Agribank reduces loan interest rates by up to 2% p.a. to support customers affected by typhoon Yagi to overcome difficulties, stabilize life, and restore production and business activities.

Typhoon Yagi and post-typhoon floods have caused very heavy damages, seriously affecting people's lives and business activities. To support provinces, cities and people to overcome the consequences of the typhoon Yagi, the Government and the State Bank of Vietnam have directed credit institutions to proactively review damages of borrowing customers, promptly apply support measures such as: restructuring debt repayment terms, considering interest rate exemptions and reductions, continuing to provide new loans to restore production and business after the typhoon.

Strictly implementing the direction of the Government and the State Bank of Vietnam, Agribank applies a policy of reducing lending interest rates for those customers suffering damages in provinces and cities directly affected by typhoon Yagi and post-typhoon floods.

Accordingly, for existing outstanding loans (including VND and USD) as of September 6, 2024, based on the level of damage of customers, Agribank will offer reduction from 0.5% to 2% p.a. of loan interest and waive 100% of overdue interest and late payment interest 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% p.a. for each subject and area, applicable for a maximum period of 6 months from the date of disbursement.

In the first days after the storm, Agribank organized working groups for field visits to meet with customers to know the damage situation, share difficulties and have appropriate support policies. With the interest rate reduction policy, Agribank hopes to support customers to optimize costs, have more resources to quickly overcome difficulties, resume production and business, and stabilize life.

Although Agribank's operations have also been affected and facilities have been damaged by storms and floods, however, promoting the corporate responsibility to the community, 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; Agribank staff and employees have donated 1 day's salary, estimated at over VND 20 billion to share with people affected by the typhoon and floods.

Kylie Nguyen