VBSP’s outstanding performance and strategic plan for 2020

(VBSP News) VBSP has their largest business operation ever in 2019, reaching VND 72.8 trillion, an increase of more than VND 10.7 trillion compared to 2018.

VBSP Deputy General Director - Ms. Tran Lan Phuong hosted the conference

A press conference was held by the VBSP in Hanoi on January 9 to announce the results of the activities in 2019 and orientations for solutions in 2020 to increase access to inclusive finance for people, especially ethnic minorities in mountainous areas.

According to VBSP Deputy General Director – Ms. Tran Lan Phuong, the policy credit fund has invested in 100% of communes, wards and towns across the country, focusing on giving priority to lending to poor households, near-poor households, newly escaped from poverty households, communes in ethnic minority areas and extremely difficult areas, and remote and border areas.

By the end of 2019, the VBSP’s total outstanding loans reached VND 206.8 trillion, an increase of over VND 19 trillion compared to December 31, 2018, with more than 6.5 million active borrowers.

2019 was also the fifth year of implementing the Party Central Committee Secretariat’s Directive No. 40-CT/TW, dated November 22, 2014, on enhancing the Party's leadership over credit for social policy beneficiaries.

Currently, in order to ensure sufficient funds to implement policy credit programs, VBSP has implemented many solutions on capital activities, including increasing deposit mobilization from organizations and individuals at the office of VBSP, as well as mobilizing savings deposits at commune transaction points, advising the party committees, local governments at all levels, domestic and foreign investors to transfer trust funds to VBSP to support needy people and policy beneficiary people.

2020 is the last year in which to implement the VBSP Development Strategy for the period 2011-2020. VBSP has set the task of effectively implementing the credit plan assigned by the Prime Minister, focusing on giving priority to lending to poor households, near-poor households, newly escaped from poverty households, communes in ethnic minority areas and extremely difficult areas, and remote and border areas; and associating with national target programs on sustainable poverty reduction and new rural construction, VBSP Deputy General Director – Ms. Tran Lan Phuong said.

In particular, VBSP will continue to actively advise and implement new and appropriate mechanisms and policies and ensure compliance with regulations, including following the directions of the Government, the Prime Minister and relevant ministries and branches in implementing the National Assembly's Resolution No. 88/2019/QH14, dated November 18, approving the Master Plan on socio-economic development in ethnic minority and mountainous areas for 2021-2030 period, with a focus on renovating and expanding credit policies towards increasing norms and expanding borrowers to projects production and business to create livelihoods for ethnic minorities.