The VBSP’s Board of Directors (BOD) held its regular meeting for the fourth quarter of 2024

On January 9, in Hanoi, the BOD of VBSP held its regular meeting for the fourth quarter of 2024. Governor of the State Bank of Vietnam, Ms. Nguyen Thi Hong, who is also the Chairwoman of the VBSP BOD, chaired the meeting.

Governor of the State Bank of Vietnam, Ms. Nguyen Thi Hong, Chairwoman of the VBSP BOD, presided over the meeting

Speaking at the meeting, Ms. Nguyen Thi Hong emphasized that in 2024, VBSP proactively adhered to the directives of the Party Secretariat, the Government, the Prime Minister, the State Bank of Vietnam and the BOD’s resolutions. The entire system successfully carried out the political tasks assigned by the Party and State, ensuring efficient and safe operations.

As of December 31, 2024, the total capital for policy credit activities reached over VND 376 trillion, an increase of VND 29.823 trillion compared to 2023. This included entrusted capital from local budgets via VBSP for lending to social policy beneficiaries, which reached VND 50.681 trillion, an increase of VND 11.506 trillion compared to 2023. The total outstanding loans for policy credit programs reached VND 367.631 trillion with nearly 6.9 million active customers.

In addition, the quality of the loans continued to remain stable. The overdue and frozen debt ratio accounted for 0.56% of the total outstanding loans.

Mr. Duong Quyet Thang - Member of the BOD and General Director of VBSP presented a report on VBSP's performance in 2024

In 2024, thanks to social policy credit, over 712,000 workers have been created jobs, including more than 9,300 individuals working abroad under fixed-term contracts and nearly 7,000 individuals reintegrating into the workforce after completing prison sentences. Over 88,500 disadvantaged students have been able to access educational loans; nearly 1,759,000 works of rural safe water and sanitation have been built, 1,143 houses for poor households as well as over 6,200 social housing units for low-income groups have been constructed. These efforts contributed to economic stability and development, ensuring social welfare, and successfully implementing preferential credit investments under the National Target Programs for sustainable poverty reduction, new rural construction and socio-economic development in ethnic minority and mountainous regions.

The scene of the meeting

In her concluding remarks, the Chairwoman of the BOD praised the performance of VBSP in 2024. Despite persistent economic challenges both domestically and internationally, the VBSP system made significant efforts to overcome difficulties, ensuring high-quality credit management while effectively implementing policies to reach beneficiaries. These efforts contributed to economic stability, development and social welfare, fulfilling the mission of preferential credit investments under the National Target Programs for sustainable poverty reduction, new rural development and socio-economic growth in ethnic minority and mountainous regions.

The Chairwoman emphasized that, in the upcoming time, VBSP must continue advising Party Committees and local authorities at all levels to implement the directives of the Party Central Secretariat as outlined in Directive No. 39-CT/TW on enhancing the effectiveness of social policy credit in the new era and to promptly and efficiently carry out National Assembly Resolution No. 111/2024/QH15 regarding specific mechanisms and policies for implementing National Target Programs.

Moreover, VBSP units actively mobilize capital sources, including strengthening entrusted capital from local budgets, receiving a 2% deposit from state-owned commercial banks, encouraging provincial branches to mobilize deposits from organizations and individuals to meet disbursement needs under policy credit programs while maintaining liquidity across the system. Additionally, the Chairwoman highlighted the importance of close coordination with Party Committees, local authorities and mass organizations to enhance credit quality across the VBSP’s system. The Chairwoman also called for strengthening communication about social policy credit and VBSP operations, prioritizing digital transformation and executing key projects to provide comprehensive financial and banking services for VBSP customers. She expressed confidence that VBSP will continue to build upon its achievements, overcome challenges and strive to fulfill the tasks entrusted by the Party, State and people, achieving better results in 2025 than in 2024.

Thuy Trang – Phan Anh