Ben Thanh market in Ho Chi Minh City (Photo: VNA)

HCM City (VNA)
– Ho Chi Minh City has provided preferential loans for more than 1.3 million poor households and social welfare beneficiaries from the Vietnam Bank for Social Policies (VBSP) branch in the city.

The information was revealed at a conference in HCM City on October 12 to review the implementation of preferential credit policies in 2003-2017.

The VBSP reported that its branch in HCM City has helped more than 225,000 families overcome poverty over the past 15 years while generating jobs for more than 220,000 labourers and helping 88,000 students study.

Director Tran Van Tien said as of August 31, 2017, the total credit of the VBSP’s branch in HCM City exceeded 2.8 trillion VND (over 123 million USD), nearly 20 times more than in 2003 when it was established.
The effective implementation of social credit policies has helped reduce poverty and unemployment and narrowed gaps between the rich and the poor, participants said.

Vice Chairwoman of the municipal People’s Committee Nguyen Thi Thu urged the VBSP branch in HCM City to take more measures to sustainably reduce poverty.

She suggested improving the quality of preferential credit loans and controlling the ratio of overdue debts as well as increasing financial inspections.-VNA