Vietnam is expected to transpose the country’s commitments in free trade agreements into law in compliance with international practices.

A group of 16 commercial banks, accounting for 75% of total outstanding loans, has committed to foregoing around VND20.6 trillion ($906.3 million) in waiving and lowering interest rates for customers in the remainder of the year.

Hanoi is expected to ease restriction measures after September 21.

The move is aimed at supporting the Vietnamese Government’s efforts and businesses in sustainable development.

The support comes at a time when the Covid-19 situation remains serious in Hanoi, negatively affecting businesses operation.

The move is seen as welcoming news for businesses at a time when around 85,500 enterprises were forced to suspend operations in the first eight months of 2021.

Enterprises have to look at themselves to streamline operation, as this is the right timing for them to restructure and take on digitalization, Editor in Chief of the Economic & Urban Newspaper Nguyen Minh Duc suggested.

A network of 500 organizations and individual experts would be set up to facilitate digital transformation in the business community.

No efforts would be spared to prevent a public health crisis and subsequent socio-economic crisis, for the country to return to its normalcy as soon as possible.