[Hanoi, April 7, 2020] Embracing the policies of the Government and State Bank of Vietnam, Vietnam Technological and Commercial Joint-Stock Bank (Techcombank) has announced a comprehensive support package worth VND 30,000 billion that covers interest waiver and reduction, interest rate reduction, introduction of preferential interest rates, debt rescheduling for suitable terms to share hardships with individual and corporate customers affected by the Covid-19 outbreak. 
  • This VND 30,000 billion comprehensive debt restructuring package includes interest waiver and reduction, interest rate reduction, introduction of preferential interest rates, debt rescheduling for suitable terms for individual and corporate customers affected by the Covid-19 outbreak.
  • Techcombank has continuously invested in superior digital payment solutions and waived bank transfer to help its customers save time and costs and protect their safety and health.
  • Techcombank has waived e-banking transaction fees worth nearly VND 2,000 billion and refunded its customers more than VND 300 billion via the Debit Cashback program.
Specifically, support for corporate customers is worth 20,000 billion, including debt restructuring advice for customers who meet the conditions prescribed in Circular 01/2020/TT-NHNN. There will be no limit on loan amounts and values, and loans will be extended promptly and conveniently. In addition, Techcombank will reduce lending rates for customers affected by the Covid-19 outbreak by up to 2%. The Bank is also committed to securing sufficient credit to support businesses that have plans for expansion.
Support for individual customers is worth VND 10,000 billion, including reduction of interest rates by up to 2% for 6-12 months for new/refinanced loans in the period from April 1 to June 30 for business households and individuals taking out mortgages or home equity loans who are directly impacted by the Covid-19 outbreak. The Bank will also reduce lending interest rates by 1-2% (depending on specific loans) for 6-12 months for its existing customers whose incomes are affected due to the epidemic and who are eligible for debt restructuring. The support package also includes advice and debt restructuring for all customers who meet the conditions set down in Circular 01/2020/TT-NHNN, and the Bank will not charge debt restructuring fees. Also, Techcombank will waive or reduce prepayment fees for customers who are impacted by the epidemic and therefore are forced to prepay in order to lessen their debt obligations.
 
On the support package, Techcombank's Managing Director and Standing Deputy Executive Officer Phung Quang Hung affirmed, “The Covid-19 pandemic has become a challenge for global economies, including the Vietnamese one, and has caused a significant impact on individual lives, the development of business communities and all economic sectors. To embrace the policies of the Government and State Bank of Vietnam to share the hardships of customers who are affected by the pandemic, we have decided to provide a support package worth VND 30,000 billion to enable affected customers to have sufficient financial resources to restore their lives and business operations.”
 
In addition to this support package, Techcombank has continuously invested in digital banking solutions to provide e-Banking tools which are convenient, fast, confidential and physically safe for customers since they can make transactions remotely, reduce contact with cash, thereby minimizing the risk of Coronavirus infection. Techcombank is a pioneer in Vietnam in introducing free-of-charge bank transfer via its “Zero Fee” or “Zero E-Banking Fee” program applicable to individual customers since 2016 and to corporate customers since 2018. It is estimated that by 2019, Techcombank had waived nearly VND 2,000 billion worth of e-banking transaction fees for its customers. Its “Debit Cashback 1%” program is another effective solution that helps customers limit contact with cash, thereby preventing the risk of being infected with the virus. Under this program, Techcombank has cashed back more than 300 VND billion to its customers making debit card transactions. Remarkably, Techcombank has offered a dual solution: waiver of payment transaction fees and cashback 1% when customers pay by card for public services such as education and healthcare to reduce direct contact and increase values and benefits for them.
 
Regarding corporate customers, in addition to waiver of internal or domestic interbank remittance fees, from February 2020 onwards, medium- and small-sized enterprises can use foreign currency trading and international remittance services via F@st  Ebank to be entitled to preferential foreign exchange rates and overseas remittance fees, and, at the same time, to interest on current account balances via interest rate tiers. An outstanding advantage of this feature is a more competitive cost (0.15% compared to 0.2% when making transactions at the counter). This is a great help for import-export enterprises and those trading with foreign partners to conduct transactions easily and optimize production and business costs, thereby reducing difficulties in this epidemic time.
In addition to launching the VND 30,000 billion support package and encouraging digital payment to help customers to cope with the epidemic, Techcombank has also shouldered corporate social responsibility by donating VND 10 billion to the Vietnam Fatherland Front for the prevention and control of the epidemic. “As a leading, reputable commercial bank in Vietnam, we are committed to creating favorable conditions for customers affected by the epidemic to stabilize and restore their business and ensuring our employees have stable sources of income to support their lives and maintain their job security. We are with the Vietnamese Government and people on this fight against the Covid-19 epidemic,” said Standing Deputy CEO of Techcombank Phung Quang Hung.