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Production and business in disadvantageous areas to be encouraged through preferential loans

VNGOVNet – PM Nguyễn Tấn Dũng has just signed Decision 31/2007/QĐ-TTg on credits grated to the household engaging in production and business in the disadvantageous areas.

March 08, 2007 9:12 AM GMT+7

Social Policies Bank – the credit provider in Vietnam

Accordingly, these households can be provided with a maximum loan of VND30 million. In some special cases, the Social Policies Bank can decide to grant bigger loans (but not over VND 100 million) on the basis of capital resources, investment demand and payment ability. The borrowers must have production/business projects or plans certified by the People’s Committees of the communes where the projects will be implemented. The loans will be mainly used for purchasing materials, equipment, and instruments; building facilities; contributing to the joint-venture projects; and partly investing in housing and illumination.

Under the Decision, the lending period will be decided by the Social Policies Bank for each project in line with its purposes and the borrower’s payment ability. Those who borrow VND 30 million up must give securities as stipulated by laws. Interest rate will be 0.9% per month.

The Social Policies Bank can mandate socio-political organizations to grant loans. However, the Bank must manage method of mandate, cash capital, accounting records and loan disbursement.

By Phương Uyên

(Source: Decision 31/2007/QĐ-TTg)