Consideration for exemption and reduction of loan interest for customers affected by No. 3 Typhoon in Vietnam

Consideration for exemption and reduction of loan interest for customers affected by No. 3 Typhoon in Vietnam

In order to quickly address the aftermath of No. 3 Typhoon and post-storm flooding, restore and develop the production of agriculture, forestry, fishery, ensure the supply of foodstuffs, contribute to controlling inflation, and stabilize the lives of the people, the Prime Minister of the Government of Vietnam directs the State Bank of Vietnam to focus on implementing the following key tasks:

- Continue directing credit institutions and commercial banks to proactively calculate support plans, restructure deadlines, maintain debt group; be more proactive in considering waiving or reducing loan interest for affected customers, formulate new credit programs with appropriate preferential interest rates, continue providing new loans to customers to restore business production after the storm in accordance with current laws in Vietnam.

- Expedite the implementation and disbursement of credit packages for loans in the forestry and fishery sectors which are being deployed, prioritizing localities affected by the recent storm and floods, consider expanding the scale if effective and necessary under their authority.

- Lead and cooperate with the Ministry of Agriculture and Rural Development of Vietnam and related agencies to review and evaluate the implementation results of Decree 55/2015/ND-CP and Decree 116/2018/ND-CP on credit policies serving the development of agriculture and rural areas, propose amendments and supplements to meet actual needs and ensure sustainable agricultural and rural development in the context of climate change adaptation and disaster prevention.

In addition, the Prime Minister of Vietnam also requests ministers, heads of related agencies, and chairpersons of the People's Committees of centrally run provinces and cities to focus on directing, synchronously and decisively implementing effective solutions to promote production, maintain the growth of the agricultural sector, and stabilize the people's lives, with particular attention to implementing six groups of key tasks and solutions under Resolution 143/NQ-CP of the Government of Vietnam in 2024 to promptly address the aftermath of No. 3 Typhoon (Yagi), quickly stabilize the people's situation, enhance business production restoration, and actively promote economic growth and control inflation effectively.

More details can be found in Official Telegram 100/CD-TTg dated September 27, 2024.

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