VBSP improve economic empowerment for women
(VBSP News) All economical aspects of poor women after loaning are markedly improved. Many women have created a suitable job from this loan and increased their income from the credit support of VBSP.
Quach Thi Ut borrowed the VBSP loan for vegetable farming in Tra Vinh province
Access to micro finance programs has helped thousands of women in Vietnam escape poverty and furthered the gender equality agenda. A 2016 report by the General Statistics Office of Vietnam showed that 44% out of the 26.2 million female workers in Vietnam are employed in the agricultural sector. This means agriculture depends on women to grow. However, 62.4% of these women work without pay in their households and 41.1% are only employed for menial work. Upon seeing this, Vietnam Bank for Social Policies (VBSP) decided to help poor Vietnamese women gain access to credit so that they can set up their own business and escape poverty for good. When women can fend for themselves, social welfare will improve and the agricultural sector will benefit greatly, said VBSP. The bank then collaborated closely with the Vietnam Women Union (VWU), which is now the biggest benefactor of VBSP’s capital, out of all organizations and associations.
Nhan Thi Dam borrowed VND 25 million from VBSP to raise cows in Chau Thanh district Tra Vinh province
Until now, the VWU has been managing 68,991 financial unions with VND72 trillion ($3.13 billion) of outstanding loans for 2.6 million households. The program is designed for poor households and students who need financial aid to complete their studies. Through 16 years of collaboration, the VWU and VBSP have been holding regular meetings at local financial unions. In these meetings, local women are taught practical lessons on how to take out loans, set up a business, and build strong families that support gender equality and innovation.
The women also received updates of regulatory changes or other support programs available in the area. Studies show that the majority of poor households have a lot of children and lack a sustainable business plan for their family, thus VBSP and VWU want to help local women escape this vicious circle of poverty. These meetings and financial unions also act as support groups for women, fostering camaraderie and companionship.
K"Ho ethnic Hoang Thi Ha borrowed VND 50 million for investing fine-art handicraft in Binh Thuan province
According to VBSP representatives, 100% of financial unions run by the VWU have completed their action plans. Credit quality and on-time repayment have been guaranteed, and financial unions run by the VWU are becoming more professional and efficient in their lending practices. Thanks to credit programs by the VWU and VBSP, thousands of poor women have become financially stable, thus increasing their social standing and contributing to the gender equality agenda at rural areas. Their own families have also benefited from women’s stronger financial power, minimizing money-related risks to their households. Stories of women who escaped poverty through VWU and VBSP have also inspired others. Many successful women have then created jobs or offered training for local female workers, thus creating a ripple effect in the community.
- Newsletter Vol 25
- Financial literacy for the poor and other disdadvantaged groups
- Assessment of the World Bank on the role and achievement of Vietnam Bank for Social Policies
- Vietnam Bank for Social Policies is currently the leading microfinance provider in Vietnam and one of the largest microfinance providers in Asia
- Big step forward in awareness and action
- Pilot program for potential customers before working in the Republic of Korea
- Local resources need to be strengthened to support the poor and other vulnerable groups affected by Covid-19
- Hanoi supports disadvantaged groups to overcome impacts of COVID-19
- The poor receives VBSP’s support after damage caused by COVID-19
- VBSP supports disadvantaged people and workers affected by Covid-19 pandemic
- Prime Minister lauds VBSP's contributions to sustainable poverty reduction
- Prime Minister visit VBSP in early New Year 2019
- 6.7 million poor and other vulnerable households access inclusive finance in 2018
- SOME THOUGHTS ABOUT PROMINENT SUCCESS OF BANK FOR SOCIAL POLICIES MODEL IN VIETNAM
- VBSP contribute to moving away illegal loan
- Over 6M Vietnamese People Escape from Poverty
- Leveraging financial inclusion and customer protection through VBSP
- CASE STUDY FROM VBSP: EXPERIENCE SHARING ON PRO-POOR RURAL AND AGRICULTURAL FINANCE IN VIETNAM
- All Vietnamese are to have decent houses of their own
- Social housing loan programs contribute to sustainable Development Goals
- Newsletter Vol 26
- Some results achieved: Best practice from VBSP
- VBSP General Director worked with Ambassador Extraordinary and Plenipotentiary of the Republic of Cuba in Vietnam
- VBSP attended National financial inclusion strategy to 2025 with a vision to 2030 conference
- Ensuring preferential funding for disadvantaged students
- The address for the poor and policy beneficiaries in Tuyen Quang province
- Financial literacy app for the poor, women, low income, MSMEs and other last-mile populations
- Participation of local authorities in VBSP's activities
- "Midwife" for young people to get rich
- Savings and credit group model: Best practice from VBSP
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