Enterprises, business households in Vietnam entitled to loan interest rate support of 2% per year

Enterprises, business households in Vietnam entitled to loan interest rate support of 2% per year
Nguyễn Thị Diễm My

On May 20, 2022, the Government of Vietnam issued Decree No. 31/2022/ND-CP on interest rate support from the state budget for loans taken out by enterprises, cooperatives and business households in Vietnam.

Accordingly, the support interest rate applied to enterprises, business households and cooperatives in Vietnam is 2%/year, calculated on the loan balance and actual loan term within a prescribed period.

The term for interest rate support begins from the date of disbursement of a loan to the date on which the borrower fully pays principal and/or interest as agreed between the commercial bank in Vietnam and the borrower, in line with the informed funding source for interest rate support, but shall not exceed December 31, 2023.

In order to receive loan interest rate support, enterprises, cooperatives and business households in Vietnam must use loans in one of the following sectors:

- Aviation;

- Transport and warehousing (H);

- Tourism (N79);

- Accommodation and catering services (I);

- Education and training (P);

- Agriculture, forestry and fishery (A);

- Processing, manufacturing (C), software publishing (J582);

- Computer programming and related activities (J-62);

- Information service activities (J-63).

The Decree No. 31/2022/ND-CP comes into force from the date on which it is signed.

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