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$34.2-bln loan package for post-Covid recovery virtually undisbursed

By Quynh Trang   August 18, 2022 | 10:50 pm PT
$34.2-bln loan package for post-Covid recovery virtually undisbursed
An employee counts Vietnamese banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
Banks have only disbursed 1% of the VND800 trillion (US$34.2 billion) economic recovery package in the three months since it was announced.

To be disbursed by 2023, it offers loans to Vietnamese companies, cooperatives and business households at an interest rate of 2% to fund their post-Covid recovery.

But only VND4.1 trillion has been disbursed since May.

Determining who is eligible for the loans remains one of the hurdles to disbursement, a State Bank of Vietnam official said at a working session chaired by Deputy Prime Minister Le Minh Khai on Wednesday.

Besides, some banks have fully used up their annual lending quota, causing further delays in disbursement, he added.

Khai immediately instructed related ministries and agencies to review and amend regulations and conditions for the loans.

 
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