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| An Agribank employee inspects a typhoon Yagi-hit agricultural production zone.__Photo: Agribank |
Agribank plans to reduce loan interest rates by up to 2 percent per annum to help customers affected by typhoon Yagi overcome difficulties, stabilize life, and restore production and business activities.
Typhoon Yagi and post-typhoon floods have caused very heavy damage, seriously affecting people’s lives and business activities. To support people and businesses to overcome the consequences of the typhoon Yagi, the Government and the State Bank of Vietnam have directed credit institutions to proactively review damage of borrowing customers and promptly apply support measures such as restructuring debt repayment terms, considering interest rate exemptions and reductions, and granting new loans.
In light of the direction of the Government and the State Bank of Vietnam, Agribank has adopted a policy on reduction of lending interest rates for customers in provinces and cities directly affected by typhoon Yagi and post-typhoon floods.
Accordingly, for existing outstanding loans (both Vietnam dong and US dollar loans), as of September 6, 2024, based on the level of damage of customers, Agribank will offer reduction of between 0.5 and 2 percent per annum of loan interest and waive 100 percent of overdue interest and late-payment fines during the period from September 6 to December 31, 2024.
In addition, to support customers to stabilize life and restore production and business activities, for new loans arising from September 6 to December 31, 2024, Agribank will reduce the lending interest rate by 0.5 percent per annum for each subject and area, applicable for a maximum period of six months from the date of disbursement.
Although Agribank's operations have also been affected by the typhoon, with the spirit of a “bank for the community”, Agribank has implemented many meaningful activities, joining hands with localities and people to overcome difficulties. To date, Agribank has donated nearly VND 18 billion to support overcoming the consequences of typhoon Yagi, while each of the bank’s staff has donated one day’s salary to support people affected by the typhoon and floods.-(Nguyen Anh)
