Thursday, July 16 2020

VietNamNews

Bank fails to disburse Gov’t’s non-interest loan package

Update: June, 10/2020 - 14:57

 

People make transaction at an office of Việt Nam Bank for Social Policies in Hà Nội. — Photo tinnhanhchungkhoan

HÀ NỘI — Việt Nam Bank for Social Policies has not yet disbursed any loans from the Government’s non-interest credit package of VNĐ16 trillion, said Deputy Director of the bank Trần Lan Phương.

The bank was last month assigned to disburse the Government loan package for employers to pay salaries for workers, who have stopped working due to the impact of the COVID-19 pandemic.  

Phương said the pandemic is currently under control and businesses have begun production and trade recovery, but there is not any business meeting the requirements given by the Ministry of Labour, Invalids and Social Affairs.

To access the loan, businesses are required to have at least 20 per cent and more of employees participating in social insurance stopped working for one month or more; businesses have paid at least 50 per cent of the salary for employees when they stop working from April 1 to June 30; businesses are facing financial difficulties, failing to pay salaries for workers when they stop working and having used up the wage reserve fund to pay workers; and businesses have no bad debt at credit institutions or foreign banks' branches as of December 31, 2019.

Businesses are also required to be named in the list of employers qualified to borrow the loan to pay salaries for workers, which is approved by the provincial People’s Committee Chairman.

In a meeting held by the State Bank of Việt Nam (SBV) and Hà Nội People’s Committee in the capital city last month, Deputy Governor of SBV Đào Minh Tú said the economic recovery would not only take months but possibly several years, especially in the field of transportation, tourism, import and export.

He said many industries are not only affected directly but also indirectly. The loan does not need collateral, but confirmation from the People's Committee. — VNS

 

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