Poor to receive support from bank after damage caused by COVID-19

HÀ NỘI — The Vietnam Bank for Social Policy (VBSP) has proposed cutting the loan interest rate for poor households by  一 五 per cent from April  一 until the end of the year.

Under the proposal, families who made a great contribution to the nation will also receive a reduction of  一0 per cent.

It is estimated a total of VNĐ 一 六. 二 trillion (US$ 六 八 五 million) will be borrowed and  三 million workers will benefit from the progra妹妹e.

In recent days, relevant ministries and the VBSP have been completing the Government’s draft resolution about supporting residents in coping with COVID- 一 九 pandemic.

The VBSP also proposed employers can borrow money at the bank with no interest for a year to pay employees who must cease working for three months due to the pandemic.

Nguyễn Đức Hải, deputy general director of the VBSP, said most people borrowing money at the bank were poor, or families who made great contributions for the nation.

He said the bank had implemented different supportive measures such as extending their debt payment, lending them more money for manufacture restoring and giving them guidance to make reports on their struggles.

More than  四0,000 people have had their debt payment period extended, with more than VNĐ 一. 三 trillion ($ 五 五 million) impacted. — VNS