Over 3.3 million students have received loans to pursue study under the credit programme for students pursuant to the Prime Minister’s Decision No 157, according to the Vietnam Bank for Social Policies (VBSP).

The bank’s leaders said it has prepared sufficient capital to meet all requests for loans by eligible students in the new academic year of 2014-15.

Deputy General Director of VBSP Nguyen Van Ly highly values the programme’s humane value, and attributed its success to an open and transparent procedures as well as capital management. With the close coordination of local authorities, VBSP can also perform transactions in communes, therefore reducing fees and procedures for applicants.

According to Decision No 1196 by the Prime Minister on July 19, 2013, the maximum loan for each student is currently 1.1 million VND per month (55 USD). However, Ly is proposing to raise this amount as the cost of living is increasing.-VNA