VBSP helps ethnic minorities in Lam Dong reduce poverty

(VBSP News) Financial schemes from the Vietnam Bank for Social Policies (VBSP) has helped to reduce poverty significantly in the Central Highlands province of Lam Dong, especially among ethnic minorities.

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After making a field trip to Lac Duong district, Vice Chairman of the Government Committee for Ethnic Affairs Phan Van Hung noted that credit programs for the poor and policy beneficiaries have helped poor households promote production, contributing to reducing the ratio of poor households in the locality to 3.91 percent by the end of 2017, and 11.56 percent among ethnic minorities.
Lam Dong is implementing 13 credit programs for the poor, two of which target poor households from ethnic minority groups.
Capital from the programs is mostly allocated through the Farmers’ Association, Women’s Union, War Veterans’ Association and Youth Union.

From 2007 to May 2018, the VBSP lent more than 7 trillion VND (US$308 million) to 500,000 customers. Total outstanding loans in the VBSP’s Lam Dong branch were 2 trillion VND as of May 2018, 2 trillion VND (US$88 million) more than 2007.

At a working session with the Committee for Ethnic Affairs of Lam Dong province, Huynh Thanh Lan, Director of the VBSP’s Lam Dong branch, said that in policy research and preferential credit policies, it is necessary to focus on the economic situation of each region and lending period.
Lan proposed uniform credit policies to support poor households from ethnic minority groups, concentrating on the lending amount, interest rate and lending period.

Meanwhile, it is crucial to continue reviewing all policies to invest in mountainous areas and support households from ethnic minority groups, thus choosing the most feasible and effective policies.
To finish the program of building new-style rural areas in 2020, Lam Dong needs capital to transform economic structure, develop production and improve the environment towards sustainable poverty reduction.
Nguyen Van Yen, Vice Chairman of the provincial People’s Committee, highlighted the efficiency of the VBSP’s capital for ethnic minority groups in helping locals escape poverty.
He suggested that the VBSP will continue prioritising Lam Dong in its credit programs to assist the province in creating jobs and implementing clean water and rural sanitation programs.
Lam Dong is home to 43 ethnic minority groups, including Co Ho, Ma, Chu Ru, M’nong, Raglai, Van Kieu, Gia Rai, Co Tu and Ba Na, accounting for more than 24 percent of the province’s total population.

Vietnam News