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Vietnam offers debt waivers for individuals, businesses affected by recent catastrophes

Saturday, October 31, 2020, 14:45 GMT+7
Vietnam offers debt waivers for individuals, businesses affected by recent catastrophes
A location is seen after a mudslide in central Vietnam. Photo: Minh Hoa / Tuoi Tre

The State Bank of Vietnam has ordered credit institutions to roll out financial measures, namely debt rescheduling, debt deferral, and debt waivers to ease the burden on residents and enterprises facing damage from Typhoon Molave and prolonged flooding in October.

The aforesaid policy was stated by Vietnamese Prime Minister Nguyen Xuan Phuc during a recent regular cabinet meeting on relief measures to deal with the aftermath of flooding, mudslides, and Typhoon Molave in central Vietnam.

During the meeting, Phuc said that a prompt response is required to help affected populations, sectors, and locales to recover from the catastrophes, stabilizing livelihoods and restoring production.

He also urged relevant agencies to introduce measures to address several pressing matters.

The Ministry of National Defense and the Ministry of Public Security are required to enhance manpower to locations inundated with mud to assist local authorities and agencies in searching for and rescuing victims.

PM Phuc added that agencies in charge of state reserves may disseminate requisite supplies to assist damage relief activities in catastrophe-struck provinces.

“Supplies must fulfil quality criteria," the premier underlined.

"It should be distributed to the right individuals and used for the right purposes, with deliveries made promptly to the locales in need."

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