THE STATE BANK OF VIETNAM THE SOCIALIST REPUBLIC OF VIETNAM
No. 02/CT-NHNN Independence - Freedom - Happiness
Hanoi, March 31, 2020
On urgent solutions applied by the banking sector to enhance the prevention and control of coronavirus disease (Covid-19) and overcome difficulties caused by the disease
In response to the adverse impacts of the complicated developments of coronavirus disease (Covid-19) (below referred to as the disease) on the domestic economy, the entire banking sector has over the recent time taken the initiative in formulating plans on prevention and control of the disease so as to ensure safe, uninterrupted and effective operation of the banking system. The State Bank of Vietnam (below referred to as the State Bank) has promptly applied such solutions and policies as flexibly regulating monetary and exchange-rate policy instruments, rescheduling loans, granting interest exemption or reduction, retaining categories of bank loans, and simultaneously reducing regulatory interest rates in order to support production and business activities and exempt or reduce payment charges. These solutions have been drastically applied, initially helping remove difficulties for borrowers. The entire banking sector has contributed more than VND 160 billion to prevention and control of the disease, showing its high sense of responsibility in social welfare activities.
However, the disease now still sees complicated and unpredictable developments which will continue to greatly affect production and business activities and lives of people in the time to come. Therefore, the tasks of preventing and controlling the disease and redressing difficulties caused by the disease become very urgent. In furtherance of the instructions of the Party Central Committee’s Political Bureau and Secretariat and of the Prime Minister on drastic measures to prevent and control the disease, the State Bank Governor requests units under the State Bank, credit institutions and foreign bank branches (below collectively referred to as credit institutions), attached non-business units and enterprises, and associations in the banking sector to strictly, expeditiously and timely perform the following tasks and solutions:
I. GENERAL TASKS
1. The entire banking sector will follow the guideline “fight the disease like combating the enemy” with higher determination and consensus from the central to local level, and from the State Bank to credit institutions in order to effectively implement urgent solutions for preventing and controlling the disease and surmounting difficulties caused by the disease to the economy.
2. To concentrate efforts on drastically, proactively and effectively implementing solutions to prevent and control the disease and provide support for redressing difficulties caused by the disease in the new situation under the Party Central Committee’s Political Bureau’s instructions in the Party Central Committee’s Secretariat’s Notice No. 172-TB/TW of March 21, 2020, of the conclusions in Official Letter No. 79-CT/TW of January 29, 2020, of the Prime Minister’s instructions in Directive No. 11/CT-TTg of March 4, 2020, Directive No. 13/CT-TTg of March 11, 2020, and Directive No. 15/CT-TTg of March 27, 2020, and of the State Bank Governor in Official Telegram No, 02/CD-NHNN of March 11, 2020, and Circular No. 01/2020/TT-NHNN of March 13, 2020 (below referred to as Circular No. 01/2020/TT-NHNN). To timely acquire and update official information about the disease’s developments with a view to proactively applying effective measures to prevent and control the disease, ensuring safe and uninterrupted banking operations.
3. To be determined to achieve the objectives set out in the State Bank Governor’s Directive No. 01/2020/CT-NHNN of January 3, 2020; to focus on implementing solutions to curb inflation, maintain the monetary and foreign exchange market stable and stabilize the macro economy; to reserve credit for priority sectors and production and business activities; to timely and fully allocate funds to the economy, especially funds for restoring and maintaining production for the sectors stricken by the disease.
4. Leaders of authorities at all levels, cadres, civil servants and public employees in the entire banking sector must be aware of their role and responsibility, raise the sense of observing discipline, promoting their initiative and coordination in their operation, and promoting the sense of sharing difficulties through monetary, banking credit and social welfare activities.
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