VietinBank accompanies enterprises and people to implement the Government’s 'dual goal'

Update: 14:57 | 01/12/2020
In order to effectively implement the Government’s "dual goal", VietinBank has closely followed the market developments and actual needs of businesses and people to actively provide enough amount of credit in a timely manner, fully meeting the justified and necessary capital demand of the customers.

Thereby, we help our customers to stabilize business production and consumption, contributing to regaining the economic growth momentum for the country.

Active and maximum support for businesses and people

The impact of the Covid-19 pandemic is significant on every aspect of social life, thus directly affecting the operation of the Vietnamese banking system. Based on the development as well as the predicting analysis of the pandemic, VietinBank actively took the initiative to take measures, quickly adapted to the new normal state, and implemented the "dual goals”: Supporting affected customers to restore their operations post-pandemic while reforming and restructuring for sustainable development. The main focus is on the strong digital transformation, the transformation of growth and development models associated with opening up international economic integration.

VietinBank has promptly supported enterprises and borrowers affected by Covid-19 by rescheduling debts, adjusting loan repayment terms, reducing interest rates; reducing and exempting some service charges, providing multi-channel of payment to support customers in maintaining production and business activities.

Assessing the current credit interest rates of banks, Mr. Le Duc Tho - Chairman of the Board of Directors of VietinBank said: Currently, the credit interest rate of banks, especially the lending interest rate for the economy is on a reasonable rate not to mention a very never-seen-before low rate up to now. This is the result of the flexible managing macroeconomic policies, including the monetary policy of the State Bank, the active participation of commercial banks in which the main for is the state’s commercial banks. Therefore, it has created a very good source of liquidity and promptly met the capital needs of the economy.
VietinBank actively meets the legitimate capital and banking service demands of enterprises and people.

Mr. Le Duc Tho - Chairman of VietinBank Board of Directors said: "VietinBank also actively grasped the situation, proactively worked with business customers and people to evaluate the impacts as well as anticipating and forecasting the impacts of the pandemic on business activities and their income sources; at the same time VietinBank has advised them to have plans to organize business in the conditions of the pandemic, to adjust and restructure production and business activities. According to the plan, by 2020, we will spend about 4,000 billion of the profit to support businesses and people by lowering loan interest rates or through cutting, reducing, and providing free service to support the customers".

As of October 30, 2020, VietinBank has disbursed for 6,749 customers facing difficulties due to the impact of Covid-19 pandemic with the disbursement turnover of 320,035 billion VND. VietinBank has 1,426 customers being restructured, keeping the same group of debts as prescribed in Circular 01/2020 / TT-NHNN with outstanding loans of 59,290 billion VND, equivalent to 6.17% of VietinBank’s outstanding loans portfolio.

Timely respond to the customers’ legitimate capital needs

In recent years, VietinBank has accelerated comprehensive digital transformation of operations, accelerated the digitalization of the supply channels to fully and comprehensively meet customers' demands, and accelerated non-cash payments especially during the social-distancing period. VietinBank focuses on developing modern online payment products to meet the demands of customers during the blockade and isolation due to the Covid-19 pandemic, contributing to limiting exposure and providing banking services anytime, anywhere, for any subject on the basis of convenience, safety and security.

VietinBank's business model has shifted from major scale growth to service quality improvement and efficiency development, on the basis of a modern and multi-service banking platform. VietinBank provides comprehensive financial solutions to reinforce to meet customers' financial demands, developing package products, and financing supply chains to improve business efficiency, reduce time and transaction costs for both customers and the bank.

Mr. Tho affirmed that to all legitimate capital needs and necessary capital needs of businesses and people as well as in the society, VietinBank proactively and promptly responds to capital costs with an optimized way while implementing reduction and free policies to create the most favorable conditions for businesses, people as well as all entities in the economy to have favorable access to credit activities, banking services of VietinBank. Thereby, it will assist the Vietnamese economy to recover and regain great growth in the coming time.

Assessing the current credit interest rates of banks, Mr. Le Duc Tho - Chairman of the Board of Directors of VietinBank said: Currently, the credit interest rate of banks, especially the lending interest rate for the economy is on a reasonable rate not to mention a very never-seen-before low rate up to now. This is the result of the flexible managing macroeconomic policies, including the monetary policy of the State Bank, the active participation of commercial banks in which the main for is the state’s commercial banks. Therefore, it has created a very good source of liquidity and promptly met the capital needs of the economy.
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