Deputy Prime Minister Ho Duc Phoc chairs a working session with VBSP

On March 27, Deputy Prime Minister Ho Duc Phoc chaired a working session with the Vietnam Bank for Social Policies (VBSP) to review its performance and discuss future directions. The meeting was attended by Ms. Nguyen Thi Hong - Governor of the State Bank of Vietnam and Chairwoman of VBSP’s Board of Directors (BOD) along with representatives from relevant agencies.

Deputy Prime Minister Ho Duc Phoc chairs a workings with VBSP

VBSP’s Achievements

At the meeting, Mr. Duong Quyet Thang - Member of the BOD and General Director of VBSP reported that VBSP's total policy credit resource has now exceeded VND 416 trillion (US$16.2 billion), an increase of over VND 409 trillion ($16 billion) since 2002, with an average annual growth rate of 21.4%. Of this, VND 58.78 trillion ($2.3 billion) comes from local budget entrusted funds. The total outstanding loans from policy credit programs have reached over VND 376 trillion ($14.8 billion), with an average annual credit growth rate of 21.1%. Currently, more than 6.8 million poor, near-poor and other policy beneficiaries have outstanding loans at VBSP.

Mr. Duong Quyet Thang - General Director of VBSP reported on the VBSP's recent operational results

Over the past 23 years, nearly 47.9 million disadvantaged households and other policy beneficiaries have received preferential loans; over 7.6 million jobs have been created; over 4 million disadvantaged students have taken opportunities of schooling; nearly 20.4 million works of rural safe water and sanitation have been built; approximately 784,000 houses for low-income families have been constructed.

In recent years, VBSP has been entrusted with critical responsibilities by the Government and the Prime Minister, particularly in implementing credit policies to support individuals and businesses affected by the COVID-19 pandemic under Government Resolution No. 68/NQ-CP. Under this program, VBSP disbursed VND 4.829 trillion ($188.1 million) in loans to 1,548 businesses and employers, covering salaries for over 1.2 million workers, thereby supporting business recovery. Additionally, VBSP has been actively involved in the economic recovery and development program under National Assembly Resolution No. 43/2022/QH15 and Government Resolution No. 11/NQ-CP.

VBSP has been widely recognized by agencies for its outstanding contributions over the past 23 years, particularly in developing a modern governance model that effectively serves its beneficiaries, thereby enhancing the quality of social policy credit.

Future Development Directions

Ms. Nguyen Thi Hong delivered her speech at the meeting

Speaking at the meeting, SBV Governor Nguyen Thi Hong, who also serves as Chairwoman of VBSP’s BOD, emphasized that VBSP has been a leading microfinance provider in Vietnam, playing a crucial role in helping Vietnam achieve its Millennium Development Goals ahead of schedule.

In his concluding remarks, Deputy Prime Minister Ho Duc Phoc reaffirmed VBSP’s vital role in Vietnam’s poverty reduction and social security strategies. He outlined six key priorities for the bank’s future development: Restructuring for greater efficiency, Diversifying capital sources, Developing a highly skilled workforce, Accelerating digital transformation, Strengthening financial management and Expanding housing credit programs.

The Deputy Prime Minister expressed his confidence that VBSP will continue to grow strongly in the coming years, effectively meeting the evolving needs of society.