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Updated: 2023-12-14 13:21:09

Small savings, but big benefits

In Phu Yen province, with a little of money (about tens of thousands VND per month), the poor and other beneficiaries could deposit money as savings through Savings and Credit Group, which helping local people save a large amount of money to repay debts for the bank.

phu yen

Local people received loans in Commune Transaction Point (Son Nguyen commune, Son Hoa district)

Accumulate little money into large amount

In the past November, in VBSP’s Commune Transaction Point (Hoa Kien commune, Tuy Hoa city), Ms. Tran Thi Oanh (in Son Tho village) received credit of VND 40 million from job creation program. She previously paid off her debt of VND 25 million to VBSP, so VBSP considered relending her quickly.

Ms. Oanh said that her family tried to save about VND 500 thousand per month and deposited this amount of money to Savings and Credit Group. 3 months before the due date of the loan, her family saved over VND 15 million. At that time, her family also sold cows, and she had enough money to pay off her debt. And with the money that VBSP decided to relend, her family still raised cows and continued to save money monthly.

Ms. Nguyen Thi Thu Yen (Xuan Lanh commune, Dong Xuan district) also received a loan of VND 40 million from VBSP to build house. When the leader of the Savings and Credit Group explained about the benefits of depositing money, Ms. Yen’s family started depositing VND 50 thousand per month through group.

Ms. Yen shared that her family deposited savings with the smallest amount. When her economic circumstance was better, she would deposit more money. It was so convenient for her to send money anytime, she did not to wait for transaction date and not to go to the bank.

According to Ms. Nguyen Thi Ai – leader of Savings and Credit Group of Ha Rai village, all members totally agreed to deposit savings after understanding the benefits of depositing (residents had the habit of accumulation and gradually paid off the principals of their loans; or when they did not have enough money to pay interest, they could ask the leader to use savings money to pay for).

Dual benefits

Mobilizing deposits through Savings and Credit Group has brought many dual benefits. Not only did customers have savings to repay the debts but the bank also had more resources to lend, helping the poor households and other policy beneficiaries to be able to access to preferential credit for production, business, stable lives and social securities.

Therefore, in the coming time, VBSP Phu Yen branch would positively propagate new policies related to savings deposit and programs of preferential credit to local people, especially residents in extremely disadvantaged areas.

By the end of November 2023, Phu Yen has totally had 88,764 households depositing savings through Savings and Credit Group, accounting for more than 96% of total households borrowing money from VBSP with total money deposits of VND 184 billion.

Le Hao



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