On 1 April 2020, The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) held a system-wide online meeting to implement the Prime Minister’s Directive No.16/CT-TTg, the Governor of the SBV’s Official Telegram No.03/CD-NHNN, announcing its further reduction of lending rates for customers affected by Covid-19 pandemic. Accordingly:

For current loans:

- Restructuring repayment period, waiving or reducing interest and fees, and keeping the debt group of borrowers affected by Covid-19 epidemic.

- Cutting interest rates by up to 2 p.a. for VND loans in fields affected by Covid-19 epidemic. The specific reduction of interest rates for a company depends on the business field, industry and the level of impact caused by the Covid-19 epidemic.

- Cutting by up to 1 p.a. for unsecured personal loans in VND which is supported by the borrower's creditworthiness and repaid by monthly income now affected by the Covid-19 epidemic. Especially, for customers becoming unemployed and entitled to a subsidy of VND1.8 million according to the Government's orientation, BIDV will apply the reduction of interest rate by 2% p.a. and grace period during the epidemic period.

For new loans:

- BIDV has offered credit packages for new loans to support businesses affected by the Covid-19 epidemic, with interest rates cut by 2% compared to the same type of loan’s interest rates on 31 December 2019.

The period of cutting lending interest rates (for both current and new loans) shall be applied to the next day after 03 months from the date the Prime Minister announces the end of Covid-19 epidemic.

Cutting interest rates is a practical act of BIDV in the implementation of the Governor of the SBV’s direction for financial institutions and commercial banks to prioritize support business affected by the Covid-19 epidemic. BIDV expects to cut its income by VND2,400 to 3,000 billion to support customers to overcome difficulties during the epidemic.

Earlier, BIDV has been actively joining hands with customers and supporting them by reducing interests, restructuring debt, granting new loans to restore business activities, offering new credit packages, etc. BIDV encouraged cashless payment by reducing transaction fees via its e-banking products and services, which would help minimizing the spread of the pandemic.

In addition to business support, BIDV is one of the pioneering corporates to contribute VND10 billion for the Covid-19 epidemic prevention program. BIDV’s employees have donated 1-day income, totalling of VND13 billion, for the Covid-19 epidemic prevention program and the drought and salinity intrusion in the Mekong Delta prevention program. BIDV’s units have been implementing social security programs to join hands with the community, such as: donating face masks and disinfectant solutions; giving meals to workers on the front lines of the pandemic;...

For further information, please contact:

Bank for Investment and Development of Vietnam JSC

Tel: (+84) 024.22205544 - Hotline: 19009247

Website: www.bidv.com.vn


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