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Agribank has disbursed over VND 20 trillion to customers affected by COVID-19

17/07/2020

As of end of June, 2020, Agribank had disbursed to over 9,000 customers affected by COVID-19 pandemic with the amount of VND 20,560 billion.

Of the above amount, the disbursement amount of the VND 100,000 billion credit program reaches over VND 14,000 billion. Agribank had lowered interest rates on existing loans worth VND 45,085 billion, in which lowering interest rates on outstanding loans affected by COVID-19 of VND 10,370 billion with nearly 10,000 customers.

Agribank had also restructured debts and reduced interest rates under the Circular No. 01/2020/TT-NHNN of VND 43,069 billion; in which, Agribank had extended repayment period for the amount of over VND 35,000 billion for nearly 9,000 customers; provided interest exemption and reduction up to VND 8,000 billion for nearly 1,000 customers.

As of June 30, 2020, Agribank had total assets of over VND 1.46 million billion; funding resources reached over VND 1.35 million billion; total outstanding loans and investments reached over VND 1.33 million billion; in which, the outstanding loans to the economy of over VND 1.13 million billion.

Agribank credit capital accounts for a large proportion of the total outstanding loans of nearly VND 2 million billion for agriculture and rural areas in Vietnam and accounts for over 50% of the total rural loans of the entire Vietnam banking system, making an important contribution to the development of Vietnam's agriculture in particular and the country's economy in general.

In the first six months, Agribank had promptly implemented the guidance and policies of the Government and the State Bank of Vietnam on solutions to support customers affected by COVID-19 pandemic.

At the same time, Agribank conducted evaluation on the impact of the pandemic on customers, issuedg and implemented internal regulations guiding Circular 01/2020 /TT-NHNN on restructuring the repayment periods, waiver and reduction of interest and fees, maintaining the debt classifications in order to support those customers affected by Covid-19 pandemic.

Agribank has also implemented a preferential credit program of VND 100,000 billion with interest rates reduced from 0.5% - 2.5%/year compared to the normal level; implemented urgent solutions of the banking industry to strengthen prevention, control and overcome difficulties caused by the impact of the pandemic under Directive 02/CT-NHNN.

According to Chairman of the Board of Directors of Agribank Pham Duc An, 2020 is the last year to implement the Agribank restructuring plan associated with handling bad debts in the 2016-2020 period. This is an important year in completing the phase 2 restructuring and preparing for equitization.

In the context of unprecedented global challenge of the COVID-19 pandemic, with the determination to work with the Government, the Banking sector and the political system to successfully implement the double task of epidemic prevention and economic development in the "new normal state", Agribank has identified the last six months of 2020 as an important "sprint" period to accomplish the business targets of the whole 2020.

 

Kylie Nguyen

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