Hanoi: Over 1 trillion VND of policy credit capital offered to support the poor

Monday, 27/03/2023 17:00
The Vietnam Bank for Social Policies’ (VBSP) branch in Hanoi said it has disbursed 1.049 trillion VND of policy credit capital to nearly 23,800 poor households and other policy beneficiaries in the first quarter of 2023.

Right from the beginning of the year, the branch has taken many solutions to improve the quality of credit such as assigning bad debt targets to transaction offices of VBSP in districts and towns; coordinating with social and political organizations, and local authorities at all levels to consolidate and improve the quality of entrustment activities, operation of transaction points in communes, wards and townships and of the Savings and Loans Group; and actively urging the collection of overdue debt.

As of March 31, total bad debt and frozen debt outstanding is 3.408 trillion VND, accounting for 0.026% of total credit balance, an increase of 379 million VND compared to the beginning of the year and an increase of 294 million VND over the same period last year.

Policy credit capital has been invested in 100% of the city’s communes, wards and townships; creating conditions for the poor and policy beneficiaries to have access to credit capital policy in a favorable and timely manner.

 The VBSP’s branch in Hanoi has disbursed more than 1.000 trillion VND of credit for policies to support the poor. (Photo: qdnd.vn)

In the first quarter, nearly 23,800 customers had access to loans at the VBSP, including 20 poor households, near-poor households, and households newly escaping from poverty; 17,400 customers borrowing loans to create jobs; 46 students receiving financial support to cover study expenses; 6,300 households receiving financial support to build and renovate 12,600 rural clean water and sanitation works.

Policy credit has contributed to limiting usury in rural areas, helping the poor and policy beneficiaries be familiar with bank credit, fundamentally changing perceptions in production and business, using capital effectively, and creaing jobs and stable incomes.

By March 31, 2023, total operating capital at the branch is estimated to reach 13.090 trillion VND, an increase of 317 billion VND compared to the beginning of the year and an increase of 1.092 trillion VND compared to the same period in 2022./.