Hanoi (VNA) – Minister-President of the Central Bank of Cuba Juanna Lilia Delgado Portal on November 20 visited and had a working session with the Vietnam Bank for Social Policies (VBSP) to strengthen cooperation.
During the session, VBSP General Director Duong Quyet Thang briefed Delgado Portal and her entourage on the bank's formation, development, and operations.Starting with the establishment of the Poverty Reduction Loan Fund in 1995, followed by the creation of the Bank for the Poor in the same year, and the official formation of the VBSP in 2002, the bank has consistently striven to achieve its goals, building an effective operational system from central to local levels.
As a specialised banking model and a tool of the Party and State of Vietnam to implement preferential credit policies, the VBSP has accompanied the poor and policy beneficiaries for over 22 years.
It has overcome numerous challenges, working tirelessly to fulfill its assigned tasks and enhance its role as an important economic lever for sustainable poverty reduction.
The bank's operations demonstrate the robust development and increasing effectiveness of Vietnam's specialised policy credit channel.
This credit policy involves the entire political system, diligently assisting vulnerable groups in economic development, improving living standards, managing risks, and promoting the importance of saving for the future.
As of November 19, 2024, the VBSP’s total outstanding loans reached over 361.21 trillion VND (14.21 billion USD), with more than 6.8 million customers who access loans under over 20 credit programmes.
The quality of its loans has remained stable, making the bank recognised as having the best credit quality in the banking system in Vietnam.
The bank has received support and recognition from all levels, sectors and the public. It was awarded the “Labour Hero in Renewal Period” title for its contributions to promoting sustainable poverty reduction, new-style rural area building, and ensuring social welfare policies in the country.
The VBSP has also been praised by the World Bank and other international organisations.
For her part, Delgado Portal praised the Vietnamese bank's operational model and its contributions to ensuring social welfare so that no one is left behind.She said that the two sides can learn from each other's experiences as well study and develop a policy-based credit product suitable for Cuba.
Delgado Portal welcomed the initial relationship between the VBSP and the Cuban People's Savings Bank (BPA).
She said the BPA has the largest branch network in Cuba with its focus on mobilising savings and providing tailored banking products to locals. The bank also manages several government schemes related to social policies.
She said she hopes to see the two banks cooperating in the near future.At the end of the working session, the two sides agreed to consider and strengthen cooperation in policy-based credit development, contributing to solidarity and friendship between the two banking sectors and the enduring friendship between Vietnam and Cuba./.
