VPBank has been reducing interest rates to support local enterprises hit by the coronavirus outbreak Photo: Dung Minh Businesses which are particularly hard hit by the global coronavirus, or nCoV, outbreak could get a reduced lending rate, according to Governor of the State Bank of Vietnam (SBV) Le Minh Hung, as Vietnamese policymakers attempt to ward off signs of weaker economic growth. Hung noted that the spread of the epidemic could have an adverse impact on economic activity and market sentiment in the coming months. “With economies and financial markets interconnected, expectations of lower interest rates or rescheduling debt payments could dampen the fears of companies that are on the edge of troubles,” he said. Focus must be placed on the most vulnerable sectors such as tourism, agriculture, and exports so measures can be put in place, he said in a recent document sent to commercial banks. Vietnamese banks are catching up with markets elsewhere in reflecting the threat the epidemic poses to global and domestic growth. In particular, VPBank trimmed its lending rates by 1.5 per cent, targeting around 1,000 clients who have been hit hard by the outbreak. Kien Long Bank cut its lending rates to 3 per… Read full this story
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