Bank offers soft loans to businesses for paying COVID-19-impacted workers
The Vietnam Bank for Social Policies (VBSP) has allocated 31.6 billion VND (1.36 million USD) to 207 enterprises to pay wages for 8,529 labourers who lost jobs due to impact of the COVID-19 pandemic.
Hanoi (VNA) –The Vietnam Bank for Social Policies (VBSP) has allocated 31.6 billion VND(1.36 million USD) to 207 enterprises to pay wages for 8,529 labourers who lost jobs due to impact of the COVID-19 pandemic.
According to the bank,it has extended payment dates and adjusted the lending terms for 242,700 existingcustomers, while giving more loans to 122,900 others with total capital of over3.11 trillion VND.
At the same time, it hasprovided loans for nearly 2 million new customers with a total capital of over 71.58trillion VND.
In 2020, amid thecomplicated developments of the COVID-19 pandemic, the bank offered supportto affected businesses and people while ensuring its continuous operations.
The VBSP coordinatedwith other relevant agencies to build and submit resolutions and decisions tothe Government and Prime Minister on the implementation of support policies tothose who face difficulties due to COVID-19. The documents haveserved as important foundations for the lending to employers with loans to paywage for affected labourers.
Accordingly, theeligible employers are those whose employees are joining compulsory socialinsurance and had to stop their jobs at least one month continuously betweenApril to the end of December 2020, while suffering from a 20 percent year-on-yeardrop in their revenue in the first quarter of 2020, and having no bad debts.
They will get loans with the value equivalent to a half of thetotal wage they have to pay to their employees on the basis of the minimum regionalwage, with zero percent interest rate in 12 months.
The capital of t🙈hescheme will be disbursed until January 31, 2021, accordin🍎g to the bank./.
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The Government recently issued Decree No. 152 featuring regulations on foreigners working in Vietnam and the recruitment and management of Vietnamese working for foreign organisations and individuals in the country.
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Illustrative image (Source: VNA) 
