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BIDV & MoH comes to terms on credit package

Released at: 07:36, 16/06/2015

BIDV & MoH comes to terms on credit package

Loans available for modernizing healthcare sector's facilities.

by Thu Hoang

The Bank for Investment and Development of Vietnam (BIDV) and the Ministry of Health (MoH) have recently entered into a cooperative agreement on implementing credit programs for the development of the healthcare sector.

The first credit package, valued at VND20 trillion ($917.4 million) and based on the principle of revolving loans, will be used for upgrading and importing medical equipment as well as renovating, expanding and modernizing medical facilities and hospitals. Lending rates for the first two years are set at less than 7.5 per cent per annum.

The credit package is also targeted to reduce overcrowding at central hospitals and to contribute to the modernization of medical facilities and hospitals in Vietnam in accordance with Resolution No. 93NQ-CP from the Prime Minister presenting certain policies and mechanisms to spur the healthcare sector, according to a representative from BIDV. The credit package is expected to be implemented from June 15, 2015 to May 31, 2022.

BIDV will also set aside another VND200 billion ($9.1 million) credit package with preferential interest rate for lending to Vietnamese therapists attending overseas training programs. The package targets to improve qualifications and knowledge among local medical staff and to nurture the talent pool for the future.

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