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Updated: 2019-07-01 15:56:15

A cool wind for the poor

(VBSP News) After 3 months of raising the maximum loan amount for poor households from VND 50 million to VND 100 million per household of VBSP, up to now hundreds of poor households in Ba Ria - Vung Tau province have benefited from the new policy which light up hope for sustainable poverty.

Người nghèo trên địa bàn tỉnh Bà Rịa - Vũng Tàu sử dụng hiệu quả vốn vay ưu đãi để phát triển sản xuất

Poor people in Ba Ria - Vung Tau province effectively use preferential loans to develop production

In early of the last June, we visited the house of Ms. Truong Ngoc Hue in street zone 1, ward 11, Vung Tau when Ms. Hue was feeding her pigs. She told us that she now has 21 mother pigs and piglets; a herd of several hundred ducks. Each year, she sells pigs two times, 10-15 pigs each time, earning more than VND 60 million. For the duck flock, she sells once every 3 months, earning VND 30 million each time.

Ms. Hue shared that having the breeding model as today partly thanks to the loan from VBSP. In 2017, her household borrowed VND 40 million to buy pigs. With her successful business, she paid back the debt in a short time. By the beginning of March 2019, she borrowed VND 60 million to invest more in raising ducks.

Doing business is effective, so in a short time, her family paid off all the old debts. By the beginning of March 2019, her family continued to borrow VND 60 million. From this loan, besides raising pigs, her family invested in raising ducks.

Not only Mrs. Hue's family, many other poor households in the province have had more access to loans under the new regulations. Ms. Nguyen Thi Thuong in Hac Dich commune, Phu My town said that in early May 2019, her family was

loaned VND 80 million dong by VBSP in Phu My. With this amount of money, her family invested in an additional 1.1ha  of cashew and 30 wild pigs.

Also benefited from the new regulations, Ms. Hoang Thi Tuyet in Hac Dich commune, Phu My town shared: “To invest in expanding the area of crops, it needs a lot of capital. This is an obstacle for the majority of farmers, especially poor households. Therefore, the new policy of increasing VBSP's loan amount is like a cool wind, reducing the "thirst" of many households. Not only did the loan amount increase but the loan duration was longer than before, so poor households and policy beneficiaries were assured to invest in production and business. My family recently borrowed VND 80 million from VBSP Phu My, I invested to expand 3 hectares of green skin pomelo and bought 4 breeding cows

Mr. Le Van Truong - Director of provincial VBSP said, the new policy of raising loan amount from VND 50 million to VND 100 million per household without loan security and increasing the loan term up to 120 months in accordance with the growth and development of long-term investment of poor households and policy beneficiaries has been actively implemented by VBSP Ba Ria - Vung Tau. Accordingly, VBSP has coordinated with mass organizations and local authorities to communicate and well implement social policy credit programs for poor households and other policy beneficiaries.

"Raising the maximum loan amount and loan term for poor, near poor and households just escaped from poverty not only helps them expand production and stabilize their lives but also contribute to limiting" black credit "in the area. In the first 5 months of 2019, the total sales of credit programs at VBSP reached over VND 410 billion, with 14,519 turns of poor households and policy beneficiaries borrowing "emphasized Director Le Van Truong. 

Phan Ha

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LENDING INTEREST RATE

Poor Households

Lending to poor households 6,6%/year
Lending to poor households in 64 poor districts as stipulated by the Government Resolution No.30a in 2008 3,3%/year

Near Poor Households

Lending to near poor households 7,92%/year

Students

Lending to disadvantaged students 6,6%/year

People in need of loans for job creation

Lending to business establishments owned by war invalids and handicapped persons 3,3%/year
Others...

DEPOSIT INTEREST RATE

Term Deposit Rate
Overnight 3,04%/year
1 week 3,23%/year
2 week 3,5%/year
Others...