Sunday, 07/09/2025
   

SBV orders debt relief and lending support following Typhoon Yagi

The State Bank of Vietnam (SBV) has instructed credit institutions to consider offering interest rate reductions, debt restructuring, and new lending support for borrowers impacted by Typhoon Yagi.
Typhoon Yagi

In a directive issued on September 9, the SBV called on financial institutions to assist individuals and businesses in areas affected by Typhoon Yagi, including Quang Ninh, Haiphong, Hanoi, Lao Cai, and Yen Bai. Measures include restructuring repayment terms, reducing interest rates, and extending new credit lines. This initiative aims to alleviate difficulties and support the recovery of production and business activities in the aftermath of the storm.

Banks have been asked to review and assess the damages, and submit reports on their implementation by September 20.

According to the SBV, as of September 7, credit growth had increased by 7.75 per cent, which is only half of the sector's target set at the beginning of the year. The average interest rate for new loans currently stands at 6.23 per cent, down 0.86 per cent from the end of 2023.

In addition to the banking sector, the Insurance Supervision and Management Department of the Ministry of Finance has urged insurance companies to swiftly assess losses, provide advance payments, and compensate policyholders affected by Typhoon Yagi.

The strongest storm in 30 years struck the Gulf of Tonkin on the morning of September 7, forcing nearly 13,000 households in Haiphong, Quang Ninh, and Thai Binh to evacuate. Many businesses in the affected regions reported significant damage to their infrastructure. At Halong International Cruise Port, numerous trees and billboards were toppled, while two piers suffered extensive damage. Sun World Halong reported 90 per cent of the trees within its premises were either uprooted or broken.

As of September 8, Quang Ninh authorities reported 19,500 homes with damaged roofs, 21 watercraft, 23 tourist boats, and 41 fishing vessels either sunk or adrift, and almost 1,300 power poles broken, with 70 per cent of trees uprooted.

In addition to material damage, power shortages have hampered recovery efforts. According to Northern Power Corporation, Typhoon Yagi caused significant damage to the medium- and low-voltage power grid in 15 northern cities and provinces.

Approximately 4.2 million customers (nearly 74 per cent) had their electricity restored by September 9.

  • Banking on advice to boost financial futures

    Banking on advice to boost financial futures

    Many commercial banks, with extensive customer bases, transparent transaction data and widespread branch networks, have trialled wealth management models offering investment consulting, insurance and financial planning services to VIP clients.

  • Government-backed STEM loans launched by VBSP

    Government-backed STEM loans launched by VBSP

    Vietnam Bank for Social Policies (VBSP) is introducing preferential loans to STEM students as part of efforts to build a stronger science and technology workforce.

  • S&P upgrades ratings of three banks, citing resilient economy

    S&P upgrades ratings of three banks, citing resilient economy

    The agency raised Vietcombank to BB+, Techcombank to BB and Eximbank to BB-, with stable outlooks, while upgrading Việt Nam’s BICRA to group 8 from 9.

  • Interest rate developments applied by credit institutions in July 2025

    Interest rate developments applied by credit institutions in July 2025

    State Bank of Vietnam has just released the interest rate developments of credit institutions in July 2025.

  • SBV's Action Plan on improving social policy credit in the new period

    SBV's Action Plan on improving social policy credit in the new period

    On August 27, 2025, the State Bank of Vietnam (SBV) issued the Action Plan of the Banking sector to implement Decision No. 1560/QD-TTg dated July 18, 2025 of the Prime Minister promulgating the Plan to implement Directive No. 39-CT/TW dated October 30, 2024 of the Central Party Secretariat on improving the effectiveness of social policy credit in the new period (Decision No. 3061/QD-NHNN).

  • Vietnamese banks standing strong although risks remain

    Vietnamese banks standing strong although risks remain

    Vietnam’s banking sector has been a key facilitator as well as beneficiary of the country’s robust economic growth. We forecast total system outstanding loans to double by the end of this year relative to five years ago. This makes Vietnam the second-largest banking system in ASEAN by assets, ahead of other larger and higher-income economies.

  • Vietnamese banks get ready to join crypto asset market

    Vietnamese banks get ready to join crypto asset market

    The newly issued Law on Digital Technology Industry will take effect from January 1 and is considered an important milestone, ending many years of legal ambiguity on issues related to crypto assets.

  • Credit trends set tone for key sectors

    Credit trends set tone for key sectors

    Credit across the banking system has surged at an unusually high pace this year, with a significant share directed towards real estate and securities, raising concerns over the sustainability of growth.

  • New chapter arrives for digital asset firms

    New chapter arrives for digital asset firms

    Opportunities for international collaboration and attractive growth potential have turned the Vietnamese cryptocurrency market into a vibrant playground.

  • Shinhan Bank expresses gratitude to business customers with free Ting Ting speakers

    Shinhan Bank expresses gratitude to business customers with free Ting Ting speakers

    Shinhan Bank Vietnam Ltd. (“Shinhan Bank”) has launched the “Customer Appreciation Day for Business Customers” across all 55 branches and transaction offices nationwide, featuring a free giveaway of Ting Ting Speakers. This initiative is dedicated to expressing gratitude to individual business owners, household businesses, private enterprises, and SMEs that have accompanied the Bank throughout the years.

Calculate deposit interest
VNĐ
%/year
month
Calculate deposit interest

Loan calculation
VNĐ
%/year
month
Loan calculation