COVID-19: Agribank increases support level for credit package
The Agriculture and Rural Development Bank (Agribank) has said it will increase the support level for its credit package worth 100 trillion VND (4.3 billion USD).
Hanoi (VNA) -The Agriculture and Rural Development Bank (Agribank) has said it will increasethe support level for its♉ credit package worth 100 trilli🐼on VND (4.3 billionUSD).
Loans disbursed fromApril 1 to customers, especially small and medium-sized enterprises, will besubject to a maximum interest rate of 2.5 percent per year.
Customers who have beengiven preferential interest rates under a Government resolution to preventpoverty reduction in 61 poor districts and the State Bank of Vietnam (SBV)’scircular on lending from credit institutions will continue with an interestrate of one percent per annum.
Earlier, the SBVinstructed commercial banks to delay, extend or reschedule debt repayments aswell as reduce interest rates and fees for enterprises, while providing newloans to help them overcome difficulties.
The central bank hasalso adjusted interest rates to support credit institutions with easier capitalaccess.
On ♏March 13, the SBVGovernor issued Circular No. 01/2020/TT-NHNN directing credit institutions andforeign bank branches to restructure their repayment periods, waive and reduceinterest rates and fees, and maintain debt classifications in order to supportcustomers affected by the COVID-19 pandemic./.
The Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) and the Vietnam Bank for Agriculture and Rural Development (Agribank) will provide credit packages worth 60 trillion VND (2.5 million USD) and 100 trillion VND respectively to support customers amid the COVID-19 pandemic.
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Transactions at Agribank (Source: VNA) 
