Businesses get access to non-interest loan package
Forty businesses have received money from the Government’s non-interest loan package of 62 trillion VND (2.7 billion USD) to pay salaries to nearly 1,200 employees who have stopped working due to the serious impacts caused by the COVID-19 pandemic.
A representative of the Vietnam Bank for Social Policies gives a loan disbursement contract to an employer in the central province of Quang Binh. (Photo: VNA)
Hanoi (VNA) -﷽ Forty businesses have received money from the Government’snon-interest loan package of 62 trillion VND (2.7 billion USD) to paysalaries to nearly 1,200 employees who have stopped working dueto the serious impacts caused by the COVID-19 pandemic.
The firms havereceived more than 6 billion VND in total from the Vietnam Bank for SocialPolicies, making them the first businesses to avail of the package. The bank was assignedto disburse the Government’s loan package for employers to pay salaries forworkers in May, however, it had failed to do so due to the strictconditions. To help businessesaccess the loans, the bank recently simplified conditions to make employerseligible for a loan when their employees, who hold social insurance cards, muststop work for at least one consecutive month from April 1, 2020, toDecember 31, 2020. The businesses’revenue in the first quarter of this year decreased by 20 percent compared withthe fourth quarter of the last year. The loan term isnegotiated by the bank and employers, with a maximum of 12 months. Theoverdue debt interest rate is 12 percent per year. Customers are notrequired to provide loan guarantees. Nationwide branches ofthe Vietnam Bank for Social Policies have been working with customers tocomplete procedures for disbursement. The disbursement will be carried out onJanuary 31, 2021. The 62 trillion VND packageis the first of its kind the Government has offered to support people affectedby the COVID-19 pandemic. The Ministry of LabourInvalids and Social Affairs (MoLISA) recently proposed the Government provide asecond package of 18.6 trillion VND to help businesses develop production andbusiness, and employees to borrow preferential loans to restore and maintainjobs. Beneficiaries includesmall- and medium-sized enterprises, cooperatives and business households, withpriority given to small and micro enterprises (less than 10 employees), cooperatives,household businesses and workers in rural areas. The estimated loanamount for production and business establishments is 2 billion VND, and 100million VND for workers, with zero interest rate for 12 months. The third-quarter macroeconomicreport of the Institute for Economic Research and Policy (VEPR) showed thepolicy of directly supporting employees had not shown effectiveness inpractice. As of mid-August, only more than 16 million people from differentgroups of workers received support from the first package, with 17 trillion VNDdisbursed, accounting for 19 percent of people in need./.
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A representative of the Vietnam Bank for Social Policies gives a loan disbursement contract to an employer in the central province of Quang Binh. (Photo: VNA) 
