Legal Counselling

Vietnam: How shall the interests on loans for job creation be used?

12:04, 26/09/2019

The Government of Vietnam issued Decree No. 74/2019/NĐ-CP providing amendments to Decree No. 61/2015/NĐ-CP prescribing employment creation policies and national employment fund.

According to Decree No. 74/2019/NĐ-CP of Vietnam’s Government, Vietnam Bank for Social Policies (VBSP) shall manage and record earned interests on loans as its incomes. Interests on loans shall be used as follows:

su dung lai von vay uu dai tao viec lam, Nghi dinh 74/2019/NĐ-CP

- Loan interests shall be used for setting aside the reserve fund and covering expenses of VBSP in accordance with law regulations on financial management of VBSP;

- 0.3% of interests on loans received by the Fund shall be used for funding the performance of management, consolidation and inspection tasks of the Ministry of Labor, War Invalids and Social Affairs;

- 15% of interests on loans received by the Fund in a province shall be used for funding the performance of management, consolidation and inspection tasks of the Provincial Department of Labor, War Invalids and Social Affairs and District-level Offices of Labor, War Invalids and Social Affairs;

- 10% of interest received by the Fund on loans offered in a province or a program-implementing organization shall be added to fund sources of the Fund managed by that Provincial People’s Committee or program-implementing organization.

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

Thu Ba

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