BIDV offers assistance to individual customers amidst coronavirus outbreak

The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has announced a credit package worth 5 trillion VND (215 million USD) for its individual customers hurt by the acute respiratory disease caused by a novel coronavirus (COVID-19).

bidv offers assistance to individual customers amidst coronavirus outbreak hinh 0
BIDV has announced a credit package worth 5 trillion VND (215 million USD) for its individual customers hurt by the coronavirus outbreak. (Photo: cafef.vn)

The capital is prioritised for customers operating in the fields of agriculture, export and tourism.

Customers are able to take BIDV loans for production and trading of agricultural products such as dragon fruit, watermelon, jack fruit and banana as well as several aquatic products like tra, basa and cat fish.

The package also includes support for operators of restaurants and hotels, while aiding those with trade activities with China.

Under the package, customers will enjoy a stable annual interest rate of 5.5 percent in a maximum four months since the first disbursement.

The epidemic could cause losses of 5.9-7.7 billion USD for the domestic tourism sector in the next three months, according to the Vietnam National Administration of Tourism (VNAT).

The tourism sector has estimated a 90 percent decrease in the number of Chinese visitors due to the disease, and a 50-70 percent drop in holidaymakers from other countries. The number of domestic holidaymakers is also likely to suffer a fall of 50-70 percent.

Besides, the country could lose up to 600 million USD of exports to China in the first quarter of 2020, the Ministry of Industry and Trade has warned.

In a forecast in the first regular cabinet meeting of the year, the ministry said it expected that exports to China in the first quarter could drop by 5-8 per cent compared to the same period last year. Such an estimate would involve the ongoing epidemic being put under control in less than three months since it began in late January.

VNA