What are regulations on loan application, sequences and procedures for granting loans to private pre-school institutions and private primary schools affected by Covid-19 pandemic in Vietnam?

Loan application, sequences and procedures for granting loans to private pre-school institutions and private primary schools affected by Covid-19 pandemic in Vietnam

Pursuant to Article 13 of the Decision 11/2022/QĐ-TTg stipulating loan application, sequences and procedures for granting loans to private pre-school institutions and private primary schools affected by Covid-19 pandemic in Vietnam as follows:

1. An application for loan includes:

a) The borrowing plan which is made using Form No. 01 in the Appendix enclosed herewith.

b) Copies of documents relevant to the applicant’s operational type: Decision on approval of establishment issued by a competent authority; decision to grant permission for education activities of a private kindergarten or private primary school; documents proving the status of the borrower's lawful representative.

c) Letter of authorization (if any).

2. The application for loan shall be submitted to VBSP's branch of province or city where the applicant is established and registered.

3. Within 05 working days, if the loan does not require loan security, or 10 working days, if the loan requires loan security, from the receipt of adequate application, VBSP shall consider approving the application. If an application is refused, written reasons for such refusal must be given.

Loan security for private pre-school institutions and private primary schools affected by Covid-19 pandemic in Vietnam

Pursuant to Article 10 of the Decision 11/2022/QĐ-TTg stipulating loan security for private pre-school institutions and private primary schools affected by Covid-19 pandemic in Vietnam as follows:

1. When applying for a loan with the loan amount up to VND 100 million in accordance with regulations of this Decision, the borrower must not provide security for their loan.

2. When applying for a loan with the loan amount of VND 100 million or more, the borrower must provide security for their loan in accordance with VBSP’s regulations.

Best regards!