Diagnostic mission of the World Bank works with VBSP

(VBSP News) On October 15, 2018, at the headquarter of the VBSP, General Director of VBSP, Duong Quyet Thang met and worked with Ms. Eva Gutierrez - head of the delegation of senior finance expert of WB. Attending the meeting are Director and Deputy Directors of Departments at VBSP’s Head Office, Transaction Center, Training Center and IT Center.

The meeting between WB and VBSP

At the meeting, General Director Duong Quyet Thang welcomed the World Bank senior expert mission to VBSP. Exchanging with WB team, General Director Duong Quyet Thang outlined the results of activities of VBSP in 16 years of operation since 2002 to date, roles, significance and importance of VBSP in poverty alleviation and ensuring social security in Vietnam; introduce VBSP's business model to help poor people to have capital to grow and stabilize their life, escape poverty and contribute to poverty reduction of Vietnam. VBSP has been highly appreciated by international friends.

As a state-owned credit institution which was established to implement preferential credit policies for the poor and other policy beneficiaries. Currently, VBSP has a wide network of local and national branches, including:  a Head Office, Transaction Center, Training Center, IT Center, 63 provincial branches, 631 branches district transaction offices, nearly 11 thousand commune transaction points, nearly 200 thousand Savings and Credit groups and nearly 7 million active customers. VBSP is providing over 20 credit programs, including programs for poor households, just escaped from poverty households, disadvantaged students, clean water and rural environmental sanitation. Currently, VBSP has a total capital of nearly VND 200 trillion and total outstanding loans of over VND 184 trillion. Overdue debt and frozen debt account for a very low rate of 0.82% of total outstanding loans, of which overdue debt accounts for 0.42%, frozen debt accounts for 0.4%.

Eva Gutierrez - Head of the World Bank Senior Delegation sent a thank-you note to the General Director of VBSP and the information received during the meeting. This will help WB to assess the effectiveness and role of VBSP in effectively implementing lending programs for the poor and policy beneficiaries in Vietnam.

It is expected that the senior staff of the WB will work with VBSP from 15 to 26 October, 2018 to learn about VBSP's management and operating mechanism, operation model and development strategy.

VBSP