Ho Chi Minh City

Over US$17 million allocated to support residents affected by Covid-19

SGGP
The Ho Chi Minh City People’s Committee has just required the Bank of Social Policies’ branch in HCMC to continue allocating over additional VND400 billion ( over US$17 million) to provide loans for poor city dwellers who are affected by the coronavirus pandemic.
The amount of VND400 billion will be loaned to poor residents who planned to resume their business activities.
In addition, the bank was required to provide more money to those who wish to buy social houses as well as to employers to pay workers who were laid off during Covid-19 .
Besides, the municipal People’s Committee also ordered banks of social policies in districts to disburse state capital sources as quickly as possible as per plan.
Last but not least, these banks must disburse capital source of the poverty reduction fund to give loans to eligible near-poor and poor households in a bid to help them resuming their business activities.
District administrations must collect due debts and back debts. District people’s committees must set up trust fund to supplement for the poverty reduction fund through the banks of social policies to provide money to employees with the aim to restore production and business.
Furthermore, district administrations must help poor residents who wish to have money accessing to preferential credit program and the banks of social policies.
City authorities agreed to delay or extend debt payment within 24 months for those who were affected by the coronavirus pandemic.

By Minh Huy - Translated by Dan Thuy

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