Ms. Trang (25 years outdated) is working as a advertising workers for an English instructing heart in Hanoi. Earlier than the epidemic, her earnings was fairly secure, starting from 10-15 million VND/month. She has a bank card with a restrict of 70 million VND. Originally of the yr, Trang used a bank card to borrow month-to-month installments of a laptop computer value greater than 30 million VND for six months, 0% curiosity. As well as, she additionally spends lots on buying and residing by means of bank cards. In response to the financial institution’s rules, inside 45 days from the time of spending, the bank card rate of interest is 0%, however after 45 days, it would begin to cost almost 36% curiosity per yr.
With the above earnings, minus the lease, Ms. Trang continues to be capable of pay in installments and spend 5-7 million dong by way of bank card.
Nonetheless, since having to work at home because of social distancing, her earnings has decreased considerably because of low gross sales, whereas the corporate additionally introduced that it’s going to scale back 10% of laborious wage because of difficulties. Trang is nervous that within the coming months, she will be unable to pay for the earlier mortgage in installments and could also be charged excessive rates of interest.
Truong (22 years outdated) is tougher than the case of Ms. Trang. He borrowed money at a monetary firm in March, the rate of interest on the declining steadiness was 2.7%/month. The varsity works as a safety guard for a restaurant in District 1, Ho Chi Minh Metropolis with a mean wage of seven million VND/month. As a result of latest outbreak, he needed to keep residence utterly and virtually utterly misplaced his earnings. The cash for lodging, residing bills, and installment funds has made low-income individuals like Truong fall into a really troublesome state of affairs. Shopper loans are additionally usually not supported by monetary corporations to increase debt or scale back rates of interest.
In response to a report of the Common Statistics Workplace, within the second quarter of 2021, the entire nation has 12.eight million individuals aged 15 and over negatively affected by the Covid-19 epidemic, together with those that misplaced their jobs, needed to take time without work from work. Alternate go away, lowered working hours, lowered earnings… Laborers aged 15 and above working within the second quarter of 2021 have been 49.9 million individuals, down 65,000 individuals in comparison with the earlier quarter. The variety of unemployed individuals of working age within the second quarter of 2021 was almost 1.2 million, a rise of 87.1 thousand individuals in comparison with the earlier quarter. The typical month-to-month earnings of staff within the second quarter of 2021 reached VND 6.1 million, down 226 thousand VND in comparison with the earlier quarter and up 547 thousand VND over the identical interval final yr.
Many specialists imagine that the employment numbers within the third quarter shall be even worse. It may be seen that the earnings of many individuals has been vastly lowered, even many individuals misplaced their earnings utterly due to shedding their jobs. That is past the expectations of many individuals, particularly younger people who find themselves used to client loans, spend first and pay later by way of bank cards. Actually, client credit score excellent has additionally elevated sharply in earlier years, reaching about 1.eight million billion VND by the tip of 2020, accounting for 20% of excellent loans to the financial system.
Whereas prospects who’re companies with consultant associations voiced their help, particular person prospects with client loans haven’t been capable of collect a standard voice. Though client loans are small in worth however have very excessive rates of interest, the vast majority of client debtors are low-income prospects. Within the context that their earnings is already low and even lowered as a result of influence of the epidemic, it is extremely troublesome for them to pay curiosity as earlier than the epidemic.
In response to Decision No. 88/NQ-CP lately issued by the Authorities, the Authorities has additionally requested credit score establishments to proceed implementing options to help prospects affected by the Covid-19 epidemic, together with: steered that credit score establishments take note of help prospects with small loans who’re having a tough time as a result of influence of the epidemic.
