COVID-19
[COVID-19] The State Bank of Vietnam (SBV) announced debt rescheduling
As the pandemic affects all economic sectors, businesses expect banks to deploy new loan packages with preferential interest rates and simple procedures to support them in these challenging times. As a way to mitigate the impact of the economic crisis and alleviate difficulties for businesses, the SBV has issued Circular 14/2021/TT-NHNN on Tuesday 7th September, allowing financial institutions to reschedule debts incurred before August 1, 2021.
The new regulation also allows financial institutions and foreign bank branches to decide the exemption or reduction of interest and fees according to their internal regulations for the debts incurred before August 1 with repayment obligation between January 23, 2020 and June 30, 2022 and for customers unable to repay debts due to the pandemic.
