Continue to vigorously implement social policy credit programs

On the occasion of the Lunar New Year 2025 and the 95th anniversary of the founding of the Communist Party of Vietnam (February 3, 1930 – February 3, 2025), on the morning of February 3 in Hanoi, Secretary of the Party Committee of VBSP Central, Board Member – General Director Duong Quyet Thang chaired the first online meeting at VBSP. The meeting was held online with connections to branch offices of VBSP in provinces and cities, as well as transaction offices in districts and towns. Deputy Governor of the State Bank of Vietnam, Mr. Pham Tien Dung, attended the event and extended New Year’s greetings to VBSP.

Mr. Pham Tien Dung - Deputy Governor of the State Bank of Vietnam delivered a speech

Attending the first online spring briefing session were representatives of the leadership from several functional departments of the State Bank of Vietnam. On the VBSP side, attendees included Mr. Nguyen Minh Phuong - Standing Deputy Secretary of the VBSP Central Party Committee; Mr. Nguyen Manh Tu - Head of the Supervisory Board; Deputy General Directors; Chief Accountant; President and Vice Presidents of the Trade Union; Chief of Office and Deputy Chiefs of Office; Directors and Deputy Directors of specialized departments, the Training Center, the Information Technology Center and the Transaction Office. At branch offices in provinces, cities, districts, and towns nationwide, the session was attended by the branch management board, heads and deputy heads of specialized departments, transaction office leaders and all VBSP employees across the system.

Mr. Duong Quyet Thang - General Director of VBSP delivered a speech at the meeting

General Director of VBSP emphasized that right from the beginning of 2025, VBSP had proactively followed the directives of the Party Secretariat, the Government, the Prime Minister and the State Bank of Vietnam to effectively implement the political tasks assigned by the Party and the State, ensuring safe and efficient operations.

To promptly meet the borrowing needs of policy beneficiaries for production and business development, units within the system actively mobilized capital to ensure sufficient funding for credit growth.

As of January 31, 2025, the total capital for policy credit programs exceeded VND 388 trillion, including VND 56.507 trillion entrusted from local budgets, an increase of VND 5.826 trillion, accounting for 14.5% of total capital. All branches nationwide recorded an increase in entrusted local capital compared to 2024. The total loan disbursement reached VND 10.529 trillion, benefiting 165,000 poor households and other policy beneficiaries. The total outstanding policy credit balance stood at VND 371.426 trillion with more than 6.887 million active borrowers.

Policy credit funds have supported production and business investment, creating jobs for over 57,000 workers, including 655 people working abroad under fixed-term contracts and 279 individuals reintegrating into the workforce after completing their prison sentences. Additionally, nearly 3,900 disadvantaged students received educational loans; nearly 118,000 clean water and sanitation projects were built in rural areas; and 250 houses were constructed for poor households and low-income social housing beneficiaries.

The scene of the meeting at the VBSP’s Headquarters

Speaking at VBSP's first online spring briefing session of Lunar New Year, Deputy Governor of the State Bank of Vietnam, Mr. Pham Tien Dung, stated that in 2024, the banking sector closely followed the leadership and directives of the Party and the Government to effectively implement monetary and fiscal policies. This played a crucial role in ensuring macroeconomic stability, controlling inflation and maintaining key economic balances, particularly in energy and social welfare. VBSP made significant contributions by implementing preferential policies for the poor and other policy beneficiaries.

Entering 2025 - a particularly significant year with many important tasks, making breakthroughs to achieve the economic and social development targets for the 2021–2025 period and boosting economic growth to 8% - the banking sector has identified its critical role in maintaining macroeconomic stability, driving growth, and ensuring major economic balances. Key focuses include reducing costs to lower lending interest rates and prioritizing credit for key sectors and programs, such as the Social Housing Development Program and the Program to Eradicate Temporary and Dilapidated Housing.

To successfully accomplish the sector’s common goals, Deputy Governor Pham Tien Dung expressed that, with its strong traditions, solidarity and determination to overcome challenges, VBSP will continue to vigorously implement social policy credit programs. This will contribute to sustainable livelihoods for the people, support business development, reduce poverty and ensure social security.

Delegates at local points

On the occasion of the Lunar New Year, on behalf of the leadership of the State Bank of Vietnam, the Deputy Governor extended wishes of health and success to all employees within the VBSP system.

On behalf of all employees of the VBSP system, General Director Duong Quyet Thang wished the Deputy Governor and the leadership of the State Bank of Vietnam good health. He emphasized that the entire VBSP system would remain united, striving to overcome all challenges and successfully accomplish the tasks entrusted by the Party and the State.

Thuy Trang – Phan Anh