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Press Release

Updated: 2016-11-07 21:26:41

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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PHOTO ARTICLES

LENDING INTEREST RATE

Poor Households

Lending to poor households 6,6%/year
Lending to poor households in 64 poor districts as stipulated by the Government Resolution No.30a in 2008 3,3%/year

Near Poor Households

Lending to near poor households 7,92%/year

Students

Lending to disadvantaged students 6,6%/year

People in need of loans for job creation

Lending to business establishments owned by war invalids and handicapped persons 3,3%/year
Others...

DEPOSIT INTEREST RATE

Term Deposit Rate
Overnight 3,04%/year
1 week 3,23%/year
2 week 3,5%/year
Others...