The Board of Directors of VBSP holds a regular session in the second quarter of 2024

On July 12, in Hanoi, the Board of Directors (BOD) of VBSP held a regular session in the second quarter of 2024. Ms. Nguyen Thi Hong - Governor of the State Bank of Vietnam - Chairwoman of the BOD of VBSP chaired the meeting.

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

Speaking at the meeting, Ms. Nguyen Thi Hong emphasized: In the first 6 months of 2024, VBSP has actively followed the direction of the Secretariat, Government, Prime Minister, The State Bank of Vietnam (SBV) and the Resolution of the BOD. VBSP have implemented well the political tasks assigned by the Party and the State, ensuring efficient and safe operation.

By June 30, 2024, total capital for policy credit activities has reached nearly VND 373 trillion; of which the entrusted capital from the local budget entrusted through VBSP has reached nearly VND 47,000 billion. Total outstanding debt of policy credit programs has reached VND 351 trillion with more than 6.8 million active borrowers.

Mr. Duong Quyet Thang - General Director of VBSP reported the results of operations in the second quarter of 2024

In the first 6 months of 2024, social policy credit has supported production and business investment, creating jobs for more than 405 thousand workers, of which nearly 4.8 thousand workers went abroad to work for a limited time and nearly 4.2 thousand people who have completed their prison sentences having jobs; helped more than 24.2 thousand disadvantaged students cover study expenses; built nearly 1,021 thousand works of rural safe water and sanitation; built 647 houses for poor households to stabilize their lives, nearly 2.6 thousand social houses for low-income groups,...

Debt quality continued to remain stable. The rate of overdue debt and frozen debt accounted for 0.56% of the total outstanding debt; Of which, overdue debt accounted for 0.21%, frozen debt accounted for 0.35%.

Meeting scene

In conclusion, the Chairman of the BOD highly appreciated the performance of VBSP in the first 6 months of 2024. In the context of challenging economy both domestic and internation, however, VBSP has made efforts to overcome difficulties to ensure good credit quality. At the same time, VBSP promptly transfer preferential loans to beneficiaries, contributing to economic stability and development, ensuring social security and successfully implementing task of national target programs on sustainable poverty reduction, new rural construction and socio-economic development in ethnic minority and mountainous areas.

In the coming time, to complete the assigned tasks, the Chairwoman of the BOD requires the entire system to continue advising party committees and local authorities at all levels to well implement Directive 40-CT/TW, Conclusion No. 06 -KL/TW of the Secretariat and Decision No. 1630/QD-TTg of the Prime Minister, Resolution 111/2024/QH15 of the National Assembly on a number of specific mechanisms and policies to implement target programs national, focusing on strengthening the mobilization of resources and capital entrusted from local budgets. Moreover, VBSP focuses on implementing plan of credit growth, disbursing loans promptly to the right beneficiaries

The Chairwoman of the BOD also requested the entire system to continue to coordinate closely with party committees, local authorities and entrusted mass organizations to synchronously implement solutions to improve credit quality, strengthen internal inspection. Besides, VBSP strengthens communication work on social policy credit and activities of VBSP; focus on implementing digital transformation and implementing key projects to provide comprehensive banking products and services to VBSP’s customers.

PV