advise the People’s Committee of Ho Chi Minh City to direct competent agencies to coordinate in the recovery of the supported money when it arises.

Full disclosure of information on regulations and instructions on documents and procedures for the bank’s interest rate support policy for customers to access conveniently and quickly. At the same time, publicly announce on the bank’s web portal the time to stop supporting interest rates…

Regarding the 2% interest rate support program, Mr. Nguyen Quoc Hung, General Secretary of the Vietnam Banks Association (VNBA), said that in order to avoid risks for credit institutions when implementing this budget package, The State Bank has issued a circular guiding the accounting, regarding interest rate support, which is more open than before, creating conditions for the bank to implement.

“One of the principles of interest rate support is not to lower lending standards. Only when businesses fully meet the conditions prescribed by law can they access this capital. To limit risks, banks Customers must appraise and evaluate the effectiveness of the project strictly in accordance with regulations,” said Mr. Nguyen Quoc Hung.

According to Thai Phuong