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).
Almost 20 years ago, Vu Tri Long, now 50 years old, was listed as a poor man in Village 5, Song Cau Town, Dong Hy District in the northern mountainous province of Thai Nguyen.
The Mekong Delta province of Tra Vinh has spent over 62 billion VND (2.66 million USD) to boost the socio-economic development among the Khmer community, according to the provincial Committee of Ethnic Affairs.
More than 1.15 million poor households and policy beneficiaries gained access to preferential loans in the first half of 2019, according to the Vietnam Bank for Social Policies (VPSP).
The Mekong Delta province of Tien Giang strives to reduce the poverty rate to 2.99 percent by the end of 2019, down 0.41 percent, or 1,950 households, from 2018.
The State Bank of Vietnam (SBV) will launch more effective credit programmes to support agricultural production and improve local livelihoods, making contributions to boosting economic growth while wiping out black credit in rural areas.
Prime Minister Nguyen Xuan Phuc has applauded significant contributions of the Vietnam Bank for Social Policies (VBSP) to the country’s poverty reduction and socio-economic development while attending a Lunar New Year meeting of the bank on February 11 or the seventh day of the first lunar month.
The Vietnam Bank for Social Policies (VBSP) has submitted proposals to the Prime Minister on the interest rates for preferential loans to rent and buy social housing or build, upgrade, and repair houses in 2019, with the suggested annual rate of 4.8 percent.
The number of low-income households is growing in ethnic minority areas, with the poverty reduction tempo in these communities also lower than the national, according to Minister-Chairman of the Government’s Committee for Ethnic Minority Affairs Do Van Chien.
The rate of poor households in Hanoi dropped to 1.16 percent at the end of 2018 from 1.69 percent recorded at the end of last year, helping the city meet the target of poverty reduction two years ahead of schedule.
Banking apps on cell phones are helping people in rural areas manage their finances, said Pham Xuan Hoe, deputy director general of the Banking Strategy Institute at the State Bank of Vietnam (SBV) at the launching ceremony of the i3 programme held in Hanoi on November 14.
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.
A total of over 3.5 million students have gained access to loans to cover their tuition fees thanks to a government credit programme, according to the Vietnam Bank for Social Policies.
How to ensure financial sustainability and long-term financial services for the poor at the same time remains a headache for both policy makers and financial service suppliers.
The Vietnam Bank for Social Policies (VBSP) has raised 150 billion VND (6.5 million USD) at the latest auction of Government-guaranteed bonds on the Hanoi Stock Exchange (HNX) held on July 23.
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.
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