This funding will be redirected from four underutilized preferential lending programs administered through the Vietnam Bank for Social Policies.

The beneficiaries of this initiative include individuals and enterprises, such as citizens, workers affected by business disruptions, cooperatives, household businesses, and sectors crucial for economic recovery and development.

This decision was made in accordance with Resolution 181, which adjusts the capital allocation to implement preferential lending policies through the Vietnam Bank for Social Policies in line with the National Assembly’s Resolution 43.

Resolution 43 outlines fiscal and monetary policies to support programs until December 31, 2023, with a total cap of VND38.4 trillion.

According to the Vietnam Bank for Social Policies, the banking system had disbursed over VND19 trillion to approximately 351,000 borrowers by the end of June 2023, up by a significant VND3 trillion compared to the first half of 2022.

Since the beginning of 2022, the bank has disbursed a total of VND139 trillion under the aid package that offers an interest rate discount of two percentage points.

Source: Saigon Times