Prime Minister visit VBSP in early New Year 2019

(VBSP News) PM Nguyen Xuan Phuc visited the Viet Nam Bank for Social Policies (VBSP) on February 11, the first day after the Lunar New Year holidays. 

PM Nguyen Xuan Phuc (standing) visits  the Viet Nam Bank for Social Policies

The PM also attended a video teleconference of all VBSP branches nationwide. 

The VBSP reported that in 2018, it has had nearly 11,000 communal transaction points and mobilized over VND 194 trillion. The VBSP lent over VND 187 billion. Nearly 6.7 million poor and nearly poor households got access to the capital source. 

CEO Duong Quyet Thang (standing) delivers a speech on VBSP's achievements

After 16 years of operation, VBSP has given loans to more than 34.1 million poor households and social policy beneficiaries, helping over 5.1 million households escape from poverty and generate jobs for more than 3.6 million workers.   

The loans have enabled over 3.6 million disadvantaged students to go to school and helped built over 11.3 clean water and environmental hygiene facilities in rural areas and nearly 105,000 houses in the Mekong Delta. 

Addressing the event, PM Phuc highlighted the goal of building the socialist-oriented market economy set by the Party and the State, with special attention paid to social welfare related issues. 

PM visits VBSP employees at the VBSP transaction center

The VBSP serves as an important channel to fulfill the goal, he said, noting that the bank’s branches have successfully implemented incentives of the Party and the State towards the poor. 

The PM also lauded the bank’s efforts to ensure that bad debts account for a mere 0.78% of its total outstanding loan balance, the lowest ratio in the banking sector. 

Thanks to efforts by the bank and the entire political system, funding of the Party and State has come to remote and far-flung areas and needy people, he said. 

The Government chief reiterated the country’s target of achieving an inclusive growth with no one left behind.  He also said that more efforts should be made to ensure sustainable poverty reduction and drive back black credit. 

On this occasion, he asked relevant agencies such as the Ministry of Finance and the Government’s Office to consider allocating charter capital to the bank annually to match the new situation. 

Localities should pay more attention to policy credit and VBSP’s activities, as well as support to the poor./.  

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