Special credit for STEM students

The document is expected to assign the Vietnam Bank for Social Policies to deploy an outstanding credit package to stimulate the passion for learning, research and creativity of the young generation, while meeting the need to train high-quality human resources for the goal of developing the digital economy and national innovation.

According to the Draft, beneficiaries include all students, trainees and postgraduates studying in training programs in the fields of life sciences, natural sciences, computer-information technology, financial technology, engineering technology, engineering, architecture-construction, production-processing, mathematics and statistics. These subjects must be studying at universities, colleges or vocational training institutions in the national education system, established and operating in accordance with the provisions of Vietnamese law.

One of the highlights of the policy is that the maximum loan amount is designed to “cover” the needs of the learner. Accordingly, the borrower can be supported with 100% of the tuition fee of the entire course, regardless of the tuition fee at a public, private or international school, along with a maximum living expense of VND 5 million per month.

Under this structure, if a student has a tuition fee of VND50 million per year and the training period lasts four years, the total loan amount can be up to VND440 million, without having to provide any form of security applicable to loans under VND500 million.

Regarding interest rates, the Draft stipulates that the interest rate applied is equivalent to the interest rate for loans to the poor at the Social Policy Bank, always maintained at the lowest level compared to the normal credit level. This helps to significantly reduce the financial burden on students and their families, while encouraging them to focus on their studies and research.

The policy also clearly stipulates flexible disbursement and repayment periods. The disbursement period starts from the date the student receives the first loan until the end of the course. The repayment period is then calculated according to the disbursement period with a maximum grace period of 12 months after completing the course.

Thus, with a 5-year training program, students can be disbursed in 5 years, repay the debt in the next 5 years and have an additional 1 year of grace, for a total of up to 11 years.

To enhance humanity, the Draft also allows the Social Policy Bank to consider restructuring debt repayment terms, extending debt or adjusting debt repayment terms when borrowers encounter objective difficulties such as natural disasters, epidemics or family incidents.

This regulation gives students peace of mind during their studies and startups, without financial burdens hindering their will to develop themselves and contribute to society.

The Ministry of Finance's leadership in drafting the STEM credit policy stems from the urgent need for high-quality human resources for key sectors, playing a "leverage" role for digital transformation, innovation and rapid, sustainable economic development.

Through this, the State demonstrates its commitment to accompanying the young generation, providing them with the necessary tools and conditions to maximize their capacity, thereby contributing to creating scientific and technological products of practical value.

Before being officially issued, the Draft is being widely consulted with ministries, sectors, organizations, training units and individuals. The comments will help to perfect the operating mechanism, ensure effective loan, disbursement and management processes, and at the same time be consistent with the financial capacity of the Vietnam Bank for Social Policies.

It is expected that, immediately after the Prime Minister signs the promulgation, the Vietnam Bank for Social Policies will announce the loan procedures and processes, and deploy them nationwide. The preferential credit package for STEM promises to bring a strong boost, supporting hundreds of thousands of students, trainees and postgraduates to study, research, create and contribute to the goal of making Vietnam one of the pioneering countries in technology and innovation in the region.

Source: https://nhandan.vn/tin-dung-uu-dai-danh-rieng-cho-sinh-vien-stem-post875005.html