VBSP supports disadvantaged people and workers affected by Covid-19 pandemic

As a leading bank in providing microfinance for the poor and other vulnerable groups, in the outbreak of Covid-19 pandemic, VBSP has implemented various measures to protect the health of its employees and customers and ensured to provide promptly loans for them to improve business and production.

The loans are timely provided by VBSP to the poor at commune transaction points

It can be said that the most affected section by the Covid-19 pandemic is the agricultural and rural areas. The production of goods is stagnated, affecting production and business activities of borrowers. The prices of agricultural and aquatic products decreased and the ban on transporting goods causing damage to many local residents.

A survey in Quang Tri showed that in order to ensure food security, local farmers overcame difficulties to increase production for providing essential goods for the market promptly. However, due to the impact of the disease, currently, the price of vegetable is being sharply reduced. There are some comodities down to over 50% as well as restaurants and beverage services have been closed so consumer’s needs are much less than before.

Ms. Ho Thi Ha in Dong Thanh Ward, Dong Ha City (Quang Tri province) shared: “The price of vegetable is getting much lower because of the Covid-19 pandemic. Therefore, we cannot cover our living costs".

Despite facing many difficulties in the consumption process, people in Quang Tri province are still making efforts to increase production, meet market demand and try not to make the pandemics affect too much the economic development. Therefore, VBSP is actively disbursing more loans for customers to improve their production process.

Clip of interviewing Ms. Ho Thi Ha - a VBSP customer

Customer Nguyen Xuan in Hai Hung Commune, Hai Lang District (Quang Tri province) said: “The Covid-19 pandemic is outbreaking. Thanks to VBSP’s financial service, our family had more capitals to increase production and husbandry”.

Clip of interviewing Mr. Nguyen Xuan - a VBSP customer

Up to now, VBSP Quang Tri province has provided loans of more than VND 3,500 billion to support local residents to maintain and expand production, especially for the production of essential goods for daily life. In addition, VBSP has implemented a more flexible revolving fund mechanism to assist clients in the process of debt repayment.

Currently, VBSP has conducted over 20 credit programs with total outstanding loan of VND 211,006 billion (an increase compared to VND 4,201 billion in 2019). In the first 3 months of 2020, the total lending turnover reached VND 18,723 billion, with more than 6.5 million active customers.

Clip of interviewing Mr. Nguyen Duc Hai - Deputy General Director

VBSP Deputy General Director – Mr. Nguyen Duc Hai said: “In the complicated situation of the Covid-19 pandemic affecting negatively on the whole society, including a large number of VBSP borrowers, who is the poor and other vulnerable groups. Following the direction of the Prime Minister, the Governor of the State Bank of Vietnam and the Chairman of VBPS Board of Directors, in recent years, VBSP has directed all branches in provinces and cities to continuously update the pandemic situation, closely coordinate with the local authorities and mass organizations to assess the extent of damage to the borrowers to implement measures such as adjusting repayment term, debt extension and providing additional loans to help customers affected by Covid-19 pandemic.

As of March 30, 2020, VBSP has conducted loan extension and repayment term adjustment for 40,034 customers with the total amount of VND 1,394 billion. In addition, VBSP has also focused on lending to the poor and  other vulnerable groups so that they can improve their production and stabilize their lives with funding of VND 11,973 billion for 275,415 customers.

vbsp.org.vn