Preferential credit policy for ethnic minorities and mountainous areas in Vietnam in the period of 2021 - 2030

Decree 28/2022/ND-CP stipulating preferential credit policy for the implementation of the Program National goals for socio-economic development in ethnic minority and mountainous areas for the period from 2021 to 2030, phase 1: from 2021 to 2025

Which are eligible for preferential loans?

Pursuant to Article 2 of Decree No. 28/2022/ND-CP specifying entities as follows:

- Borrowers defined in this Decree include:

+ Poor households, near-poor households according to the standard of poor households and households living just above the poverty line stipulated for each period, who are eligible for loans as stipulated in this Decree.

+ Enterprises, cooperatives, unions of cooperatives, households and business and production organizations using employees who are ethnic minority people, are eligible to apply for loans as prescribed in this Decree.

- Ministries, sectoral administrations, People's Committees of centrally-affiliated cities and provinces, and organizations or individuals involved in implementing policies prescribed herein.

- VBSP shall grant loans as prescribed in this Decree.

Preferential credit policy for ethnic minorities and mountainous areas in Vietnam in the period of 2021 - 2030

Regulations on rules for granting loans and taking loans?

Pursuant to Article 4 of the Decree No. 28/2022/ND-CP specifying principles of lending and borrowing of funds as follows:

The Vietnam Bank for Social Policies shall provide loans to eligible borrowers in a transparent, public and transparent manner; review and provide guidance on principles for selecting loan policies as prescribed in this Decree or apply the loan policy with the highest incentive level to eligible borrowers of multiple credit programs at the Vietnam Bank for Social Policies so as to provide them with assistance in housing, residential land, production land and vocational training expenses.

- Borrowers shall use loans for proper purposes and repay principals and interests on time to the Social Policy Bank.

If the borrower is a poor household or a near-poor household eligible to apply for loans from multiple credit programs at the VBSP to serve their business operation, a borrower may choose to apply for loans from one or multiple credit programs provided that the total loan outstanding does not exceed the maximum loan granted to a poor household or near poor household in each period.

What are the responsibility of the borrower?

Pursuant to Article 40 of the Decree No. 28/2022/ND-CP stipulating responsibilities of borrowers as follows:

- Borrowers must fully satisfy the capital-borrowing conditions prescribed in this Decree, use the borrowed capital for the right purposes, fully and promptly repay the loan principals and interests as agreed upon in the credit contracts.

- Borrowers may not transfer the rights to use residential land, the rights to use production land and houses within the period in which they still have outstanding debts to the Social Policy Bank.

Ministers, Heads of ministerial agencies, Heads of Governmental agencies, Presidents of the People's Committees of provinces, the Chairperson of the Executive Board and General Director of VBSP are responsible for the implementation of this Decree.

Khanh Linh

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