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Press Release

Updated: 2021-01-21 08:42:51

VBSP contributes to financial inclusion application and client protection

(VBSP News) Financial inclusion is an important development direction in order to achieve the goal of providing quality and convenient services to the poor, policy beneficiaries and customers in rural, mountainous and remote areas. Over the past years, through its activities, VBSP has contributed to enhancing financial inclusion in Vietnam.

Over the past years, through its activities, VBSP has contributed to enhancing financial inclusion in Vietnam

Expand outreach

VBSP has a wide network with 63 provincial branches, 631 district transaction offices and nearly 11,000 commune transaction points opened at offices of commune/ward/town people’s committees throughout the country. Commune transaction points enhance access to financial services for poor people and policy beneficiaries; reduce transaction costs and travel time for customers.

In addition, VBSP has coordinated with local governments and mass organizations to set up and manage nearly 200,000 Savings and Credit groups assembling the poor, near poor households and other policy beneficiaries who have demand for loans. Through this model, the poor and other policy beneficiaries have access not only to preferential funds of the Government but also other financial services such as payments and deposits…Nowadays more than 6.5 million customers who are the poor and policy beneficiaries in rural areas having savings and transactions with VBSP.

Thanks to its extensive network, VBSP probably has the widest network bank in Vietnam banking system, assuring its customers’ easy access to banking and financial services in rural, mountainous, and remote areas can.

Enhance financial education for partners and customers.

VBSP has focused on financial training for its partners, who are officials of mass organizations and management boards of Savings and Credit groups. Training programs include knowledge, management skills of credit programs, savings programs, payment services… At the same time, VBSP also regularly cooperates with mass organizations, Savings and Credit groups, local governments, agricultural, forestry and fishery extension agencies to assist customers through financial education activities to familiarize them with access to and use of financial products and services as well as production and business techniques to increase capacity and efficiency of using capital.

Products are always designed towards convenience for customers

Vietnam Bank for Social Policies has studied and developed appropriate services for its customers, who are the vulnerable population living in rural and disadvantaged areas and have limited access to commercial bank products and services. In addition to implementing government-designated credit programs to various clients, VBSP has designed savings products specifically for members of Savings and Credit Groups. Accordingly, the poor and the policy beneficiaries will save savings and deposit a certain amount of money in the bank each month (commonly 30,000 VND, 50,000 VND ...).The leader of the Savings and Credit Group is authorized by VBSP to collect savings of its members, but a separate account is open for each member to follow up with the strict process and control. Over 6.5 million poor people, policy beneficiaries who are group members have participated in this activity. The purpose of this servicecreates not only the habit of savings but also conditions for the poor and policy beneficiaries to access to banking services.

In addition, since 2016, Vietnam Bank for Social Policies has implemented a savings mobilization service for residents at commune transaction points. Instead of going to a bank office, which is far away from the place of living, people in rural areas can deposit their savings into VBSP at the commune transaction point. This service brings convenience to customers living away from urban centers, contributing to mobilizing resources from the public and providing banking products and services to rural areas.

Apply digital finance technology

In order to apply digital financial services into operations, VBSP has implemented the project "Mobile banking" from 2017-2019.

The project starts by sending a periodic SMS notification informing customers’ bank balances (loan, savings), loans repayment schedule, overdue debt transfer, policy credit information, etc. In 2019, nearly 700 million messages were sent successfully (bank balances, due date notification, overdue debt notification, account balance changes) to customers using mobile phones.

In phase 2, VBSP will pilot mobile banking services for leaders of Savings and Credit Groups and customers in areas where the digital platform is applicable for automating transaction process, expanding services on a mobile platform such as money transfer, savings deposit, bill payment, insurance etc. Thus, customers can access financial services to increase cost effectiveness, reduce transaction time for both customers and VBSP.

Enhance client protection

VBSP establishes mechanisms to ensure interests of customers through a well-controlled process.

The Bank for Social Policy's lending programs are applied preferential interest rates or approaching market rates to reduce financial difficulties for the poor and policy beneficiaries. In addition, lending, debt collection, interest collection and savings taking of VBSP are provided in a convenient and fee-free at commune transaction points. This approach therefore saves time and travel expenses for customers.

Set of procedures for handling work; information about lending rates, deposit rates, policies related to policy credit are open published at commune transaction points, in VBSP offices at all levels and at VBSP website to ensure information transparency, facilitating the supervision of the Government and people on the activities of VBSP.

Besides, VBSP has set up a hotline phone number and arranged a suggestion box at all offices and transaction points; open the "Questions and Answers" category on the Website to receive feedback from people and customers.





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