Public kindergartens and primary schools in Vietnam are supported with interest rate loans at 3.3% per year.

The Prime Minister has just issued Decision 11/2022/QĐ-TTg about credit to non-public preschool and primary institutions in Vietnam affected by COVID-19, in which, kindergartens and public primary schools are supported with loans at 3.3% per year interest rate to maintain operation.

Public kindergartens and primary schools in Vietnam  are supported with interest rate loans at 3.3% per year (Illustration)

* Borrowers in Vietnam:

Non-public preschool and primary education institutions in Vietnam include:

+ Groups of independent children, independent kindergarten classes, independent preschool classes in the form of independent and private children (hereinafter referred to as independent and private preschool establishments);

+ Kindergartens, kindergartens, kindergartens in the form of public and private kindergartens (hereinafter referred to as public and private kindergartens);

+ Private primary schools in Vietnam as prescribed by law.

* Conditions for borrowing in Vietnam:

The borrower must meet the following loan conditions:

+ Being established and operating under the provisions of law.

+ Must stop activities according to the requirements of COVID-19 prevention and control for at least 01 month up to the time of borrowing.

+ Have a loan plan to restore and maintain operations according to Form 01 in the Appendix issued together with Decision 11/2022/QD-TTg and appraised by the Bank for Social Policy.

+ At the time of loan application, customers in Vietnam do not have bad debts at credit institutions and foreign bank branches arising before January 23, 2020.

* Method of lending in Vietnam:

The Bank for Social Policy makes direct loans to customers borrowing capital in Vietnam.

* Purpose of using loans in Vietnam

Loans used to repair facilities; procurement of equipment and medical supplies to prevent COVID-19; procurement of nurturing, care and education equipment to restore and maintain operations.

* Loan capital in Vietnam

+ Up to 80 million VND/independent, public and private kindergartens.

+ Maximum 200 million VND/public, private and private primary school in Vietnam.

Note: The specific level of lending for each case is determined by the Bank for Social Policy based on the borrowing plan at Point c, Clause 2, Article 3 of Decision 11/2022/QD-TTg.

* Loan term in Vietnam: Maximum loan term of 36 months.

* Interest rate on loans in Vietnam

- Interest rate 3.3%/year.

- The interest rate on overdue debt is equal to the interest rate on loans to poor households in Vietnam at the time of borrowing.

ee details in Decision 11/2022/QD-TTg effective from April 27, 2022 .

Bao Ngoc


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