SBV requires banks to clear difficulties for breeding industry

The State Bank of Vietnam (SBV) has sent a document requiring credit institutions to take part in solving difficulties for the breeding industry.

Pig breeders have faced many difficulties because of price fall

Pig breeders have faced many difficulties because of price fall

According to the requirement, banks should base on their financial ability and relevant regulations to implement suitable measures, restructure debt payment time to suit customers’ payment ability, consider loan interest and overdue interest exemption or reduction, collect original debt first and interest debt later.
When extending debt payment deadline, commercial banks should continue providing customers with feasible production and trading projects to resume production and trading.
Difficulties during the implementation process of the requirement should be reported to the State Bank of Vietnam to consider and handle.
In related news, LienVietPostBank has announced a credit package worth VND500 billion (US$22 million) for pig breeders and processing plants in response to the call by the Prime Minister, the Minister of Agriculture and Rural Development, the Minister of Industry and Trade and the SBV Governor to rescue the pig breeding industry.
The package’s interest rate is 2 percent lower than market rates and the low interest loan time will be one year.

By HAM YEN – Translated by Hai Mien

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