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Updated: 2024-04-16 15:17:04

Rising out of poverty thanks to policy credit

From policy credit, thousand turns of the poor, near-poor households and other policy beneficiaries in Song Cong City (Thai Nguyen province) have had the conditions to expand production, develop business and gradually stabilize their lives; contributing to effectively implementing the goal of poverty reduction and building new rural areas and civilized urban areas.


The wooden furniture facility of Mr. Duong Van Dong's family (in An Chau 2 street, Mo Che ward, Song Cong city) brings a profit of over VND 300 million per year

The wooden furniture facility of Mr. Duong Van Dong's family (in An Chau 2 street, Mo Che ward) is one of the effective economic models. Mr. Dong said: "In 2014, our facility was first established, we faced many difficulties due to limited skills. Thanks to constantly learning, customers gradually see that our products have beautiful designs and reasonable prices, so they order more and more".

In 2021, Mr. Dong was loaned VND 80 million by VBSP Song Cong City from the job creation program to expand production scale. Along with his family's capital, he bought more saws, air compressors for paint spraying, planers, drills, wood polishers... to serve production. His business gradually went well, generating profits of over VND 300 million per year and creating jobs for 2 - 3 workers with an income of 8 - 10 million VND/person/month.

Ms. Duong Thi Thoa (in group 1, Thang Loi ward) borrowed VND 80 million from VBSP’s loan program for post-poor households. She expanded the barn area from the original 30m² to 120m², raising livestock from 30 to 90 pigs per litter. Currently, her family supplies more than 20 tons of pork to the market each year and creates a regular job for one local worker.

Ms. Cao Thi Thuy (in Linh Son 2 hamlet, Binh Son commune) borrowed VND 100 million from VBSP’s program for near-poor households. Her family built nearly 200 square meters of barns on an area of 5,000 square meters of garden land. Currently, her family sells to the market from 1,000 to 2,500 chickens each month.

Those are only 3 out of thousands of the poor households and other policy beneficiaries in Song Cong city who have received preferential credit in recent times. In 2023, total lending revenue for policy credit programs in VBSP Song Cong City reached nearly VND 80 billion with 1,076 customers. The result was that 91 turns of the poor, near-poor and post-poor households received preferential loans; over 400 workers created new jobs; nearly 200 students in disadvantaged circumstances took opportunities of schooling; 418 works of safe water and environmental sanitation built; 23 houses built and repaired; one person who completed his prison sentence created job.

Ms. Nguyen Thi Thanh Huong - Director of VBSP Song Cong City emphasized: It could be affirmed that the effective deployment of social policy credit has motivated the poor and other policy beneficiaries to boldly rise out of poverty and get rich themselves.

To convey policy credit to the right subjects, at the same time, improving credit quality and providing maximum support to borrowers, in 2024, VBSP Song Cong City will continue to well implement the method of entrusted direct lending through 4 mass organizations. Moreover, VBSP Song Cong City will timely disburse the assigned credit plan targets, collect due debts, actively handle overdue debts to create revolving loans. In addition to the poor and near-poor households, the Bank will pay attention to post-poor households and those who have completed their prison sentences.

From the beginning of the year to the end of the first quarter of 2024, VBSP Song Cong City has disbursed loans to 451 turns of households with a total loan amount of VND 24.2 billion. Of these, 219 turns of households created jobs, 143 works of safe water and environmental sanitation built and repaired, 58 disadvantaged students got opportunities of schooling, etc.

Minh Phuong



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