06/04/2020 16:55 GMT+7 Email Print Like 0

Poor households to receive support from social policy bank

The Vietnam Bank for Social Policy (VBSP) has proposed cutting the loan interest rate for poor households by 15 percent from April 1 until the end of the year.

Under the proposal, families who made a great contribution to the nation will also receive a reduction of 10 percent.

The bank also proposed that employers can borrow money at the bank with no interest for a year to pay employees who must cease working for three months due to the pandemic.

It is estimated a total of 16.2 trillion VND (688 million USD) will be borrowed and 3 million workers will benefit from the programme.

In recent days, relevant ministries and the VBSP have been completing the Government’s draft resolution about supporting residents in coping with COVID-19 pandemic.

VBSP Deputy General Director Nguyen Duc Hai said most people borrowing money at the bank were poor, or families who made great contributions to the nation.

He said the bank had implemented different supportive measures such as extending their debt payment, lending them more money for manufacture restoring and giving them guidance to make reports on their struggles.

More than 40,000 people have had their debt payment period extended, with total loans worth over 1.39 trillion VND (59 million USD)./.