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Ho Chi Minh City
Thursday, October 28, 2021

Employers entitled to 0% interest rate loans

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HCMC – The prime minister has signed Decision 15 on support measures for residents affected by Covid-19, allowing employers in financial difficulty to take out loans with a 0% interest rate from the Vietnam Bank for Social Policies to help pay salaries to their employees who have lost their jobs due to the coronavirus pandemic.

Specifically, the preferential loan policy is applicable to employers who are facing financial distress and have paid 50% of salaries to employees who have been laid off; they must also be recognized by municipal or provincial authorities.

To qualify for 0% interest rate loans, these employers must have endured bad debts at credit institutions or branches of foreign banks, as of December 31, 2019.

These employers are required to commit to paying off the entire loan on time.

Apart from this, they will be allowed to borrow up to 50% of the regional minimum monthly wage for each worker for three months, from April to June.

The bank will offer the special loans until July 31, the local media reported.

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