Households with children who are students receive preferential capital at VBSP transaction points

The Prime Minister signed the Decision No.1656/QD-TTg on adjusting the loan size specified in Clause 1, Article 5 of the Decision 157/2007/QD-TTg dated September 27th, 2007 on credit for disadvantaged students. Accordingly, the maximum loan size is VND2.5 million a month. Thus, compared to the previou size applied from June 15th, 2017, the maximum one for students increased by VND1 million a month.

The Government leader requested the Ministries of Planning and Investment, and Finance to balance and allocate capital sources, subsidy from State budget for interest spread and management costs for Vietnam Bank for Social Policies (VBSP) to implement the Program after 2020 under the provisions of law.

VBSP is responsible for lending, supervising and collecting debts in accordance with the current law, within the scope of credit plan growth of VBSP assigned by the Prime Minister every year; self-balancing capital sources from now to 2020 in the medium-term public investment plan 2016-2020 approved by the authority agencies.

As of October 31st, 2019, outstanding loans of Disadvantaged Student Program reached over VND10,978 billion, accounting for 5.5% of total outstanding loans with more than 401,000 active customers.

This is a credit program with meaningful purposes in terms of economics, politics and society, creating a high consensus of various authority levels and social community, a link between the economy and society in poverty reduction, social security, contributing to creating human resources for the country./.

BTA