Decree No. 74/2019/ND-CP amending the Decree No. 61/2015/ND-CP

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ATTRIBUTE

Decree No. 74/2019/ND-CP dated September 23, 2019 of the Government on amending and supplementing a number of articles of the Government’s Decree No. 61/2015/ND-CP dated July 09, 2015 on job creation policies and the National Employment Fund
Issuing body: GovernmentEffective date:
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Official number:74/2019/ND-CPSigner:Nguyen Xuan Phuc
Type:DecreeExpiry date:Updating
Issuing date:23/09/2019Effect status:
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Fields:Labor - Salary

SUMMARY

From November 08, 2019, a production enterprise may borrow up to VND 2 billion/project from the National Employment Fund

On September 23, 2019, the Government promulgates the Decree No. 74/2019/ND-CP on amending and supplementing a number of articles of the Decree No. 61/2015/ND-CP on job creation policies and the National Employment Fund.

Accordingly, from the effective date of this Decree, production and business enterprises may borrow a maximum of VND 2 billion for a project and of VND 100 million of creating, maintaining and expanding jobs for an employee from the National Employment Fund. On the basis of the capital resources, production and business cycle, and the debt repayment capacity of borrowers, the Vietnam Bank for Social Policies shall consider specific loan level and negotiate with the borrower for it.

Besides, the maximum loan duration is 120 months that is doubled compared with the previous regulation. Simultaneously, in cases of loan levels of VND 100 million and more, the production and business enterprise must have loan collateral as prescribed by secured transactions regulations.

In addition, the Decree also amends a number of contents concerning loan collateral conditions; capital mobilization for lending to support employees working abroad under contracts;… and annuls the regulations relating formulation and approval of loan plan and employment target prescribed in the Decree No. 61/2015/ND-CP.

This Decree takes effect on November 08, 2019.

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Effect status: Known

THE GOVERNMENT

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No.  74/2019/ND-CP

THE SOCIALIST REPUBLIC OF VIETNAM

Independence Freedom Happiness

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Hanoi, September 23, 2019

 

 

DECREE

On amending and supplementing a number of articles of the Government’s Decree No. 61/2015/ND-CP dated July 09, 2015 on job creation policies and the National Employment Fund

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Pursuant to the Law on Organization of the Government dated June 19, 2015;

Pursuant to the Law on Employment dated November 25, 2015;

At the proposal of the Minister of Labor, War Invalids and Social Affairs;

The Government promulgates the Decree on amending and supplementing a number of articles of the Government’s the Decree No. 61/2015/ND-CP dated July 09, 2015 on job creation policies and the National Employment Fund (hereinafter referred to as the Decree No. 61/2015/ND-CP).

 

Article 1. To amend and supplement a number of articles of the Decree No. 61/2015/ND-CP

1. To amend Clause 1 and Clause 2 Article 21 as follows:

“1. The Ministry of Labor, War Invalids and Social Affairs shall perform the state management of the National Employment Fund (hereinafter referred to as the Fund).

2. Provincial-level People's Committees and central agencies of Vietnam Women's Union, Ho Chi Minh Communist Youth Union, Vietnam Farmers' Union, Vietnam General Confederation of Labor, Vietnam Veterans’ Union, Vietnam Cooperative Alliance and Vietnam Blind Association (hereinafter referred to as program implementation organizations) are assigned the task of managing and using capital from the Fund according to the provisions of this Decree.”

2. To amend and supplement Article 24 as follows:

Article 24. Loan levels

1. For production and business enterprises, the maximum loan is VND 2 billion for a project and VND 100 million of creating, maintaining and expanding jobs for an employee.

2. For an employee, the maximum loan is VND 100 million.

3. On the basis of the capital resources, production and business cycle, and the debt repayment capacity of borrowers, the Vietnam Bank for Social Policies shall consider specific loan level and negotiate with the borrower for it.”

3. To amend and supplement Article 25 as follows:

Article 25. Loan duration

The maximum loan duration is 120 months. On the basis of the capital resources, production and business cycle, and the debt repayment capacity of borrowers, the Vietnam Bank for Social Policies shall consider specific loan duration and negotiate with the borrower for it.”

4. To amend and supplement Clause 1 Article 26 as follows:

“1. With regard to those prescribed in Clause 1 Article 12 of the Law on Employment, the loan interest shall equal the loan interest applicable to near poor households according to regulations on credit for near poor households.”

5. To amend and supplement Article 27 as follows:

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