Nguyen Quoc Hung, director of Credit Department of Economic sectors (the State Bank of Vietnam (SBV), said that after more than one month of implementation, no business had been able to borrow the credit package of 16tr dong from Vietnam Bank for Social Policies (VBSP). The above information was shared by Hung at the Preliminary Conference on Banking Industry in the first half of 2020, held on June 16 in HCM City.
According to Hung, SBV had actively participated in implementing this credit package, issued a clear legal corridor, and also prepared money for VBSP to disburse for businesses.
However, the condition to approve an enterprise eligible for a loan was that 20%, 30 percent or more employees participating in social insurance were required to stop working for one month or more; paid at least 50 percent of the termination salary for the employee in the period from 1/4 to 30/6/2020.
Or businesses were also facing financial difficulties, did not balance enough resources to pay employees then stopped working, had used up the wage reserve fund to pay workers then stopped working. In particular, there were no bad debts at credit institutions, foreign bank branches as of the end of December 2020.
In addition to meeting the above conditions under Article 13 of Decision 15, the basis for VBSP’s approval based on the approval list of the Chair of the Provincial People’s Committee where the customer submitted the request for confirmation of eligibility for package loan.
In order to overcome these difficulties, the prime minister had directed the Ministry of Labour, War Invalids and Social Affairs in coordination with SBV to adjust the criteria for businesses to access. Currently, the two agencies had submitted to the government the amendment of Decision No. 15 in the direction of disbursement of this credit package to support businesses soon.
In this regard, SBV deputy Governor Nguyen Thi Hong also affirmed that the SBV was willing to set aside 16 trillion dong and had issued a circular on full refinancing for VBSP. Relevant agencies would adjust and supplement the provisions to bring the credit package to businesses.
