BUSINESS ENTITIES MAY BORROW UP TO 02 BILLION VND/PROJECT FROM THE NATIONAL EMPLOYMENT FUND FROM NOVEMBER 08, 2019 ONWARDS
UNFAIR COMPETITION ACTS TO BE FINED 02 BILLION VND
09/10/2019
NUMEROUS ADDITIONAL BENEFITS FOR WORKERS RECOMMENDED BY TRADE UNIONS
09/10/2019BUSINESS ENTITIES MAY BORROW UP TO 02 BILLION VND/PROJECT FROM THE NATIONAL EMPLOYMENT FUND FROM NOVEMBER 08, 2019 ONWARDS
Under Decree No. 74/2019/NĐ-CP issued on September 23, 2019 and coming into effect on November 08, 2019:
– Business entities are allowed to borrow a maximum of 02 billion VND/project from the National Employment Fund the loan must not exceed 100 million VND per 1 worker whose job is created, maintained and extended. The specific loan amount will be considered by the Vietnam Bank for Social Policies based on fund sources, production and business periods, solvency of the borrowing entities and agreed on with said entities.
– Furthermore, the loan term is extended to be twice as long compared to the current provisions, which is a maximum of 120 months. At the same time, for loans of more than 100 million VND, business entities are required to have collateral properties under the law provisions on collateral transactions.
– Moreover, numerous other provisions on collateral; mobilizing fund sources to grant supportive loans to workers contracted to work abroad are also amended by this Decree…
– Provisions on formulation and approval of plans for loans and employment targets specified in Decree No. 61/2015/NĐ-CP are abolished.
Best regards,
