VBSP implements tasks for the year 2025

On January 5, 2024, in Hanoi, Vietnam Bank for Social Policies (VBSP) held a hybrid conference to implement tasks for 2025. The conference was chaired by Mr. Duong Quyet Thang, Secretary of the VBSP Central Party Committee, Member of the Board of Directors, General Director of VBSP.

Mr. Duong Quyet Thang - General Director of VBSP delivered a directive speech at the conference

As part of the conference, a ceremony was held to announce the decisions of the Chairman of VBSP’s Board of Directors regarding the appointment of Mr. Doan Trung Thanh, Director of VBSP’s Binh Dinh Branch and Mr. Vuong Van Minh, Director of the VBSP’s Credit Department for Students and Other Policy Beneficiaries, to the positions of Deputy General Directors of VBSP.

In his remarks assigning tasks, General Director Duong Quyet Thang congratulated the two newly appointed Deputy General Directors and emphasized that this was a great honor not only for the individuals but also for the entire VBSP system.

The General Director urged the newly appointed officials to continue fostering unity, leveraging their strengths, expertise and practical experience to excel in their assigned tasks, thereby contributing to the sustainable development of VBSP. This includes enhancing its role as a public financial institution of the Government in implementing national target programs.

On behalf of the Chairman of the Board of Directors, General Director Duong Quyet Thang presented the appointment decisions to Deputy General Director Doan Trung Thanh (right) and Deputy General Director Vuong Van Minh (left)

On behalf of the newly appointed officials, the new Deputy General Director of VBSP, Mr. Doan Trung Thanh, expressed his deep gratitude for the trust by the Board of Directors, the Executive Board and the units within the VBSP system. He also affirmed his determination to continuously strive, overcome challenges, maximize personal responsibility and consistently improve to complete assigned tasks. Furthermore, he committed to contributing to the stable development of VBSP, meeting the requirements of its mission in the coming period.

Overcoming challenges and excellently completing the assigned tasks

Ms. Le Thi Duc Hanh - Deputy General Director of VBSP reported on the results of VBSP’s operations in 2024 and the direction for tasks in 2025

In 2024, despite facing numerous challenges, including particularly natural disasters, storms and complex climate change, many regions and people across Vietnam were heavily affected, both materially and spiritually, especially the poor and vulnerable groups. However, under the leadership of the Party, the National Assembly and the Government, the support of ministries, local authorities and the detailed guidance from the Board of Directors and the Executive Board, the entire VBSP system has consistently accompanied and promptly assisted policy beneficiaries conveniently accessing policy credit funds. VBSP actively implemented many effective solutions in mobilizing resources to ensure timely disbursement of funds to borrowers, enabling them to develop production, stabilize their lives after storms and floods, enhancing the effectiveness of policy credit.

By December 31, 2024, the total policy credit funds amounted to over VND 376 trillion, an increase of nearly VND 30 trillion compared to 2023. Of this, the funds entrusted from local government budgets were VND 50.681 trillion, accounting for 13.5%. The entrusted funds for VBSP included funds from Resolution No. 111/2024/QH15 of the National Assembly on special mechanisms and policies for implementing national target programs, totaling VND 2.141 trillion at 20 VBSP branches in provinces and cities. Notable branches with increased entrusted funds include: Hanoi, Ho Chi Minh City, Quang Ninh, Hai Phong, Hai Duong, Binh Duong, Cao Bang and Binh Thuan.

Under Decision No. 22/QD-TTG of the Prime Minister, 60 VBSP provincial branches have already implemented loans using entrusted funds from local government budgets, totaling VND 248.3 billion. Of these, 53 branches have advised local authorities to separately allocate funds for lending to those who have completed their prison sentences, amounting to VND 205.3 billion.

The delegates attending the conference at the local point

In 2024, the total loan disbursement reached VND 119.507 trillion with 2.321 million households and other policy beneficiaries receiving loans. By the end of 2024, the total outstanding loans amounted to VND 367.631 trillion, an increase of VND 35.708 trillion (+10.8%) compared to 2023, with nearly 6.890 million active borrowers. The total overdue and frozen debt across the system was VND 2.050 trillion, accounting for 0.56% of the total outstanding loans.

In 2024, thanks to social policy credit funds, over 712,000 workers have been created jobs, including more than 9,300 workers going abroad for short-term employment and nearly 7,000 individuals who completed their prison sentences and found employment. Over 88,500 disadvantaged students have been able to cover expenses for studying; nearly 1.760 million clean water and sanitation projects in rural areas have been constructed; 1,143 houses have been built for poor households to stabilize their lives; over 6,200 social housing units for low-income groups have been built. These efforts contributed to stabilizing and developing the economy, ensuring social welfare and successfully implementing preferential credit for national target programs on sustainable poverty reduction, new rural construction, economy development in ethnic minority regions.

The utmost effort for the best results in 2025

Mr. Duong Quyet Thang emphasized that the achievements in 2024 were thanks to the deep attention of the Party, the National Assembly and the Government; the support of ministries, agencies, local authorities, and the leadership of the Board of Directors, the Executive Board; the close coordination of mass organizations entrusted; and the determination and responsibility of the units within VBSP system, from the Head Office to VBSP branches in provinces and cities.

The scene of the conference at the Head Office of VBSP

Regarding the operational direction for 2025, Mr. Duong Quyet Thang - General Director required all units in the system to advise the Government, ministries, agencies, local authorities and relevant organizations to implement Directive No. 39-CT/TW of the Central Party Secretariat on improving the effectiveness of social policy credit in the new phase. They should also coordinate in advising on the entrustment of local government budget funds in accordance with Resolution No. 111/2024/QH15 of the National Assembly on specific mechanisms and policies for implementing national target programs. Additionally, they must continue to collaborate closely with central ministries and agencies, advising local authorities at all levels to effectively implement the tasks and solutions in the VBSP development strategy until 2030.

Units should focus on implementing the credit growth plan for 2025 as soon as it is assigned by the Prime Minister, supporting the execution of national target programs on sustainable poverty reduction, new rural construction and economy development in ethnic minority regions during 2021-2025.

Finally, the General Director urged the VBSP system to continue effective communication about the Party and State’s policies on social policy credit and the role of VBSP. It is also essential to intensify participation in patriotic emulation movements, striving to complete political tasks excellently; actively responding to emulation campaigns launched by various sectors; and recognizing and rewarding outstanding staff, especially at the grassroots level, to encourage and motivate all employees to enthusiastically complete their assigned tasks.

On this occasion, the VBSP Emulation and Reward Council announced the reward decisions from the Governor of the State Bank of Vietnam and the General Director of VBSP for the units and individuals who achieved excellent results in 2023 and 2024 and launched the emulation campaign for 2025, with targets to successfully complete the assigned tasks.

Mr. Duong Quyet Thang presented the Emulation Flag of the State Bank of Vietnam to two units that achieved outstanding results and led the emulation movement in 2023

Mr. Duong Quyet Thang awarded prizes to three outstanding units that achieved first, second and third place in the VBSP system for the year 2024

11 VBSP provincial branches were recognized with the excellent first-place award in their respective regions for the year 2024

The units recognized with the excellent second-place award in their respective regions for the year 2024

The units recognized with the excellent first-place award in the specific emulation topics for the year 2024

The units recognized with the excellent second-place award in the specific emulation topics for the year 2024

The units recognized with the excellent third-place award in the specific emulation topics for the year 2024

Mr. Duong Quyet Thang awarded a prize to VBSP Dien Chau District (Nghe An Province) for having the largest outstanding loan balance nationwide in 2024