INTEREST RATE SUPPORT CONDITIONS APPLICABLE TO LOANS RELATED TO LABOR AND EMPLOYMENT
On May 30, 2022, the Government issues the Decree No. 36/2022/ND-CP on interest rate support for loans from the Vietnam Bank for Social Policies, funding sources for loans, allocation of interest rate subsidies and management expenses for the loan of the Vietnam Bank for Social Policies under the National Assembly’s Resolution No. 43/2022/QH15 dated January 11, 2022 on fiscal and monetary policies in support of the socio-economic recovery and development program.
Accordingly, this Decree provides for the mechanism of interest rate support for loans from the Vietnam Bank for Social Policies prescribed at Item b, Point 1.2, Clause 1, Article 3 of the Resolution No. 43/2022/QH15 and Item d, Point 2, Section II of the Resolution No. 11/NQ-CP dated January 30, 2022; funding sources for loans, allocation of interest rate subsidies and management expenses for the implementation of preferential loan policies of the Vietnam Bank for Social Policies specified at Item b, Point 1.3, Clause 1, Article 3 of the Resolution No. 43/2022/QH15 and Item c, Point 2, Section II of the Resolution No. 11/NQ-CP.
Specifically, eligible customers using the loans with the specified purposes shall be entitled to interest rate support from the State budget if their loans fully meet the following conditions: Being in policy credit programs at the Vietnam Bank for Social Policies under documents as prescribed; the interest rate of the loans shall be above 6%/year; and the loans are disbursed by the Vietnam Bank for Social Policies and the outstanding loans arise during the interest rate support period.
The interest rate support period is from January 01, 2022 to December 31, 2023 or until the Vietnam Bank for Social Policies announces the end of interest rate support, whichever comes first. The supported interest rate for borrowers is 2%/year, calculated on the outstanding loans disbursed during the interest rate support period and their loan durations applicable to interest rate support.
This Decree takes effect on the signing date.
