What is the implementation organization of extending credit to private pre-schools and primary schools in Vietnam affected by Covid-19 pandemic?

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• What is the implementation organization of extending credit to private pre-schools and primary schools affected by Covid-19 pandemic in Vietnam?
• Taking actions against violations in extending credit to private pre-schools and primary schools in Vietnam affected by Covid-19 pandemic

What is the implementation organization of extending credit to private pre-schools and primary schools affected by Covid-19 pandemic in Vietnam?

Pursuant to Article 15 of the Decision 11/2022/QĐ-TTg stipulating implementation organization of extending credit to private pre-schools and primary schools affected by Covid-19 pandemic in Vietnam as follows: 

1. Borrowers shall use borrowed funds for the loan purposes defined in this Decision and fully repay debts on schedule to VBSP.

2. VBSP shall:

a) Provide borrowers with instructions on loan application, sequences and procedures for getting loans which must be simplified, clear, feasible, open and transparent.

b) Grant loans to eligible borrowers and ensure loan purposes as prescribed in this Decision.

c) Carry out inspection of borrowers’ use of borrowed funds and debt repayment as prescribed.

d) Submit periodical reports on grant of loans to the Ministry of Education and Training as prescribed in Article 14 of this Decision.

dd) Based on actual implementation of the program and at least 01 month before the fund used for granting loans specified in Clause 1 Article 11 of this Decision, publish the estimated ending date of disbursement on its website and at its headquarters, and also notify the same to the Prime Minister and Ministry of Education and Training.

e) Cooperate with ministries and regulatory authorities, and request competent authorities to promptly deal with difficulties that arise during the grant of loans according to this Decision.

3. The Ministry of Education and Training shall play the leading role in proposing amendments to this Decision (where necessary) to the Prime Minister.

4. Provincial People’s Committees shall direct Commune-level People’s Committees to verify borrowers’ fulfillment of eligibility requirements laid down in Point b Clause 2 Article 3 of this Decision.

5. Relevant authorities shall, within the ambit of their assigned functions and tasks, cooperate in the implementation of this Decision.

Taking actions against violations in extending credit to private pre-schools and primary schools in Vietnam affected by Covid-19 pandemic

Pursuant to Article 16 of the Decision 11/2022/QĐ-TTg stipulating taking actions against violations in extending credit to private pre-schools and primary schools affected by Covid-19 pandemic in Vietnam as follows: 

Regulatory authorities, organizations and individuals that take advantage of the policies specified in this Decision for seeking personal interests or violating regulations of law shall, subject to the nature and severity of their violations, pay compensation for damage, be disciplined, or face administrative penalties or criminal prosecution as prescribed by law.

Best regards!