What is the term and interest rate support in Vietnam from the state budget for loans of businesses, cooperatives, and business households?
- What is the period of interest rate support in Vietnam from the state budget for loans of enterprises, cooperatives and business households?
- What is the interest rate support from the state budget for loans of enterprises, cooperatives and business households?
- How to support interest rates in Vietnam?
- Process to recover the amount that has supported interest rates in Vietnam?
- What are the responsibilities of agencies implementing the interest rate support program in Vietnam?
What is the period of interest rate support in Vietnam from the state budget for loans of enterprises, cooperatives and business households?
According to the provisions of Clause 1, Article 5 of Decree 31/2022/ND-CP stipulating the time limit for interest rate support in Vietnam from the state budget for loans of enterprises, cooperatives and business households from the date of loan disbursement to the time the customer pays off the loan principal and/or interest as agreed between the commercial bank and the customer, in accordance with the announced interest support funding source, but not exceeding past December 31, 2023.
Thus, depending on the agreement of the parties, your business will pay the loan over that time. However, no later than December 31, 2023. Therefore, your business needs to pay attention to repay both principal and interest on time.
What is the term and interest rate support in Vietnam from the state budget for loans of businesses, cooperatives, and business households?
What is the interest rate support from the state budget for loans of enterprises, cooperatives and business households?
The support interest rate for customers is 2%/year, calculated on the loan balance and the actual interest rate support loan term in Vietnam is within the period from the date of loan disbursement to the time the customer receives the loan. The customer pays off the loan principal and/or interest according to the agreement between the commercial bank and the customer, in accordance with the announced interest rate support funding source, binterest rate support in Vietnam ut not later than December 31, 2023 as regulated. in Article 5 of Decree 31/2022/ND-CP.
Thus, your business will be supported with a loan interest rate of 2%/year.
How to support interest rates in Vietnam?
According to Article 6 of Decree 31/2022/ND-CP stipulating the method of interest rate support in Vietnam as follows:
By the time of debt repayment of each interest payment term, the commercial bank shall reduce to the customer the amount of loan interest payable equal to the interest supported loan amount in the period according to the guidance of the State Bank of Vietnam. Male.
Process to recover the amount that has supported interest rates in Vietnam?
According to the provisions of Article 9 of Decree 31/2022/ND-CP, stipulating the handling and recovery of the amount of interest support in Vietnam as follows:
- During the implementation process, in case it is discovered that a customer's loan is determined to be not eligible, uses the loan for the wrong purpose or does not meet the conditions for interest rate support, the commercial bank shall notify the customer. customers and convert the interest-supported loan into a regular loan, and at the same time recover the entire amount of interest-supported commercial banks within 30 days from the date of notification.
- In case the state budget has paid the interest rate support amount or has settled the interest rate support for the loan specified in Clause 1 of this Article, the commercial bank shall refund the state budget or report to reduce the interest rate. deducted from the amount of state budget payment of interest rate support.
- In case the customer does not refund the interest supported amount as prescribed in Clause 1 of this Article, the commercial bank shall send a written request to the State Bank branch in the province or centrally run city (where the customer is located). (where the head office is located) to report to the People's Committee of the province or city to direct the competent agencies in the locality to coordinate with commercial banks to recover the amount of interest support.
What are the responsibilities of agencies implementing the interest rate support program in Vietnam?
According to the provisions of Article 10 of Decree 31/2022/ND-CP as follows:
Responsibilities of the State Bank of Vietnam
- The Governor of the State Bank of Vietnam promulgates a Circular guiding commercial banks to provide interest rate support in Vietnam according to the provisions of this Decree, which stipulates the management method to ensure the total amount interest rate support does not exceed 40,000 billion VND.
- Synthesize the interest rate support plan, announce and adjust the interest rate support limit for commercial banks according to the provisions of this Decree.
- To inspect and supervise the lending to support interest rates of commercial banks.
- Synthesize reports on settlement of interest rate support in 2022 and 2023 of commercial banks; report on the results of the implementation of interest rate support for the whole program in accordance with the provisions of this Decree.
- In case of necessity, the State Bank of Vietnam shall assume the prime responsibility for establishing an inter-sectoral interest rate support working group including the State Bank of Vietnam, the Ministry of Finance, the Ministry of Planning and Investment, and the Ministry of Construction to control the interest rates. check the dossier of the loan entitled to interest rate support as prescribed at Point d, Clause 4, Article 7 of this Decree; promulgate regulations on the operation of the inter-sectoral interest rate support working group, which stipulates the principles and methods of checking the dossiers of loans entitled to interest rate support, tasks of the group members and other contents. other.
- Assume the prime responsibility for, and coordinate with relevant agencies in, handling difficulties and problems arising during the implementation of In Vietnam interest rate subsidy lending policy in accordance with this Decree.
Responsibilities of the Ministry of Finance
- Ensure adequate and timely funding sources for interest rate support to pay interest rate support to commercial banks according to the provisions of this Decree and relevant legal documents.
- Appraisal of the general report on the settlement of interest rate support in 2022, year 2
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