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MIL-OSI Asia-Pac: Govt rolls out interest-free loans for companies to pay salaries

Source: Socialist Republic of Vietnam The loans are part of the Government’s latest relief package worth VND26 trillion (US$1.13 billion) for supporting workers and employers struggling to cope with the pandemic. Around VND7.5 trillion will be used for interest-free loans for businesses to pay salaries. Businesses can obtain a loan to pay workers who have contracts with compulsory social security but are furloughed for 15 consecutive days between May 1, 2021 and March 31 next year. They must not have any bad debts to qualify for the loans, but do not need guarantees. They are also permitted to borrow to pay workers to resume business.

Vietnam rolls out interest-free loans for companies to pay salaries

A textile business in HCM City. Businesses have been applying for interest-free loans to make furlough and salary payments. – Photo sggp.org.vn HO CHI MINH CITY (Vietnam News/ANN): The Vietnam Bank for Social Policies has begun accepting applications from businesses for interest-free loans to fund furlough and salary payments, its deputy director, Bùi Văn Sổn, said. The loans are part of the Government’s latest relief package worth VNĐ26 trillion (US$1.13 billion) for supporting workers and employers struggling to cope with the pandemic. Around VNĐ7.5 trillion will be used for interest-free loans for businesses to pay salaries.

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