Nguyen Tan Dung in a document issued on Wednesday approved the draft of the second financing agreement for the project, and entrusted the Finance Ministry on behalf of the Government to sign the agreement with the lender. The draft was submitted by the Finace Ministry to the Government two days earlier. According to the document, which was obtained by the Daily on Wednesday, the HCMC government is told to coordinate with the Finance Ministry to work out details before signing the credit agreement. … [Read more...] about City’s second metro project loan scheme gets nod
Sex workers who quit the trade will become eligible for low-interest loans this month of up to VND20 million (US$940), following a decision issued by Prime Minister Nguyen Tan Dung in May. But the scheme beneficiaries apparently don't buy its efficiency. Nga, a sex worker in Ho Chi Minh City's District 3, doesn't believe the scheme will work due to a stipulation that loan applicants must produce certification from high-ranking commune-level authorities that they have given up sex work. "What sex worker is going to tell the local authorities that she used to be a sex worker? No! Never!" she said. "How are they going to identify ex-sex workers?" The requirement has sparked wide concern among social and sex workers alike who believe the program is fraught with problems. Nevertheless, the pilot program is set to run from 2014-2016 and will afford loan recipients three years to pay back the money. The project will begin on June 15 in 15 cities and provinces before going … [Read more...] about Scheme to offer Vietnam’s sex workers loans to quit hooking doomed to fail
Temporary trouble While there has been a constant increase in the disbursement of preferential loans thanks o the State's 4% interest rate subsidy following Decision 131 by the State Bank of Vietnam (SBV) on January 23, 2009, businesses are concerned over whether or not they can take out these loans to pay off their previous high-interest loans. At present, nearly VND200,000 billion in low-interest loans has been disbursed, but no one knows precisely how these loans have been used or which projects they have been funding. In fact, there us currently no information about how much has been used to pay off old loans and how much has been invested in expanding production in order to prevent a further economic turndown. Not rolling over loan According to the SBV's regulations, businesses are not allowed to use subsidisedloans to pay off old debts or roll over loans. If not, they will have to pay back the subsidised interest and be punished in line with the law. Up to now, the SBV has not … [Read more...] about How to deal with roll over loans and new loans?
VietNamNet Bridge - A bank loan was the only way Thong Thanh Le's parents were able to send their three children to university even though they had spent their working years saving every dong they could from selling rice. "Receiving low interest bank loans has created conditions for us to continue our studies and complete our undergraduate degrees," Le said. … [Read more...] about Bank loans rescue poor students
Farmers ignore State loan scheme (21-08-2009) Fear of red tape, bureaucracy has scared farmers away from soft loan programmes. Farmers in the southern province of Long An harvest rice with equipment bought with Government loans. Farmers have suggested the Government simplify the scheme to make it easier for them to apply for a loan. — VNA/VNS Photo Dinh Hue HA NOI — Farmers are largely shunning a Government scheme to help rural workers buy agricultural machinery and construction materials. Under Decision 497/QD-TTg issued on April 19 by the Prime Minister, farmers can qualify for soft loans from commercial banks, which are interest free for the first 12 months. Farmers can also borrow money at 4 per cent interest to buy fertiliser, pesticides and construction materials, repayable over 24 months. However, according to a bank report, few rural workers have taken advantage of the scheme. The Bank for Agriculture and Rural Development in Central Highland Gia Lai … [Read more...] about Farmers ignore State loan scheme