Laborers don’t need to mortgage for the loan. However, businesspersons and laborers who ask for loan to pay labor export fee must mortgage their property for the loan if they borrow VND100 million up.
Laborers from low-income households and ethnic minority groups are entitled to enjoy half of the interest rate of a loan according to the regulation while laborers in poor districts can pay interest rate equal to interest rate for poor households’ loan.
Additionally, according to the amended decree No. 74/2019/ND-CP about supporting policies for creating jobs and the national employment fund, laborers are entitled to borrow a loan of VND100 million, doubling the present level while businesspersons can ask for a maximum loan of VND2 billion (US$86,030) to expand their production scale.
The Vietnam Bank for Social Policies will consider production cycle, capital source, borrower’s ability to pay debts to provide loan upon an agreement.
The maturity of loan does not exceed 120 months while it is 60 months presently.
The decision takes effect on November 8, 2019.
