General Director of VBSP worked with the Ministry of Agriculture and Livestock Development of Nepal

Within the framework of membership relations with the Asia-Pacific Rural and Agricultural Credit Association (APRACA), in the morning of December 11, 2023 in Hanoi, General Director of VBSP, Duong Quyet Thang, had a meeting and worked with the delegation of senior officials of the Ministry of Agriculture and Livestock Development of Nepal led by Minister BEDU RAM BHUSAL.

General Director of VBSP and the Minister of Agriculture and Livestock Development of Nepal

At the meeting, General Director of VBSP, Duong Quyet Thang sent greetings and best wishes to the delegation of senior officials of the Ministry of Agriculture and Livestock Development of Nepal during their working visit to Vietnam, including the working session with VBSP.

As a credit institution of the Government, operating for non-profit, VBSP is the largest unit providing comprehensive finance for poor households and policy beneficiaries in Vietnam. Up to now, VBSP has established the management model and credit methods are consistent with the specific political institutions in Vietnam and are being effective with more than 20 programs, focusing on lending to poor households, near-poor households, post-poor households and other policy beneficiaries.

After 21 years of operation, VBSP has provided loans to support to nearly 6.3 million households overcoming the poverty threshold; creating jobs for more than 5.9 million workers, supporting more than 3.8 million students in schooling; building more than 16.8 million works of rural clean water and sanitation; building nearly 729 thousand houses for the poor and other policy beneficiaries; supporting nearly 2 thousand businesses and employers affected by the Covid-19 pandemic to pay wages for work stoppages; restoring production for more than 1.2 million workers, etc. contributing to reducing the poverty rate across the country through each period, from 9.88% to 2.23% in the period 2016 - 2021.

With the results achieved, VBSP was honored to receive the title "Labor Hero" in the reform period awarded by the State. The World Bank also has a report recognizing "VBSP is the largest microfinance provider in Vietnam and one of the largest microfinance organizations in Asia. The success of social policy credit deployment in Vietnam has contributed to achieving the millennium goals before planed schedule and the development of VBSP has brought valuable experiences and lessons to the Governments of other countries”.

View of the working session

Minister of Agriculture and Livestock Development of Nepal, BEDU RAM BHUSAL, thanked VBSP for the enthusiastic welcome and congratulated VBSP for many achievements in recent times. The visit and work at VBSP is an opportunity for the delegation of senior officials of the Ministry of Agriculture and Livestock Development of Nepal to learn and exchange experiences.

Within the framework of the experiential learning program, the senior officials of the Ministry of Agriculture and Livestock Development of Nepal will go on a field trip to learn about social policy credit activities, microcredit and agricultural price chains in some localities.

PV