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Agribank: backing businesses through COVID-19


Removing difficulties, promoting production and business, restarting the economy impacted by COVID-19 pandemic, Agribank and the banking industry has drastically implemented Circular No. 01/2020/TT-NHNN on debt restructuring. exemption and reduction of loan interest and maintaining the debt group, with a focus on solving difficulties for customers through implementation of exemption and reduction of fees, charges, interest rates, prividing new loans, etc. The first four months of 2020, Agribank's loan turnover to the economy of VND 481,000 billion, with an average new loan amount of VND 120,000 billion per month.

For customers affected by COVID-19, Agribank has focused on giving priority to exemption and reduction of interest rates and lowering interest rates for 27,500 customers, with total outstanding loans of VND 45,165 billion, of which: exempted and reduced interest for 500 customers with an outstanding loan of VND 5,165 billion; lowered interest rates for 27,000 customers with an outstanding loans of VND 40,000 billion.

Implementing a credit program worth VND 100,000 billion to support customers affected by COVID-19 pandemic, Agribank has disbursed over VND 10,030 billion to 6,043 customers.

In addition, Agribank reduced payment service fees for all inter-bank payment transactions through channels: bilateral payment, payment via inter-bank electronic payment system; strengthened forms of promotion to encourage customers to prioritize the choice of electronic transactions, non-cash payment, etc.; widely informed the Hotline to receive and handle promptly and thoroughly all feedback, comments and recommendations of enterprises and people; promoted communication to help businesses and customers to have useful information about the mechanisms and policies of the State Bank of Vietnam and Agribank on policies, solutions related to supporting customers affected by COVID-19 pandemic.

Outstanding loans for small and medium-sized enterprises accounted for over 90% of Agribank’s outstanding loans to businesses. Consistent with the goal of continuing to actively accompany the business community throughout the country, Agribank continues to strive to gradually increase the proportion of outstanding loans to businesses, focusing on prioritizing capital for priority subjects according to the Government's policy, the State Bank of Vietnam, including small and medium-sized enterprises, high-tech enterprises, business activities of supporting industry, production and export business plans and projects, especially agricultural production and business development activities.

As an enterprise operating in the monetary market, Agribank always attaches importance to and actively accompanies the business community across the country. On the basis of the direction and direction of the Government and the State Bank, to contribute to strengthening macroeconomic stability, create a favorable environment for businesses to recover in the difficult period for them to invest in expanding production and business in the post COVID-19 period, Agribank is continuing to actively work, coordinate with customers to review and assess the level of impact, understand difficulties and obstacles faced by businesses to solve, provide appropriate and effective support and advice in a timely manner.

Joining hands with the banking industry to proactively, synchronously and drastically implement monetary, credit and banking solutions to support businesses and people to effectively overcome difficulties caused by the COVID-19 pandemic for maintaining stability and economic development, it is an important political task and responsibility identified by Agribank as its top priority.


Kylie Nguyen

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
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