Good news: From March 30, 2021, the Bank for Social Policies of Vietnam

Nguyen Trinh

16:55, 22/01/2021

The Prime Minister of Vietnam has just issued the Decision No. 02/2021/QĐ-TTg on amendments and supplements to a number of articles of the Decision No. 28/2015/QĐ-TTg dated July 21, 2015 of the Prime Minister on credit policy for households escaping poverty.

According to the Decision No. 02/2021/QĐ-TTg of the Prime Minister of Vietnam, the time limit prescribed in Clause 1 Article 10 of the Decision No. 28/2015/QĐ-TTg, which is “This Decision … and is made disbursement to the end of December 31, 2020.”, is abolished. Thus, from March 30, 2021, households that used to be poor and households living near poverty are still available for loans for a maximum of 3 years.

Households escaping poverty may borrow from the Bank for Social Policies of Vietnam with a term agreed upon and not exceeding 5 years, with the interest rate as follows:

- Lending interest rate applied to households escaping poverty is equal to 125% of the lending interest rate applied to poor households defined in each period.

- Overdue loans shall be charged at the rate of 130% of lending interest rate.

Note: Loan size shall be agreed by the Bank for Social Policies of Vietnam and households escaping poverty which does not exceed the loan size of the same type for production and business for poor households stipulated in each period.

Decision No. 02/2021/QĐ-TTg of the Prime Minister of Vietnam takes effect from March 30, 2021.

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