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Nearly 25 million households access social policy bank loans

The Vietnam Bank for Social Policies (VBSP) has provided preferential loans for around 24.8 million poor and near-poor families, allowing 3.2 million of them to escape from poverty.
The Vietnam Bank for Social Policies (VBSP) has provided preferentialloans for around 24.8 million poor and near-poor families, allowing 3.2million of them to escape from poverty.

Areport on the bank’s nearly-12-year operation showed that it had a totalcredit balance worth 126.8 trillion VND (6 billion USD) by the end ofOctober 2014. Its annual growth rate hits 29.4 percent on average in thereviewed period.

In its Instruction40-CT/TW on enhancing the Party’s leadership over socialpolicy-benefiting credits, the Party Secretariat requested enhancing theVBSP’s capacity and operation efficiency as the credits it offered haveyet met actual needs.

Despite greatachievements made during more than 20 years of renewal, Vietnam remainspoor compared to other Asian countries.

Statistics show that the country’s annual per capita income in 2013reached 2,960 USD, equivalent to 3.5 percent, 7.3 percent and 18.6percent of the figures of Singapore, the Republic of Korea, andMalaysia, respectively.

Last year, nearly 1.8million poor households and almost 1.4 million near-poor families wererecorded in the country, requiring greater efforts in eradicatinghunger, reducing poverty, and improving living standard for people.-VNA

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