Restructuring debt repayment terms, exempting and reducing interest for customers affected by storm No. 3

Accordingly, the Governor of the State Bank of Vietnam requested units under the Central Bank of Vietnam to continue to operate monetary policy proactively, flexibly, promptly, effectively, and in a synchronous, harmonious, and close coordination with fiscal policy and other macroeconomic policies to contribute to supporting economic growth, stabilizing the macro economy, stabilizing the monetary and foreign exchange markets and the banking system.

In particular, it is necessary to proactively study the impacts and influences of storm No. 3 on monetary policy management, especially credit limits, capital needs and liquidity for the economy in general and commercial banks in particular, in order to have appropriate management solutions.

Timely grasp and assess the situation and level of impact of customers borrowing capital due to storms and floods to propose appropriate monetary and credit policies and solutions, promptly contributing positively and effectively to support customers in overcoming difficulties; continue to advise the Governor of the State Bank of Vietnam to direct credit institutions to implement solutions: restructuring debt repayment terms, considering exemption and reduction of loan interest for customers, developing new credit programs with appropriate preferential interest rates, continuing to provide new loans to customers to restore production and business after the storm according to current regulations.

Advise the Governor of the State Bank to report to competent authorities to implement debt suspension for customers who have suffered heavy losses in loan capital and assets formed from loan capital due to the consequences of storms and floods occurring on a large scale according to the provisions of Decree No. 55/2015/ND-CP dated May 9, 2015 and Decree No. 116/2018/ND-CP dated September 7, 2018 of the Government on credit policies for rural agricultural development and guiding documents of the State Bank.

Continue to promote banking sector communication activities, enhance coordination efficiency to create synchronization and unity from the Central Bank to the State Bank branches in provinces and cities, between the State Bank and press agencies in the sector and credit institutions (CIs) to fully and promptly inform the policies, guidelines and directions of the Government, the Prime Minister, the State Bank on solutions and implementation results of the banking sector to support customers with difficulties due to the impact of storm No. 3. Timely and regularly inform about the support results of CIs for people and businesses.

Urgently submit to the Prime Minister for promulgation a decision on asset classification, risk provisioning level, risk provisioning method and the use of risk provisioning to handle risks to support customers facing difficulties and losses due to the impact of storm No. 3; along with developing and promulgating a circular guiding credit institutions to restructure debt repayment terms for customers facing difficulties in debt repayment due to the impact of storm No. 3.

The Governor requested that the State Bank branches in provinces and cities proactively coordinate with relevant departments, branches and agencies to grasp the level of impact of storms and floods on borrowers, assess the loan losses of people and businesses in the area to advise the People's Committees of provinces and cities to effectively implement support to remove difficulties for businesses and people; direct credit institutions in the area to actively implement solutions to support and remove difficulties for borrowers affected by storm No. 3 according to regulations. Report damage data to the State Bank before September 25, 2025 and regularly update this data.

In addition, the Governor of the State Bank of Vietnam also requested credit institutions to urgently direct branches and transaction offices in 26 provinces and cities affected by the storm to promptly deploy with the highest responsibility and urgency solutions to support customers facing difficulties due to loans affected by storm No. 3.

Restructure the debt repayment period, exempt and reduce loan interest for customers according to current legal regulations. Implement the policy of restructuring the debt repayment period, maintaining the debt group, debt forgiveness, and new loans for customers subject to the provisions of Decree No. 55/2015/ND-CP, Decree No. 116/2018/ND-CP dated September 7, 2018 and guiding documents of the State Bank on credit policies for rural agricultural development.

The Vietnam Bank for Social Policies shall handle risky debts for borrowers affected by storm No. 3 in accordance with the provisions of Decision No. 50/2010/QD-TTg dated July 28, 2010 and Decision No. 08/2021/QD-TTg dated May 11, 2021 of the Prime Minister.

The State Bank continues to require credit institutions to effectively implement credit solutions for production and business sectors, priority sectors, and economic growth drivers according to the policies of the Government and the Prime Minister. Develop new credit programs and packages with appropriate interest rates, continue to provide new loans according to current regulations in the spirit of administrative procedure reform, eliminate hassles, promptly approve new loans, and create favorable and easy conditions for borrowers, especially in terms of collateral and credit limits, to help customers overcome difficulties and stabilize production and business after the storm. However, it is still necessary to ensure the principles of credit institution safety, not to take advantage of or profit from policies.

Timely inform about policies and solutions of the State Bank and its own bank; proactively handle difficulties and problems arising according to regulations; promptly propose reports to the Governor of the State Bank and competent authorities on issues beyond their authority.

Organizations and associations in the banking industry continue to promote their role in connecting credit institutions, creating consensus and unity among member banks in implementing solutions to restructure debt repayment terms and provide new loans to remove difficulties for customers affected by storm No. 3.

Regarding social security work, the Governor of the State Bank requested units to mobilize cadres, civil servants, public employees, and workers to respond to the call of the Presidium of the Central Committee of the Vietnam Fatherland Front and the Vietnam General Confederation of Labor to support at least 1 day's salary/income to support people affected by storm No. 3. Grasp and synthesize the situation of cadres, civil servants, public employees, and workers in the banking sector affected and damaged by storm No. 3 to have appropriate support measures. Mobilize credit institutions and promptly and fully synthesize the situation of credit institutions supporting people affected by storm No. 3.