VBSP Board of Directors Holds Regular Meeting for the Second Quarter of 2026

On the afternoon of July 14, the Board of Directors (BOD) of VBSP convened its regular meeting for the second quarter of 2026 in Hanoi. The meeting was chaired by Mr. Pham Duc An, Member of the Party Central Committee, Governor of the State Bank of Vietnam, cum Chairman of the VBSP BOD.

Mr. Pham Duc An, Governor of the State Bank of Vietnam cum Chairman of the VBSP BOD, delivers concluding remarks at the meeting

In his opening remarks, Mr. Pham Duc An emphasized that 2026 marks the first year of implementing the 2026-2030 Socio-Economic Development Plan. It is also a pivotal year for laying a solid foundation toward achieving the key objective of double-digit GDP growth. Under the leadership and strategic direction of the Party Central Committee’s Secretariat, and the strong guidance of the National Assembly, the Government, the Prime Minister, and the State Bank of Vietnam, VBSP has effectively fulfilled the political tasks entrusted by the Party and the State while maintaining safe, sound, and efficient operations.

Notably, VBSP has worked closely with relevant ministries to advise the Government and the Prime Minister on the issuance of regulations governing the organization and operations of VBSP, as well as policy credit programs. VBSP has continued to affirm its role as one of the key pillars of the national social security system, making significant contributions to maintaining political stability, promoting socio-economic development, and advancing the Party and the State’s commitment to ensuring that no one is left behind.

As of June 30, 2026, total policy credit funding reached VND 474.796 trillion, an increase of VND 47.5 trillion compared to the end of 2025. Of this amount, entrusted capital from local governments totaled VND 81.105 trillion, up VND 15.014 trillion from the end of 2025 and VND 77.296 trillion compared to the period before the issuance of Directive No. 40-CT/TW. Local entrusted capital accounted for 17.1% of total funding, exceeding the target set under the VBSP Development Strategy through 2030.

Ms. Nguyen Thi Hang, VBSP Board Member cum General Director presents the operational results for the second quarter of 2026

Regarding credit growth, in 2026, VBSP was assigned by the Prime Minister to increase its outstanding policy credit by up to 10% compared with 2025, while also receiving additional capital for policy credit programs in accordance with regulations. Driven by the strong determination of the Board of Directors, the Management Board, and the concerted efforts of the entire system, by the end of June 2026, VBSP had fulfilled 94% of its assigned credit growth target. Total outstanding policy credit reached VND 454.370 trillion, an increase of VND 40.843 trillion (9.9%) compared with the end of 2025, serving more than 6.7 million active borrowers. This represents the highest credit growth recorded by VBSP for the same period in previous years.

During the first six months of 2026, policy credit funding supported production and business activities, helping create jobs for nearly 487,000 workers, including more than 3,800 workers employed overseas under fixed-term contracts, over 2,400 ex-prisoners, and 286 individuals recovering from drug addiction who received loans to generate employment. The funding also enabled more than 12,000 disadvantaged students to access loans for education, including nearly 1,200 students pursuing STEM-related fields; financed the construction of more than 974,000 rural safe water and sanitation facilities; and supported the purchase, lease-purchase, or construction of over 9,100 social housing units for poor households and low-income beneficiaries. These efforts have contributed significantly to economic stability and growth, strengthened social security, and supported the effective implementation of the National Target Programs on sustainable poverty reduction, new-style rural development, and socio-economic development in ethnic minority and mountainous areas.

Alongside the strong growth in outstanding policy credit, the quality of policy lending continued to remain stable. As of June 30, 2026, total overdue and rescheduled loans across the system stood at VND 2.245 trillion, accounting for 0.5% of total outstanding loans. Of this amount, overdue loans totaled VND 958 billion, equivalent to 0.2% of total outstanding loans.

Overview of the meeting

Concluding the meeting, Mr. Pham Duc An acknowledged and commended the achievements of the entire VBSP system during the first six months of 2026. Despite ongoing challenges in both the domestic and global economies, VBSP has maintained strong credit growth while continuously improving credit quality, ensuring that preferential loans reach the intended beneficiaries, thereby contributing to the effective implementation of the National Target Programs and strengthening social security.

Regarding the tasks ahead, the Chairman of the BOD instructed the entire VBSP system to continue advising Party committees and authorities at all levels on the implementation of Directive No. 39-CT/TW of the Party Central Committee’s Secretariat on enhancing the effectiveness of social policy credit in the new period. VBSP will also continue to work closely with central ministries and agencies while advising local authorities at all levels on the effective implementation of the objectives, tasks, and solutions set out in the VBSP Development Strategy through 2030.

VBSP was also tasked with proactively mobilizing financial resources and coordinating with relevant ministries, sectors, and the Government Office to submit the 2026-2030 Medium-Term Public Investment Plan to the Prime Minister for approval, providing a basis for its early implementation.

VBSP units will continue to effectively implement policy lending activities, with particular emphasis on coordinating with relevant ministries and agencies to seek the Prime Minister’s approval for an additional 2026 credit growth allocation and ensuring its effective implementation once approved. At the same time, VBSP will continue to strengthen coordination with local Party committees, authorities, and entrusted mass organizations to implement comprehensive measures aimed at further improving credit quality throughout the system.

In addition, VBSP will continue working with relevant ministries to study, develop, and refine legal documents governing its financial mechanism and policy credit framework. At the same time, VBSP will proactively develop internal regulations and operational guidelines to ensure the timely and effective implementation of newly issued policies and mechanisms across the entire system immediately after they are promulgated by the competent authorities.

Mr. Pham Duc An expressed his confidence that VBSP will continue building on its achievements, overcome challenges, and successfully accomplish the tasks entrusted by the Party, the State, and the people in 2026.

At the meeting, the VBSP BOD expressed its appreciation and bid farewell to former Board Member and former General Director Duong Quyet Thang, who officially retired under the State retirement regime effective from July 1, 2026

Members of the Standing Committee of the Party Committee of VBSP Headquarters, the Head of the Supervisory Board, members of the Board of Management, the Chairman of the Trade Union, and the Chief Accountant of VBSP pose for a commemorative photo with former Board Member and former General Director Duong Quyet Thang