Headlines 16/09/2019 10:18 SA

Workers at poor districts are entitled to borrow funds to subsidize 100% of labor export costs

Quỳnh Như

This is the significant provision of the Decision No. 27/2019/QD-TTg regarding credit lines for workers at poor districts working abroad under employment contracts valid till 2020.

The Decision prescribes that they are entitled to borrow funds covering 100% of costs that they pay according to contracts to take workers abroad without having to provide loan guarantees if they meet the following conditions:

- Registering permanent residence at these poor districts at least 12 months;  

- Wishing to work abroad;

- Obtaining admission of workers from foreign countries; 

- Already signing contracts to work abroad with enterprises or public service units in accordance with laws.

Loan maturity cannot exceed the one specified in contracts to send workers abroad.

Workers may agree with Vietnam Bank for Social Policies on payment of principal provided that the maturity does not exceed 12 months/each payment and interest is paid by the maturity dates specified in credit facility agreements (or interest is paid upon requests for monthly payments of interest).

Decision No. 27/2019/QD-TTg enters into force from October 25, 2019 and disbursement of loans is scheduled by December 31, 2020 at the latest.

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