Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Viet Nam 01 01 - Liquidity Support VND
Viet Nam 01A 01A - Short-term lending VND IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 16 April 2020).

No amount/estimate: The State Bank of Vietnam (SBV) stated that it is ready to inject liquidity, including through refinancing windows, for Credit Institutions (CIs) to implement the government’s programs and help CIs to address nonperforming loans.

Viet Nam 01B 01B - Support policies for short-term lending VND
Viet Nam 01C 01C - Forex operations VND IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 19 April 2020).

No amount/estimate: March 23, With depreciation pressures rising, the SBV announced that it would intervene in the currency market as needed to smooth excessive exchange rate volatility.

Viet Nam 02 02 - Credit creation VND
Viet Nam 02A 02A - Financial sector lending/funding VND
Viet Nam 02B 02B - Support policies for long-term lending VND IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 16 April 2020).

No amount/estimate: (i) March 17, The SBV cut benchmark policy rates by 50–100 basis points (bps), the short-term deposit rates cap by 25–30 bps, and the short-term lending rates cap for priority sectors by 50 bps; raised its remuneration rates on required VND reserves by 20 bps, and also raised interest rates by the same amount on Vietnam Deposit Insurance, Vietnam Social Policy Bank (VSPB), Vietnam Development Bank, People Credit Funds and microfinance institutions’ deposits at the SBV; (ii) March 31, SBV has instructed CIs to actively reduce bonus and salary, cut other operating costs, timely adjust business plan (including not pay dividend in cash), and use the saved resources to reduce interests; (iv) VSPB also proposed to the authorities to reduce its interest rate charged on loans to the poor household by 15% and to other eligible policy borrowers by 10% starting from April 1 to-end-2010.

Viet Nam 02C 02C - Loan guarantees VND
Viet Nam 03 03 - Direct long-term lending VND 316,000,000,000,000 13,600,172,154 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 19 April 2020).

Affected firms are eligible to access concessional loans from VSPB with no interest for making salary payment to their workers who temporarily stop working. The total loan value is estimated at VND16.2 trillion (0.2% of GDP).

Viet Nam 03A 03A - Long-term lending VND 16,000,000,000,000 688,616,312 Government Resolution 42/NQ-CP dated 9 April 2020 on the assistance to people affected by Cov-19 pandemic; Prime Minister's Decision 15/2020/QD-TTg dated 24 April 2020 on implementation of policies on assistance for people affected by Cov-19 pandemic

The SBV is instructed to provide refinancing with 0% interest rate to Viet Nam Bank for Social Policies (VBSP) for providing unsecured loans with 0% interest rate to affected firms for making suspension pay to their workers. The total loan value is estimated at VND16 trillion (0.3% of GDP).

Viet Nam 03B 03B - Forbearance VND 300,000,000,000,000 12,911,555,842 SBV's Circular 01/2020/TT-NHNN dated 13 March 2020 on debt rescheduling, exempting and reducing interest rates/fees, and retaining restructured debts in the same debt category as before restructuring

The authorities announced a credit package totaling VND 300 trillion (about 5% of GDP) from the banking sector for affected firms and households through debt rescheduling, exempting, and reducing interests/fees, retaining restructed debts in the same debt category as before restructuring [update]. This is time-bound from Jan 23 to 3 months after the Prime Minister’s announcement of the ending of COVID-19 epidemic; banks have been exempting and reducing fees (including interbank transaction fees for small amounts, and credit information subscription fees).

Viet Nam 04 04 - Equity support VND
Viet Nam 05 05 - Government support to income/revenue VND 237,684,985,000,000 10,229,609,856
Viet Nam 05A 05A - Health VND 1,184,985,000,000 51,000,000 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 16 April 2020).

USD51 million allocated by the government for health spending from the central contingency budget.

Viet Nam 05B 05B - Non-health VND 236,500,000,000,000 10,178,609,856 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 19 April 2020).

(i) Announced measures include (a) VND180 trillion (2.4% of GDP) of tax cut and land rental payment deferrals (for 5 months) to support affected entities; (b) affected firms and workers are allowed to defer their contribution (up to 12 months) to the pension fund and survivorship fund without interest penalty (total delayed contribution is estimated to reach VND9.5 trillion or 0.1% of GDP); (c) tax exemptions for medical equipment; (d) lower business registration fee effective from February 25 (1-year exemption of business registration tax for newly established household business; first 3-year exemption of business registration tax for SMEs); and (e) streamline tax and custom audit and inspection at firms, continued exemption of agricultural land use tax for households and farmers; and preferential tariffs on key items; (ii) In addition, the government has submitted to the National Assembly Standing Committee for adoption of a cash transfer package worth of VND36 trillion (0.5% of GDP) from the state budget (both central and local government budget) to the following affected entities for 3 months from April to June: (a) The poor and near poor households; (b) recipients of social protection program; (c) workers who temporarily stopped working or have been on unpaid leave; (d) unemployed workers without unemployment insurance, and self-employed workers; (e) households with monthly taxable revenue below VND100 million per month that temporarily suspended business; (iii) The Ministry of Industry and Trade proposed temporarily cutting electricity prices by a maximum of 10% for 3 months to support firms and households affected by COVID-19 . The support is estimated at approximately VND11 trillion or nearly 0.1% of GDP.

Viet Nam 06 06 - Budget reallocation VND
Viet Nam 07 07 - Central bank financing government VND
Viet Nam 07A 07A - Direct lending & reserve drawdown VND
Viet Nam 07B 07B - Secondary purchase: government securities VND
Viet Nam 08 08 - International Assistance Received VND 2,316,761,850,000 99,710,000
Viet Nam 08A 08A - Swaps VND
Viet Nam 08B 08B - International loans/grants VND 2,316,761,850,000 99,710,000
Viet Nam 08B1 08B1 - Asian Development Bank VND 2,316,761,850,000 99,710,000 ADB.

(i) February, USD500,000 under the Greater Mekong Subregion Health Security Project; (ii) April, USD98.26 million worth of loans and guarantees under the Trade Finance Program (Additional Financing); (iii) April 8, USD950,000 under TA: Regional Support to Address the Outbreak of COVID-19.

Viet Nam 08B2 08B2 - Other VND
Viet Nam 09 09 - International Assistance Provided VND
Viet Nam 09A 09A - Swaps VND
Viet Nam 09B 09B - International loans/grants VND
Viet Nam 10 10 - No breakdown VND
Viet Nam 11 11 - Other Economic Measures VND IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 16 April 2020).

(i) On March 31, the State Bank of Vietnam instructed Credit Institutions (CIs) to actively reduce bonus and salary, cut other operating costs, timely adjust business plan (including not pay dividend in cash), and use the saved resources to reduce interests; (ii) Several fees for securities services have been also reduced or made exempt between March 19 and August 31 to support the stock market.

Viet Nam 12 12 - Non-Economic Measures VND OECD. http://www.oecd.org/coronavirus/en/ (accessed 12 April 2020).

(i) On March 9, the government tightened entry restrictions: no tourist visa is issued for Schengen countries, the United Kingdom and some US states; Only business and diplomatic entries are still allowed, but those travellers have to submit health certificate/questionnaire; All foreign and national travellers coming from infected countries have to be quarantined for 14 days; (ii) On March 17, the government announced that it stops visa issuance to foreign visitors for 30 days from March 18, except for some specific cases, such as diplomats/officials. (iii) From the week of March 23, all international flights have been suspended until the end of April, except some special occasional flights to bring back Vietnamese nationals. (iv) Schools have not been open after the lunar New Year holiday (beginning February).