Social policy credit helped to build more than 4,000 houses, along with over 1.2 million safe water supply and sanitation facilities in rural areas in 2019, according to the Vietnam Bank for Social Policies (VBSP).

Thanks to the bank’s loans, more than 266,000 people have got jobs,
with nearly 7,000 sent abroad as guest workers, and 36,000
disadvantaged students have continued their study. 

The VBSP said its total credit balance stood at over 206.8 trillion VND (8.9 billion USD) as of the end of December 2019, up 10.1 percent compared to last year’s figure. 

Of the amount, 73.8 percent was channeled into production and business activities that created livelihoods and jobs. 

The rate of overdue and charge-off debts made up 0.7 percent of the total outstanding balance. 

Meanwhile, the outstanding balance of credit programmes assigned by the Prime Minister reached nearly 180 trillion VND, up 9 percent year-on-year.

The accumulative capital for social welfare credit reached more than 216.36 trillion VND in 2019, up 17.58 trillion VND from the year earlier, with 15.4 trillion VND entrusted by local budgets. 

VBSP General Director Duong Quyet Thang has asked the bank’s departments to follow the Government’s guidelines on socio-economic development and credit growth plans in 2020 assigned by the PM.

He required all units of the bank to take initiative in mobilizing financial resources for lending and timely disbursing credit in order to meet financial demands of the targeted groups, thus contributing to reducing black credit and improving the operational efficiency of the bank.