The Vietnam Bank for Social Policies (VBSP) has allocated 31.6 billion VND (1.36 million USD) to 207 enterprises to pay wages for 8,529 labourers who lost jobs due to impact of the COVID-19 pandemic.
Directive No. 40-CT/TW of the Party Central Committee's Secretariat on strengthening the Party's leadership towards social policy credit has served as a new wind that creates breakthroughs for social policy credit.
The policy of concentrating trusted capital from the local budget to support the poor to the Vietnam Bank for Social Policies (VBSP) has generated a motivation boosting the country’s economic development.
More than 1.62 million poor households and welfare policy beneficiaries gained access to preferential loans worth over 54.9 trillion VND (2.36 billion USD) in the first nine months of 2019, up 6.15 trillion VND compared to the same period last year.
The Vietnam Bank for Social Policies (VBSP) on September 6 officially launched the project “Mobile Banking – Financial Inclusion and Economic Empowerment for Low Income People and Women in Vietnam” - Phase 2 (Mobile Banking 2).
The Vietnam Bank for Social Policies (VBSP)’s soft loans for poor people has been seen as a standout in Vietnam’s effort to achieve sustainable poverty reduction.
Microfinance, which provides preferential micro-credits with simple conditions, is seen as an effective tool to help women beat poverty, develop business and make contributions to the society.
As of June 30, Vietnam Bank for Social Policies (VBSP) posted its outstanding balance for the first half of the year at the total of more than 181.76 trillion VND (7.9 billion USD), up 5.8 percent compared to the same period last year.
Capital from the Vietnam Bank for Social Policies (VBSP) has helped to reduce poverty significantly in the Central Highlands province of Lam Dong, especially among ethnic minorities.
Prime Minister Nguyen Xuan Phuc has hailed credit for implementing social policies as a sound policy of the Party and State that contributes to social development and creates a momentum for sustainable poverty reduction.
The Vietnam Bank for Social Policies (VBSP) reported that the bank has provided loans to over 31.8 million poor households and policy beneficiaries since 2002.
Over 30 million poor households and other welfare beneficiaries have accessed soft loans from the Vietnam Bank for Social Policies (VBSP) as of the end of August 2017, according to the VBSP.
Preferential credit from the VBSP has contributed to the realisation of national goals on alleviating poverty and ensuring social welfare for ethnic minorities.
More than 1,473,000 ethnic minority households across the country have been benefiting from preferential credit programmes with total loans worth up to 40 trillion VND (over 1.76 billion USD).
The Vietnam Bank for Social Policies (VBSP) aims to offer 41 trillion VND (1.8 billion USD) of loans to the southwest region in 2030, up 13 trillion VND, or 46 percent, compared to 2016.
Prime Minister Nguyen Xuan Phuc has approved policies to support development in ethnic minority and mountainous areas in 2017-2020, which aim to reduce the poverty ratio in the areas by 3-4 percent.
The Vietnam Bank for Social Policies (VBSP) has disbursed over 2.5 trillion VND (112.5 million USD) to help locals address the aftermath of the extensive severe cold and snow in early 2016.
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