Credit institutions to continue to consider waiving or reducing fees to support customers in Vietnam

Credit institutions to continue to consider waiving or reducing fees to support customers in Vietnam

The State Bank of Vietnam requires all credit institutions and foreign bank branches (hereinafter referred to as credit institutions) and State Bank branches in provinces and cities to conduct the following:

(1) With respect to credit institutions

- Credit institutions continue to implement cost reduction solutions to waive and reduce fees, with a view to support and resolve difficulties for customers to restore production and business, in accordance with the Government's direction in Resolution 11/NQ-CP 2022 and Notice No. 225/TB-VPCP 2023.

- Credit institutions should review their fee collection and applicable fees to consider waiving or reducing unnecessary fees, in accordance with government policies, to continue supporting loan customers. Develop appropriate fees and rates to promote businesses’ and individuals’ access to credit capital, enabling them to overcome difficulties and grow their production and business activities.

- Collect fees in accordance with the law, and publish service fees in the credit institution's business activities. Disclose the bank's fee waiver and reduction policy to customers so they can understand and access support from credit institutions. Strengthen inspection and enforcement of affiliated units' compliance with fee collection policies for customers, and promptly detect and strictly handle any violations.

(2) With respect to State Bank branches in provinces or cities

- Direct credit institutions in the provinces or cities to reduce costs, implement fee waiver and reduction policies to support loan customers according to the Government's direction in Resolution 11/NQ-CP 2022 and Notice No. 225/TB-VPCP 2023.

Furthermore, closely monitor and supervise the fee collection and types of fees of credit institution branches in the provinces or cities, disclose fees in business activities, proactively detect and take actions against any violating credit institutions.

- Communicate Government and State Bank policies and directives to credit institutions to help them actively support people, businesses, and loan customers.

The State Bank of Vietnam requires credit institutions, foreign bank branches, and State Bank branches in provinces and cities to strictly implement the new guidelines.

More details can be found in Official Dispatch 7123/NHNN-TTGSNH issued on September 12, 2023.

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