Vietnam: Loan amounts for job creation will be doubled from November 08, 2019

Duy Thinh

10:28, 28/09/2019

This is a notable content of Decree No. 74/2019/NĐ-CP of Vietnam’s Government providing amendments to Decree No. 61/2015/NĐ-CP prescribing employment creation policies and national employment fund.

Specifically, according to Decree No. 74/2019/NĐ-CP of Vietnam’s Government, from November 08, 2019, the maximum loan amount granted to a business entity is VND 02 billion/project (VND 01 billion/project according to current regulations) but shall not exceed VND 100 million/employee (VND 50 million/employee according to current regulations) benefiting employment creation, maintenance and development policies. The maximum loan amount granted to each eligible employee is VND 100 million (VND 50 million according to current regulations).

Also according to this Decree, loans shall be offered for a maximum period of 120 months (60 months according to current regulations).

The specific loan term shall be subject to the consideration and agreement between Vietnam Bank for Social Policies (VBSP) and the borrower according to fund sources, business cycle and solvency of that borrower.

View more details at Decree No. 74/2019/NĐ-CP of Vietnam’s Government, effective from November 08, 2019.

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