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A helping hand for SMEs
With commitment to "growing together", BIDV has offered uniform and timely solutions for small and medium-sized enterprises (SMEs) affected by the Covid-19 pandemic.
T
he Covid-19 pandemic has developed complicatedly around the globe. Given the world economy's deep recession due to the pandemic, as the lifeblood of the economy, banks have strengthened supporting and easing difficulties for businesses, contributing to economic recovery and pandemic prevention and fighting work.
Sharing difficulties In order to ease difficulties and support SMEs to maintain and restore production and business activities, BIDV
has proactively implemented a series of preferential policies for SMEs such as reducing lending rates on existing loans by 1 percent/year on average, and by up to 2 percent/year compared to the current interest rate for a number of customer groups with difficulties, rescheduling repayment term, keeping the debt group as well as launching short-term credit packages totalling up to VND200 trillion (USD8.7 billion) at competitive lending interest rates. Dai A Plastic Joint Stock Company is an enterprise operating in the field of manufacturing and exporting plastic beads. Its factory is located in Thuan Thanh Industrial Park, Xuan Lam Industrial Cluster, Bac Ninh province, about 30km from Hanoi. During the recent Covid-19 outbreak in the province, the company's operations were severely affected. Production was disrupted due to workers being under quarantine while import of raw
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B I D V review
materials and sale of products faced difficulties. Given the difficulties facing the business, BIDV actively took action to reduce lending interest rates for the customer. Mr. Nguyen Quoc Doanh, Director of Dai A Plastic Joint Stock Company highly appreciated BIDV's timely support. Mr. Doanh said: “BIDV’s interest rate reduction has helped ease our financial pressure, particularly in the extremely difficult situation. Thanks to the financial support, along with the preferential interest rate offered by the bank, our company can sustain production and business activities.” In addition to rate reduction programs, BIDV launched “Covid-19 relief comprehensive financial program for women-led small and medium-sized enterprises. Particularly, BIDV offers solutions including restructuring loans with extended repayment term from
