Tu noted that recently, 16 major commercial banks have committed to cutting interest rates for specific groups with a total reduced amount until the end of this year estimated at about 20.3 trillion VND (891.8 million USD).
Alongside, four state-owned commercial banks, Vietcombank, Viettinbank, BIDV, Agribank, have agreed to cut an additional 1 trillion VND worth of interest rates each for cities and provinces undertaking social distancing measures.
Meanwhile, banks have pledged to reduce 100 percent of service and banking fees, including currency payment fee for Ho Chi Minh City and southern localities.
The SBV Deputy Governor affirmed that the bank will strengthen supervision to make sure the commitments are realised until the end of this year.
At the press briefing, Deputy Minister of Finance Nguyen Duc Chi said that affected businesses and people are expected to benefit from 118 trillion VND (5.18 billion USD) resulting from support related to taxes, land rent as well as charge and fee reduction to them overcome difficulties caused by COVID-19.
The ministry is making revisions to propose a number of additional solutions, including a 30 percent reduction in corporate income tax for firms with total revenue of less than 200 billion VND in 2021./.
Source: VNA