The Vietnam Bank for Social Policies (VBSP) has announced that it will suspend collection of loan interest from borrowers affected by Typhoon Yagi and the subsequent flooding until December 31.

The State Bank of Vietnam (SBV) is proposing the government options to remove difficulties that have arisen during the implementation of the 120 trillion VND (over 4.75 billion USD) credit package for social housing, its Deputy Governor Dao Minh Tu has said.

The fourth cut in a row of regulatory interest rates by the State Bank of Vietnam (SBV) has provided an opportunity for commercial banks to reduce interest rates, thus attracting borrowers.

It is critical to develop a proper legal framework for consumer credit to protect the legitimate rights of both borrowers and lenders, experts have said.

In order to effectively disburse a low-interest housing credit package of 120 trillion VND (5.11 billion USD), many experts recommended expanding the list of borrowers.