TO REFINANCE VND 16 TRILLION WITH INTEREST RATE OF 0% TO SUPPORT PEOPLE AFFECTED BY THE COVID-19
On May 07, 2020, the State Bank of Vietnam issues the Circular No. 05/2020/TT-NHNN on loan refinancing for Vietnam Bank for Social Policies according to the Prime Minister’s Decision No. 15/2020/QD- TTg on providing regulations on the implementation of policies to support people facing difficulties due to the COVID-19 pandemic.
Specifically, the maximum amount of refinancing is VND 16,000 billion and the refinancing interest rate is 0% per year. After the refinancing expiration date, the interest rate shall be 0% per year.
Noticeably, the duration of refinancing is 364 days, from the next day of the date on which the State Bank disburses the loan refinancing for the Vietnam Bank for Social Policies. The duration of refinancing starts from the date of signing in the first debt agreement until the end of July 31, 2020.
In addition, the State Bank shall refinance for the Vietnam Bank for Social Policies without requiring for collaterals.
This Circular takes effect on May 07, 2020.
