Press Release: Increase the loan size – Create more job opportunities for the youth
The Central Ho Chi Minh Communist Youth Union has just issued the Regulations to utilize the fund managed by the Youth Union in the National Revolving Fund for Job Creation, in sub-sequence to Decree 61/2015/ND-CP dated 09 July 2015 of the Government on supporting policies for job creation of the National Revolving Fund for Job Creation and the Regulations of VBSP on policy credit for job creation and retention.
VBSP creates more job opportunities for the youth
Accordingly the production and business units owned by members of the Youth Union is the target of policy credit under the fund managed by the Youth Union.
The maximum loan size is VND 1 billion (replacing the earlier size of VND 50 million) for the production and business unit and VND 50 million (replacing the earlier size of VND 20 million) for one job created.
The interest rate is equal to the rate of lending to the poor, which is decided by the Prime Minister periodically (the prevailing rate is 0.55% per month). If at least 30% employees at the production and business unit are PWDs or/and ethnic people, 50% of prevailing interest rate is applied.
The maximum loan term is 60 months. Those which are the loans of VND 50 million and above are required to follow the loan security procedure under the regulations.
VBSP will collaborate with the Youth Union to receive and appraise the project in the aspects of number of jobs created and funding reservation and submit to the relevant agencies for approval.
It is reported that the total outstanding loans of job creation lending from the fund managed by the Youth Union reached VND 60 billion as of 31 January 2016, with 1,473 active borrowers and 959 projects (including 300 projects of the production and business units).
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