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Second social support package for enterprises and labourers hit by COVID-19 proposed


Implementing the Resolution of the regular meeting of the Government in July, 2020 and facing to the complicated situation of Covid-19 pandemic, recently, the Ministry of Labour - Invalids and Social Affairs has sent a proposal to the Ministry of Planning and Investment seeking the second social support package for businesses and workers affected by the COVID-19 pandemic.

The package's total funding is estimated at 18.6 trillion VND (808 million USD), which will be used to offer preferential loans to employers to develop production and trade, and generate more jobs, and give direct aid to affected workers.
Beneficiaries will include small and medium-sized enterprises, cooperatives, cooperative groups, business households, with priority given to micro and small-sized enterprises, cooperatives, business households and labourers in rural areas.
In accordance with the Government’s Decree No.74/2019/ND-CP, businesses will be eligible for a maximum loan of 2 billion VND and labourers with 100 million VND. For new loans from September 1, 2020 till September 1, 2021, annual interest rates will stand at 3.96%, or half of those for near-poor households. The total loans will be worth 15 trillion VND.
The remaining 3.6 trillion VND will be used to offer allowances to those who become jobless and have children aged below six. Each will be entitled to 1 million VND per month for a maximum duration of three months, applicable from September to December.
About the first social support package worth 62 trillion VND, localities approved a list of over 16 million beneficiaries with a total funding of more than 17.5 trillion VND as of late July.
The State Treasury disbursed about 12 trillion VND to support nearly 12 million people and 13,000 business households across the country.