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Updated: 2023-07-12 15:04:18

Policy credit contributes to enhancing social wellbeing

Millions of needy households and other beneficiaries gained access to policy credit sources from Vietnam Bank for Social Policies to feed their production and business requirements in the first half of this year, according to a July 7 conference for the bank reviewing activities and performance in the first 6 months of 2023.

As of June 30, the bank’s total policy credit sources reached $13.8 billion, up 7.2 per cent equal $924.3 million compared to the end of 2022, in which entrusted capital volume from the local budget came to $1.5 billion, up $170.6 million, accounting for 10.8 per cent of total.


 VBSP CEO Duong Quyet Thang giving conclusion remarks

The total outstanding balance touched $1.32 billion, showing a 7.4 per cent jump equal $916.6 million on-year, with more than 6.6 million needy households and other beneficiaries taking on loans.

Of which the balance under the premier-assigned programmes came to nearly $11.3 billion, up 7 per cent, equal $7.34 billion compared to the end of last year.

The bank has been concentrating on expediting Resolution 11/NQ-CP presenting the national programme on socioeconomic rebound and development, and Resolution 43/2022/QH15 on fiscal and monetary policies to aid the initiative’s execution.

Consequently, by the end of June, the whole VBSP system had disbursed more than $826 million, an excess of $130 million compared to the end of last year, with more than 350,000 customers taking on loans.

Significantly, in the year to date, the whole VBSP system had disbursed $6.04 billion under policy credit programmes with a 2 per cent interest rate subsidy, benefiting 3.3 million-plus customers.

The value of the interest-rate subsidy is $84.3 million.

Aside from steady growth in balance volume under policy credit programmes, the debt quality has been stable. Overdue and frozen debts accounted for 0.62 per cent of the total, in which overdue debts made up 0.17 per cent, and frozen debts 0.45 per cent.

In the first 6 months of 2023, more than 310,000 labourers were beneficiaries of policy credit sources, which also helped over 4,000 labourers to work abroad under fixed-term contracts, and more than 25,000 students facing hardships to cover learning and living costs.

Besides this, over 3,000 family households borrowed from the VBSP system to buy computers and devices for online learning of their children. The sources also directed onto building more 870,000 clean water and latrine facilities in rural areas, and building over 7,000 social housing units in favour of policy beneficiaries, among others.

In respect to key tasks in the last 6 months, VBSP CEO Duong Quyet Thang mandated the whole system to make efforts for efficient implementation of credit growth targets in 2023 assigned by the premier, particularly scaling up efforts to increase disbursement of lending programmes to the right people in light of government Resolution 11/NQ-CP.

Thang noted that the VBSP should further consult the government, ministries, sectors, and localities for effective implementation of Directive 40-CT/TW, Conclusion 06-KL/TW of the Secretariat, and Decision 1630/QD-TTg of the prime minister regarding the Party’s governance over policy credit sources.

Other tasks involve joining efforts with relevant management agencies, local governments as well as other social and political organisations to consolidate and improve the quality of credit in the whole system; fostering inspection and enhancing the quality of debt management and treatment; and promoting the advantages of policy credit, among others.








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


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


Term Deposit Rate
Overnight 3,04%/year
1 week 3,23%/year
2 week 3,5%/year