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Hanoi (VNA) – The State Bank of Vietnam (SBV) has urged domestic and branches of foreign credit institutions to offer a cut in loan interest rates for businesses affected by the acute respiratory disease caused by the SARS-CoV-2 (COVID-19) which is taking toll on the regional economies. In response to the government’s appeal, the SBV requested the commercial banks to review their borrowers and update how they are affected by the outbreak in order to provide them with necessary support. The commercial banks were asked to delay repayments, cut loan interest rates and temporarily keep the affected borrowers in their current debt group. The policies are applicable to all epidemic-affected loans with repayment due between January 23 and March 31, the central bank said. They will be valid until further notice from the SBV, it added. To be eligible for the preferential policies, borrowers must make inquiries to the banks who then review their loans to assess the level of … [Read more...] about Banks urged to cut interest rates for epidemic-hit firms

Khanh said prices also rose two years ago when cash was diverted from the declining Bitcoin to gold. He said COVID-19 and China-US tensions had added to the sharp increase, and said global prices could reach $2.000 per ounce ($2,410 per tael) this year. … [Read more...] about Gold prices soar to eight-year high

Hanoi (VNA) - Domestic gold prices soared to an eight-year high on February 24, reaching 49.4 million VND (2,128.66 USD) per tael (1,766.4 USD per ounce). That level was last surpassed in September 2011, when prices reached 49.3 million VND per tael. Bao Tin Minh Chau gold firm listed an increase of about 4 million VND from February 21 afternoon. Doji reported prices of 49.2 million VND, while Sai Gon Jewellery Company (SJC) posted 49 million VND per tael. Smaller shops were asking for 50 million VND. On the global gold exchange Kitco, after passing a seven-year high, prices rose 2 percent to 1,682.7 USD per ounce (2,027 USD per tael) the same day. Michael McCarthy, chief market strategist at CMC Market, told Reuters: “The thinking is that fewer people are holding shares, selling down in particular, and that money has to fall into havens.” On the local market, a tael of gold on February was 100 USD more than global prices, … [Read more...] about Gold prices surpass 49 million VND per tael, hitting 8-year high

On the global gold exchange Kitco, the prices fell 1 per cent to $1,656 per ounce ($1,995 per tael) as investors chose to pocket profits after the metal hit a seven-year high in the previous session, although growing fears over a spike in new coronavirus cases outside of China capped bullion's losses. … [Read more...] about Gold prices fall in the market

As those affected by the epidemic were banks’ major customers, risk of increasing bad debts in banks was clear. According to VPBank’s estimation, the total number of customers affected by Covid-19 was up to 1,000, and this may increase if the virus develops further. … [Read more...] about Banks to reschedule debt payment for epidemic-affected customers