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Press Release

Updated: 2021-05-28 10:49:38

Timely transferring policy capital during the Covid-19 pandemic

(VBSP News) Right from the first months of 2021, following the direction of the Board of Directors, General Director of VBSP, the whole system of VBSP, including the branch of VBSP in Hoa Binh province, actively mobilized capital sources and timely disbursed preferential capital to poor households and other disadvantaged groups. The capital has become a driving force in the people's journey to escape from poverty, especially in the context of the current complicated situation of the Covid-19 pandemic.

As for localities implementing social distancing according to the Prime Minister's Directive, VBSP's commune transaction points across the country have been strictly implementing measures to prevent and control the pandemic as prescribed

From the beginning of 2021 until now, in Hoa Binh province, the Covid-19 pandemic has affected all classes of society, including poor households and other policy beneficiaries of VBSP. Especially, from May 10, Hoa Binh province implemented social distancing for Hoa Binh city and drastically synchronously implemented solutions to prevent and control the pandemic.

Director of VBSP branch in Hoa Binh province Nguyen Minh Hung said: As a disadvantaged province, the poverty rate is high, so the demand of preferential loans of the people in the province is very large. In order to timely convey policy capital to poor households and other policy beneficiaries during the Covid-19 pandemic, VBSP has implemented many solutions such as the message "5K" of the Ministry of Health at commune transaction points.

Wearing a mask, disinfecting hands and keeping a distance are the things that Mr. Bui Van Phong - leader of the Savings and Credit Group in Mac hamlet, Tan My commune, Lac Son district reminds his members when coming to commune transaction points. According to Mr. Phong, in the past, most of the households in the village were poor or near-poor households because they wanted to develop the economy but they lacked capital. Since accessing preferential loans from VBSP, the economic life of people has changed a lot. Many households got rich thanks to effective use of policy capital. In the context of the current complicated situation of the Covid-19 pandemic, the policy capital is still disbursed in a timely manner, which is a motivation for people to overcome difficulties and continue to develop the economy.

The branch of VBSP in Hoa Binh province and branches of other provinces and cities across the country have applied partitions to ensure safe transactions between bank officers and customers according to the 5K recommendation of the Ministry of Health

In recent years, most of the poor and near-poor households in Hoa Binh province have also made steady progress in the journey to escape from poverty thanks to the companionship of policy capital such as customer Bui Thi Ung - a poor household in De hamlet, Bac Phong commune, Cao Phong district. When she was newly married, her family's situation was very difficult, with a temporary house on stilts made of bamboo, her income depends on farming. “It was only when I got a loan that we could build this house. After that, I continued to get loans from VBSP to raise buffaloes, so my family's life was somewhat less difficult" she said.

In addition to Ms. Ann's family, from the beginning of the year until now, thousands of poor households and other policy beneficiaries in Hoa Binh province have received VBSP’s loans. Accordingly, VBSP’s lending turnover in the first 4 months of 2021 in Hoa Binh province reached over VND 598 billion with 17,155 turns of customers. Up to now, the total outstanding loans in Hoa Binh province has reached over VND 3,490 billion with over 125 thousand borrowers. Credit policy capital has helped attract and create jobs for 1,256 workers, helping 25 disadvantaged students to continue studying, 34 workers work abroad, over 8,700 clean water and sanitation works have been renovated and built. With the diversified implementation of lending programs, policy credit continues to become an important "lever" in poverty reduction, contributing to speeding up the progress of the national target program on building new rural areas. This is also an important motivation to help the poor and other policy beneficiaries overcome the difficulties caused by the Covid-19 pandemic.





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