Deputy Prime Minister Tran Hong Ha has signed Decision No. 16/2023/QD-TTg on providing loans for workers working in the RoK, under the EPS programme, to deposit at the Vietnam Bank for Social Policies (VBSP).
To get a loan at the VBSP, workers must be policy beneficiaries entitled to get loans from the VBSP to work abroad, have signed a contract to work in the RoK under the EPS programme, and have registered permanent residence in the locality where the VBSP handles procedures for loans.
The maximum loan borrowed from the VBSP can be equal to the deposit amount agreed between Vietnam’s Ministry of Labour, Invalids and Social Affairs and the RoK’s Ministry of Employment and Labour, and can not exceed 100 million VND.
The maximum loan term is five years and four months. The lending interest rate will be agreed upon by the workers and the VBSP.
In addition, workers can borrow a loan to deposit without having to guarantee the loan.
