Due to the impact of the COVID-19 epidemic, his place of temporary residence was blocked, and his work was difficult. Mr. Thuc suggested that the authorities consider and support the exemption and reduction of loan interest.

The State Bank of Vietnam responded to this issue as follows:

Households borrowing loans to grow pepper fall under the provisions of Decree No. 55/2015/ND-CP dated June 9, 2015 of the Government on credit policies for agricultural and rural development; Decree No. 116/2018/ND-CP dated September 7, 2018 amending and supplementing Decree No. 55/2015/ND-CP; Circular No. 10/2015/TT-NHNN dated July 22, 2015 and Circular No. 25/2018/TT-NHNN amending and supplementing Circular No. 10/2015/TT-NHNN.

Accordingly, customers who have difficulty in repaying loans due to objective reasons or force majeure may be considered by credit institutions to restructure the repayment term and maintain the same debt group, exempt or reduce loan interest and excess interest. term, priority is to be taken to collect principal before collecting interest later, etc.

Regarding the issue of loan interest exemption and reduction, Clause 2, Article 4 of Circular No. 10/2015/TT-NHNN dated July 22, 2015 of the State Bank stipulates:

"Based on current regulations and their financial capabilities, credit institutions shall consider implementing other support measures (including exemption and reduction of loan interest and overdue interest; prioritizing collection of principals before interest) to help customers overcome difficulties and restore production and business".

According to the above regulations, the exemption and reduction of interest... falls under the competence of credit institutions. Credit institutions consider and decide on the basis of their assessment of the impact of objective and force majeure causes on the customer's debt repayment ability to apply accordingly.

In addition, in the face of the negative impact of the COVID-19 epidemic, the State Bank of Vietnam has issued many documents directing credit institutions to minimize operating costs in order to facilitate the reduction of loan interest rates and remove difficulties for customers.

Therefore, it is proposed that Mr. Ngo Tri Thuc actively work with the credit institution that is borrowing capital to be considered for interest exemption and reduction, in accordance with the law and the credit institution's internal regulations.