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Updated: 2020-07-02 10:45:27

Ma’am People’s Council Representative of the loan borrowers

(VBSP News) Ms Mơ is the head of the loan and saving group in Bát Xát town of North West province of Lào Cai that has 21 members of Kinh ethnic. She shares that the situation has been getting better because the clients are now receiving SMS on the deadline, so they can prepare the money in advance.

The SMS notification services have contributed to enhance trust of VBSP clients to group leaders

In her town, interest collection is usually done on the 20th of each month. Each household has two days (18th and 19th) to prepare the money. She shares that the situation has been getting better because the clients are now receiving SMS on the deadline, so they can prepare the money in advance. Before, she had to spend one day to travel around the town and inform each household (21 of them) in person. There were times when she had to come multiple times to meet the loan receivers. Prior to SMS, she had to take care of her own housework before handling the group’s tasks.

Ms Mơ is also a representative of the Town People’s Council and an owner of a local tailor shop. She has 5 seamstresses but she is the chief and only cutter. Prior to last month, she only received 50 orders. Now, having more time, she can receive up to 100 orders. Meeting and having conversations with loan receivers improve the mobilization of potential voters given her engagement in the local political system. This helps group leaders like Ms Mơ to have the ability to recognize key issues happening in the local settings. Thus, the roles of group leaders at locally different political positions received better recognition and trust. For example, before whenever they went to collect the interest, the clients always had questions, such as ‘why the interest this month increases?’ They did not know that the bank calculated interest on a daily basis. People at times took out their phones to calculate and verify whether the bank’s calculation was accurate. With SMS, the information is clear and clients display more trust towards group leaders. Group leaders also have more time for themselves, to hang out with friends, go to weddings together, etc. The saving and loan group of Ms Mơ organized tours to Quảng Bình, Yên Tử, Hạ Long, General Võ Nguyên Giáp tomb, Hồ Chí Minh Mausoleum and his hometown. In the past, they only focused on doing business.

In contrast, now they have access to updated information and have an open mind. Women within the loan and saving group text each other via Zalo, which reduces cellphone bills. It has become their new habit to have access to Wi-Fi, and they often ask each other about Wi-Fi passwords whenever they go.

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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...