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Strategy to develop Vietnam Bank for Social Policies approved

By 2030, all poor households and individuals as well as policy beneficiaries will be able to access financial services of the Vietnam Bank for Social Policies (VBSP), according to the Strategy for development of the VBSP through 2030, recently approved under Prime Minister Decision 05/QD-TTg.

Strategy to develop Vietnam Bank for Social Policies approved
By 2030, all poor households and individuals as well as policy beneficiaries will be able to access financial services of the Vietnam Bank for Social Policies (VBSP), according to the Strategy for development of the VBSP through 2030, recently approved under Prime Minister Decision 05/QD-TTg.

By 2030, all poor households and individuals as well as policy beneficiaries will be able to access financial services of the Vietnam Bank for Social Policies (VBSP), according to the Strategy for development of the VBSP through 2030, recently approved under Prime Minister Decision 05/QD-TTg.

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Conducting transactions at the office of the Bank for Social Policies in Binh Dinh province__Photo: Vietnam+/VNA

The overall objective of the Strategy is to develop the VBSP into a public financial institution that can autonomously operate and sustainably develop for a long term while properly implementing the Government’s social policies, especially in fields in which market-based financial institutions cannot play the leading role.

The Strategy also sets the specific goal of effectively implementing the special organizational model and credit management method of the VBSP.

It will also make more funding sources available for the VBSP to implement social policy credit programs. The average annual growth rate of the State’s development investment loans will be around 10 percent. The proportion of capital sources of the VBSP coming from the state budget and proceeds from the issuance of government-guaranteed bonds will be gradually increased year on year.

Another target is to keep the VBSP’s non-performing loan ratio at below 2 percent of the total outstanding balance.

Annually, local budgets will provide loans via the VBSP to the poor and other policy beneficiaries, which will account for 15-20 percent of its total outstanding loans.- (VLLF)

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