JavaScript is off. Please enable to view full site.

Vietnam central bank may cut rates to support virus-hit businesses

Vietnam central bank may cut rates to support virus-hit businesses

Friday, March 13, 2020, 11:22 GMT+7
Vietnam central bank may cut rates to support virus-hit businesses
A Vietnamese flag flies atop the State Bank building, near the Vietcombank and Bank for Investment and Development of Vietnam buildings, in central Hanoi, Vietnam November 23, 2017. Photo: Reuters

HANOI -- The State Bank of Vietnam may cut policy rates to support domestic economic activities hit by the coronavirus pandemic, the government said on Thursday. 

The virus, which has killed more than 4,900 people worldwide, has left firms in Vietnam’s manufacturing industry suffering material shortages due to supply chain disruptions. 

Companies operating in the agriculture, tourism and transport industries have also been hit hard, leaving several local banks with rising bad debts.

The central bank “will create favourable conditions for banks to restructure their loans and cut lending rates for those [firms] hit by COVID-19,” the central bank’s deputy governor Dao Minh Tu said, according to the statement. 

Speaking at a meeting with local businesses earlier Thursday, Prime Minister Nguyen Xuan Phuc said Vietnam needed to prepare for a rebound, as China, South Korea and Japan are expected to quickly resume production activities shortly. 

Vietnam’s coronavirus cases rose to 44 on Thursday, the Ministry of Health said. There have been no fatalities.

Reuters

More

Read more

;

Photos

VIDEOS

‘Taste of Australia’ gala dinner held in Ho Chi Minh City after 2-year hiatus

Taste of Australia Gala Reception has returned to the Park Hyatt Hotel in Ho Chi Minh City's District 1 after a two-year hiatus due to the COVID-19 pandemic

Vietnamese woman gives unconditional love to hundreds of adopted children

Despite her own immense hardship, she has taken in and cared for hundreds of orphans over the past three decades.

Vietnam’s Mekong Delta celebrates spring with ‘hat boi’ performances

The art form is so popular that it attracts people from all ages in the Mekong Delta

Vietnamese youngster travels back in time with clay miniatures

Each work is a scene caught by Dung and kept in his memories through his journeys across Vietnam

Latest news