The Board of Directors of VBSP held a regular meeting of the quarter IV, 2023

On January 11, 2024, in Hanoi, the Board of Directors (BOD) of VBSP held a regular meeting of the quarter IV,2023. Ms. Nguyen Thi Hong, Member of the Party Central Committee, Governor of the State Bank of Vietnam - Chairwoman of the Board of Directors of VBSP, chaired the meeting.

Ms. Nguyen Thi Hong, Governor of the State Bank of Vietnam - Chairwoman of the Board of Directors of VBSP, chaired the meeting

The participants attending the meeting consisted of Ms. Ha Thi Nga, Member of the Party Central Committee - President of the Vietnam Women's Union, and members of BOD; Member of the Board of Directors' Advisory Board; Permanent Deputy Secretary of the Central Bank for Social Policies Party Committee; Deputy General Directors; Union President; Chief Accountant; Director of Functional Departments at VBSP’s Head Office, Training Center, IT Center and Transaction Center.

Speaking at the meeting, Ms. Nguyen Thi Hong, Governor of the State Bank of Vietnam - Chairwoman of BOD of VBSP emphasized: In 2023, VBSP proactively followed Resolution No. 01 of the Government on the main tasks and solutions to implement the plan for socio-economic development, estimate State budget and improve the business environment, enhance national competitiveness in 2023; Directive No. 01 of the Governor of the State Bank of Vietnam on implementing the key tasks of the banking industry in 2023; Resolution of the Board of Directors of VBSP on comprehensively directing all aspects of operation, promptly disbursing funds to meet the capital needs for production and business of the poor, near-poor households and other policy beneficiaries.

Mr. Duong Quyet Thang, General Director of VBSP, reported VBSP's performance results in 2023

By December 31, 2023, total capital for policy credit activities has reached more than VND 346 trillion. In which, the capital from the local budget entrusted through VBSP to provide loans to social policy beneficiaries has reached VND 39,174 billion, an increase of VND 8,573 billion compared to 2022. Total outstanding loans of policy credit programs have reached nearly VND 332 trillion with more than 6.8 million active borrowers.

In particular, VBSP has focused on implementing Resolution No. 11/NQ-CP dated January 30, 2022 on the Socio-economic recovery and development program and implementing Resolution No. 43/2022/QH15. By the end of 2023, outstanding loans under Resolution No. 11/NQ-CP of the Government on the Socio-Economic Recovery and Development Program have reached VND 38,400 billion with 615.6 thousand customers receiving loans, reaching 100% of the assigned plan in 2022 and 2023. VBSP has disbursed VND 158,994 billion of the total loan for policy credit programs with 2% supported interest rate to more than 3.3 million customers; has implemented program of supporting interest rate with a total amount of VND 2,995.2 billion for the period 2022 - 2023.

In addition, debt quality has been remained stable. The rate of overdue debt and frozen debt has accounted for 0.57% of the total outstanding debt; in which, overdue debt has accounted for 0.16%, frozen debt accounted for 0.41%.

The meeting scene

Speaking at the conclusion of the meeting, the Chairwoman of BOD highly appreciated the performance of VBSP in 2023. In the economic context with many difficulties and challenges, VBSP made great efforts, overcome difficulties to ensure good credit quality and promptly implement loan programs for socio-economic recovery and development, National target programs under the direction of the Government, and new credit programs. The results of social policy credit implementation have been highly appreciated by the Party, Government, domestic and international organizations.

In the coming time, to complete assigned tasks, the Chairwomen of BOD requests the entire system to continue advising the Government, Ministries, Departments, Party Committees, local authorities at all levels to well implement the Directive No. 40-CT/TW, Conclusion No. 06-KL/TW of the Secretariat and Decision No. 1630/QD-TTg of the Prime Minister, focusing on strengthening the mobilization of resources for social policy credit. At the same time, the entire system also coordinates with relevant Departments, Ministries and branches to advise and report to competent authorities to organize a review of 10 years of implementing Directive No. 40-CT/TW and implement well the tasks, solutions in VBSP Development Strategy until 2030.

Moreover, VBSP focuses on implementing the 2024 credit growth plan as soon as assigned by the Prime Minister, contributing to the implementation of National Target Programs on sustainable poverty reduction, new rural construction and socio-economic development in ethnic minority areas in the period 2021 - 2025. Along with credit growth, it is necessary to strengthen internal inspection and synchronously implement solutions to improve credit quality throughout the system.

In addition, VBSP continues to carry out staff training, launch emulation movements to strive to successfully complete the targets and mission plans for 2024. Also, VBSP strengthen communication work on policy credit; focus on implementing digital transformation and implementing key projects to comprehensively provide financial and banking products and services to customers.

Finally, the Chairwoman of BOD believes that VBSP will continue to promote its achievements, strive to overcome difficulties, challenges, and successfully complete the tasks assigned by the Party, State and residents.

Thuy Trang - Huu Trung