(HBO) - The provincial Business Association and the State Bank of Vietnam's Branch in Hoa Binh province hold a meeting on August 5 to discuss solutions to remove difficulties for businesses affected by the COVID-19 epidemic.


Photo: Representatives of the provincial Business Association suggested the implementation of preferential credit policies to support businesses to overcome difficulties.

At the meeting, representatives of the provincial Business Association and enterprises agreed that given complicated developments of the COVID-19 pandemic, companies face a lot of challenges. Many enterprises had to suspend operations.

Enterprises proposed a number of recommendations to remove difficulties, including increasing debt restructuring time, expanding the list of beneficiaries of incentives for extension, postponement, and reduction of interest rates for enterprises operating in the fields of investment, construction and real estate.

It was necessary to consider reducing the interest rates to the maximum level for all loans at banks as currently, some banks have reduced while others have reduced a little or not yet doing so. The guarantee fees and loan commitment fees should also be lowered. There should be a flexible mechanism in medium and long-term loans secured by assets formed in the future.

The collaterals at banks as real estates should be re-evaluated to be relevant to the market so that enterprises have the opportunity to borrow more capital while administrative procedures should be simplified to facilitate businesses access to the 26-trillion VND support package, the businessespeople said.

They asked for the removal of collaterals for loans for construction works funded by public investment capital when a decision on capital allocation has been made. The implementation of activities to support businesses affected by the COVID-19 pandemic should be sped up, they added.

Leaders of the State Bank of Vietnam (SBV)’s Branch in Hoa Binh province exchanged and shared difficulties that businesses were facing and received suggestions to study and report to the SBV for solutions to solve their problems.

In the coming time, the SBV will continue to direct commercial banks and credit institutions to effectively implement activities to support businesses affected by the COVID-19 pandemic and organise a signing ceremony on coordination regulations between the SBV’s Branch in Hoa Binh and the provincial Businesses Association to ease difficulties for enterprises.


 

 


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