Thursday, 31/05/2018 17:36 (GMT+7)
As of March 31st, over 1.478 million customers from ethnic minority families have accessed credit programs of the Vietnam Bank for Social Policies (VBSP).
VBSP preferential loans help boost poverty reduction
According to the VBSP, it has managed over 20 credit programs as directed by the Government, and some loan projects, including credit programs only for ethnic minority families.
They include the program giving loans for extremely disadvantaged ethnic minority families for production in the 2012 - 2015 period; loans for residential and production land and daily water for poor ethnic minority families between 2009 and 2010; and loans for production land, vocational shift and labour export for poor ethnic minority families in extremely disadvantaged communes and villages in the 2013 - 2015 period.
The loans have also been allocated to realize the Government decree on forest protection and development in connection with rapid and sustainable poverty reduction and support for ethnic minority families in the 2015 - 2020 period; and those supporting socio-economic development among ethnic minority-inhabited and mountainous regions from 2017 to 2020.
The loans have contributed to making remarkable changes in ethnic minority-inhabited regions as they have strengthened local residents’ livelihoods, thus helping reduce the poverty rate nationwide from 22% in 2005 to below 7% in 2017, with remarkable poverty reduction among ethnic minorities.
Nguyen Van Ly, VBSP Vice General Director, said that at present nearly 1.5 million ethnic minority families report an outstanding balance at the bank.
Under the bank’s policy, each ethnic minority family is allowed to borrow VND50 million at maximum within 10 years at the interest rate equivalent to 50% of the rate for poor families.
The VBSP will continue to give loan priority to poor ethnic minority people in the future./.
Compiled by BTA