The move is part of an initiative by the State Bank of Vietnam (SBV) to save businesses from the damage caused by the coronavirus epidemic, according to a government directive issued on Friday.

Nguyen Quoc Hung, director of the SBV’s credit department, said most banks have agreed to lower their interest rates by 0.5-1 percentage point and scrap fees on payments and transfers for businesses affected by the disease.

Of the VND250 trillion, BIDV has registered for VND120 trillion ($5.2 billion), Military Bank for VND35 trillion ($1.5 billion) and Asia Commercial Bank for VND15 trillion ($644 million).

The government has also instructed the Ministry of Finance to reduce tax rates and fees for businesses affected by the disease by VND30 trillion ($1.3 billion).

The directive is a major move by the government to boost the economy as the epidemic has hit several sectors including tourism, aviation and trade.

Vietnam’s GDP growth in 2020 could be a seven-year low of 5.96 percent, according to the Ministry of Planning and Investment.