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Updated: 2020-09-23 09:53:18

Some results achieved: Best practice from VBSP

(VBSP News) The VBSP is the state-owned policy bank that provides preferential credit to the poor and other last-mile populations. It was originally established as the VBP (Vietnam Bank for the Poor) in 1995, in order to provide low-interest credit without collateral to poor households.

The standard of “poor households” that can obtain the VBSP’s loans is regulated from time to time by the government under the national multi-dimensional poverty standard issued by the Ministry of Labor, Invalids and Social Affairs.

VBSP is a policy bank established by the Vietnam Government in 2002 to provide financial products and services for the poor and other disadvantaged groups for non-profit purpose. The mission is aimed at sustainable poverty alleviation, job creation, combat climate change, water and environment sanitation, gender equality, disability inclusion and social security.

VBSP is the only entity in Vietnam establishing the operation network covering to the grassroot level with 63 city, provincial branches, 631 district transaction offices, around 11,000 transaction points at commune, ward and town; nearly 200,000 savings & credit groups at village and hamlet.

Process of delivering policy credit to the poor and other disadvantaged groups

VBSP is currently extending financial services for around 7 million household customers (out of which 3.5 million is women) who are the poor, disadvantaged students, ethnic minority, persons with disabilities, business households, merchants in disadvantaged areas, microenterprises, SMEs, HIV carriers, rehabilitated drug addicts and reformed prostitutes etc. As of June 30, 2020, total assets of  VBSP is more than USD 10 billion; total loan portfolio reaches over USD 9 billion, of which outstanding loans to agriculture and rural areas reached over USD 8 billion, accounting for approximately 94%. The overdue debt and frozen debt rate is 0.75%, reducing by 13% compared with the time point of its establishment.

vbsp.org.vn

PHOTO ARTICLES

LENDING INTEREST RATE

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

Students

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
Others...

DEPOSIT INTEREST RATE

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