HANOI: Vietnam's central bank will restructure loans for some businesses facing difficulties, including delaying loan repayments, the government said, as it seeks to shore up a slowing economy. Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam to draft the decision with a view to increasin
HANOI: Vietnam's central bank will restructure loans for some businesses facing difficulties, including delaying loan repayments, the government said, as it seeks to shore up a slowing economy.
Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam to draft the decision with a view to increasing the number of firms subjected to restructuring, and extending the timeframe over which it happens, the government said in a statement at the weekend. Several companies in Vietnam, a regional manufacturing hub, have been struggling amid weakening global demand, with exports falling 11.9 per cent in the first quarter of this year.
Vietnam's economic growth slowed to 3.32 per cent in the January to March period, against a 5.92 per cent year-on-year expansion in the fourth quarter of 2022. Chinh at a weekend meeting with the central bank also called for commercial banks to cut lending interest rates to support businesses and households.Source: Reuters/ga
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