Decision 1629/QD-TTg 2024 on Vietnam Bank for Social Policies’ loan interest rate reduction for borrowers affected by Typhoon No. 3 (Yagi)

DECISION

On the Vietnam Bank for Social Policies’ loan interest rate reduction for borrowers affected by Typhoon No. 3 (Yagi)

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THE PRIME MINISTER

Pursuant to the Law on Organization of the Government dated June 19, 2015; the Law Amending and Supplementing a Number of Articles of the Law on Organization of the Government and the Law on Organization of Local Administration dated November 22, 2019;

Pursuant to the Government’s Decree No. 78/2002/ND-CP dated October 04, 2002, on credit for poor people and other policy beneficiaries;

Pursuant to the Government's Resolution No. 143/NQ-CP dated September 17, 2024, on key tasks and solutions for urgent remediation of the consequences of Typhoon No. 3 (Yagi), rapid stabilization of the people's conditions, vigorous promotion of the restoration of production and business activities, and proactive enhancement of economic growth, and effective control of inflation;

At the proposal of the Vietnam Bank for Social Policies in Report No. 48/TTr-HDQT dated November 26, 2024, and Document No. 7776/NHCS-CV dated December 11, 2024;

DECIDES:

Article 1. To reduce loan interest rate for borrowers borrowing policy credit programs at the Vietnam Bank for Social Policies, who are affected by Typhoon No. 3 (Yagi):

1. Subjects entitled to loan interest rate reduction

Borrowers borrowing capital from policy credit programs at the Vietnam Bank for Social Policies with interest rates prescribed by the Prime Minister (including organizations and individuals) in 26 localities in the Northern region and Thanh Hoa.

2. Loan interest rate reduction and reduction period

Loan interest rate is reduced by 2%/year. Such rate is applicable to loans with outstanding balance at the Vietnam Bank for Social Policies from September 1, 2024, to December 31, 2024. The loan interest rate reduction period is from September 1, 2024, to December 31, 2024.

3. The Vietnam Bank for Social Policies shall strengthen measures to balance operating costs to reduce loan interest rates within the scope of the capital plan to compensate for interest rate differences and management fees assigned in 2024; take full responsibility before the Government and the Prime Minister for the accuracy of reported data and information, organize implementation to ensure operational safety and credit quality of the bank.

Article 2. This Decision takes effect on the date of its signing.

Article 3. Ministers, heads of ministerial-level agencies, heads of government-attached agencies, Governor of the State Bank of Vietnam, Chairperson of the Board of Directors, General Director of the Vietnam Bank for Social Policies and heads of relevant agencies shall implement this Decision.