BANKS TO REDUCE INTEREST RATES FOR ENTERPRISES IN nCoV OUTBREAK

Confronting with complicated development of the epidemic caused by coronavirus nCoV which has badly affected many fields and sectors, many banks have worked out measures to support enterprises as they are suffering from losses in this epidemic outbreak.

Commercial banks said they proactively analyzed the situation, checked enterprises which are having difficulties such as those from the sectors of transport, service, import, export, particularly importers of materials for footwear and garment from China. They have offered specific solutions such as extend time for paying debts, lowering interest rates from 1-1.5%/ year for clients having losses in business from the epidemic spreading. Farmers planting watermelons, dragon fruits and bananas being affected by nCoV will be addressed to a reduction of 3%/ year in interest rates. The State bank will also support commercial banks, adjust managing interest rates, support commercial banks to reduce interest rates to give more incentives to borrowers./.