Private kindergartens are eligible for a maximum loan of 200 million VND in Vietnam

Bao Ngoc

09:27, 28/04/2022

On April 27, 2022, the Prime Minister of Vietnam issued Decision 11/2022/QD-TTg prescribing extension of credit to private pre-schools and primary schools affected by COVID-19 Pandemic.

According to Vietnam's Decision, a maximum loan amount granted to a private kindergarten or a private primary school is VND 200 million.

- A borrower is required to meet the following eligibility requirements to get a loan in Vietnam:

+ It is established and operating in accordance to regulations of law.

+ Its operation has been suspended for at least 01 month by the time of application for loan to meet COVID-19 prevention and control requirements in Vietnam.

+ It has a borrowing plan made using Form No. 01 in the Appendix enclosed herewith and appraised by VBSP.

+ At the time of application for loan, it has not incurred any bad debts at credit institutions or foreign bank branches before January 23, 2020.

- A maximum loan term is 36 months. The lending interest rate is 3,3%/year. The interest rate charged on overdue debts is equal to the lending interest rate on loans granted to poor households at the time of application for loan.

Decision 11/2022/QD-TTg takes effect from April 27, 2022, Vietnam.

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