The northern mountainous province of Lao Cai now has quite favorable infrastructure to become a "bridge" on the Kunming (China)-Lao Cai-Hanoi-Hai Phong-Quang Ninh Economic Corridor.
Disbursement of foreign capital for infrastructure construction only reached 23.2 percent of the plan as of October 15, 2019, reported the Finance Ministry on October 23.
In addition to the increase in quantity, credit quality has also improved, with loans given to right people and overdue debt reaching only 0.4 percent, with almost no bad debt.
The capital amounts may be small to many urban families but thanks to them, those in rural and ethnic minority areas have escaped poverty and enriched themselves.
Social policy credit has lifted more than 2 million ethnic minority households out of poverty as of August 31, said Director General of the Vietnam Bank for Social Policies (VBSP) Duong Quyet Thang.
The policy credit fund has for many years become the main direct support tool for the Central Highland province of Dak Lak to implement the national target programmes.
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.
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.
Credit for social policy beneficiaries has contributed significantly to narrowing the gap between the rich and the poor, reducing unemployment rate, and developing local economy.
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.
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