POLICY FOR EXEMPTION, REDUCTION AND DISCOUNTING UNDER THE INTERNAL REGULATIONS OF CREDIT INSTITUTIONS FOR ENTERPRISES AFFECTED BY COVID DISEASES 19

Giảm lãi suất cho các đối tượng ảnh hưởng do virus corona

Recently, the Government has issued many policies to help businesses affected by the Covid 19 disease to overcome the difficult period and continue production activities. Following the government directives, credit institutions have policies on exemption and reduction of interests and fees, specifically as follows:
Implementing the Directive No. 11 / CT-TTg dated March 4, 2020 of the Prime Minister on urgent tasks and solutions to remove difficulties for production and business, ensuring social security to cope with epidemics. Covid-19, March 13, 2020, the State Bank of Vietnam issued Circular No. 01/2020 / TT-NHNN providing for credit institutions, foreign bank branches to restructure the payment term. Debt, exemption, reduction of interest, fees, keeping the debt group in support of customers affected by Covid-19 epidemic. Accordingly, credit institutions and foreign bank branches have proactively provided specific regulations on restructuring the due debts for enterprises, extending the payment term, excluding the overdue interest rate for penalties, Exemption of interest rates and fees with loans subject to restructuring.
Beneficiaries of this support policy include:
+ Enterprises with revenue declining because of nCoV, having loans, financial leasing have to pay principal and / or interest from January 23, 2020 to the next day after 3 months from the date the Prime Minister announces the end of the epidemic.
+ Enterprises are unable to pay their debts on the principal and / or interest in due time under the signed contracts or agreements due to the decline in revenue and income due to the effects of Covid-19 epidemic.
The determination of specific businesses entitled to support will be based on assessments of revenue declines and customer needs when compared to adjacent months, the same period of the previous year or compared to the plan. Therefore, enterprises have a need for new loans; Exemptions and reductions of interest and fees of existing loans should be prepared monthly, quarterly tax reports of enterprises in the months of disease outbreak, the preceding months and the same period of the previous year.
* Legal grounds:
Resolution No. 11 / NQ-CP dated February 14, 2020 of the Government on the Government’s regular meeting of January 2020;
Directive No. 11 / CT-TTg dated March 4, 2020 of the Prime Minister on urgent tasks and solutions to remove difficulties for production and business, ensure social security in response to Covid- 19;
Circular No. 01/2020 / TT-NHNN of March 13, 2020 of the State Bank of Vietnam providing for credit institutions and branches of foreign banks to restructure loan payment, exemption and reduction periods , charges, keeping the debt group in support of customers affected by Covid-19;
Internal regulations of credit institutions and foreign bank branches.

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