Meetings of Board of Directors of VBSP in quarter II / 2019

(VBSP News) On July 10^th, in Hanoi, the Board of Directors of VBSP held its regular meeting of Quarter II/2019. Mr. Le Minh Hung - Member of the Party Central Committee, Governor of the State Bank of Vietnam and Chairman of VBSP's Board of Directors attended and chaired the meeting.

SBV Governor and Chairman of VBSP Le Minh Hung chaired the meeting

Attending the meeting were Mr. Do Van Chien, Member of the Party Central Committee - Minister, Chairman of the Committee for Ethnic Minorities and members of the VBSP's Board of Directors; Mr. Thao Xuan Sung, Member of the Party Central Committee, Chairman of the Farmers' Association and member of the VBSP's Board of Directors; other members of the Board of Directors, members of the Board of Advisory for Board of Directors, Deputy General Directors, Chairman of VBSP’s Work Union, Chief Accountant, Directors of functioning Departments at the Head Office, Training Center, IT Center and Transaction Center.

Speaking at the meeting, Mr. Le Minh Hung, Member of the Party Central Committee - Governor of the State Bank of Vietnam and Chairman of the VBSP's Board of Directors emphasized: With the attention of the Party, the State, Central Committee, Ministries and Agencies which has active participation of the members of the Board of Directors; supports of local authorities at all levels; close coordination of mass organizations; together with the strong and close direction of the Board of Management, the solidarity of the whole system, VBSP's performance continues to achieve good results in all activities in the first 6 months of 2019.

Member of the BOD and General Director Duong Quyet Thang presented the report

As of June 30^th, 2019, the total capital reached VND 207,217 billion, increased by VND 12,796 billion compared to 2018, ensuring the ability to repay due debts, timely meeting demand for funding for social policy credit programs. The whole system have actively advised the Party Committee, local authorities at all levels to continue implementing well the Directive No. 40-CT/TW dated November 22, 2014 of the Party Central Committee's Secretariat on strengthening the Party's leadership in social policy credit. Local authorized funds transferred to VBSP to provide loans to social policy beneficiaries reached VND 14,128 billion, an increase of VND 2,318 billion compared to the end of 2018.

Total outstanding loans of policy credit programs reached VND 198,505 billion, an increase of VND 10,713 billion compared to December 31, 2018 serving more than 6.6 million poor, near poor households and other policy beneficiaries. In particular, the outstanding loans of credit programs under the growth plan which was assigned by the Prime Minister reached VND 173,855 billion, an increase of VND 8,714 billion compared to 2018, completing 66% of the plan. The ratio of overdue debts and frozen debts accounted for 0.78% of total outstanding loans; in which overdue debts accounted for 0.39% of total outstanding loans.

Social policy credit have contributed to support production and business, creating jobs for nearly 113 thousand employees, of which more than 3,000 workers go to work for a definite time abroad; helping over 8 thousand disadvantaged students to borrow money to study; building more than 757 thousand clean water and sanitation works in rural areas; building more than 10,000 houses for policy beneficiaries ...

Scene of the meeting

To complete the credit plan assigned by the Prime Minister from the beginning of 2019, the Chairman of the Board of Directors requested the Executive Board to actively work with ministries and branches to arrange sufficient funds for VBSP to provide loans to credit policy programs. For the social housing loan program according to the Government's Decree 100, the Chairman asked VBSP to coordinate with the State Bank to advise relevant ministries and branches and submit to the Prime Minister to report to the National Assembly to arrange additional capital of VND 2,000 billion for VBSP to provide social housing loans according to regulations.

Besides, VBSP proactively mobilize capital according to the assigned plan to meet the demand for loans of credit programs. Especially with urgent demand for loans of farmers who suffer losses from African swine flu, forest fire in some central provinces, pepper in the Central Highlands ... VBSP actively lent to help people overcoming difficulties, restore production, and change breeding models.

Continue to direct the consolidation and improvement of the quality of policy credit, accordingly, synchronously implement measures to improve credit quality throughout the system. Deploying communication on policy credit. Strengthening experiences learning and exchange with international organizations; continue to coordinate implementation of international cooperation projects. Promote emulation movements to strive to successfully complete the assigned tasks.

Regarding the implementation of Directive No. 40-CT / TW of the Party Central Committee's Secretariat, the Chairman of the Board of Directors requested the Executive Board to continue advising the Boards, Ministries and local authorities at all levels to strengthen the leadership and direction for policy credit activities focusing on allocating local budgets to entrust VBSP to supplement funding capital.

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