Unlocking capital, providing support for poor households.

To create a solid source of resources to help policy beneficiaries achieve sustainable poverty reduction, the Vinh Phuc branch of the Vietnam Bank for Social Policies (VBSP) is focusing on diversifying its capital mobilization channels. Proactively unlocking local capital not only enhances the unit's self-reliance but also provides timely support to poor and near-poor households, helping them break through and become wealthy in their homeland.

The Vinh Phuc branch of the Social Policy Bank disburses loans to eligible individuals for investment in production and business.

The Vinh Phuc branch of the Vietnam Social Policy Bank consistently maintains its role as a "bridge" connecting the preferential policies of the Party and State to vulnerable groups in Vinh Yen and Vinh Phuc wards. However, given the increasing demand for loans for production, business, and job creation, a plentiful supply of policy-based capital is required.

To address this problem, the bank has diversified its capital mobilization channels from organizations, individuals, and the business community, linked to the "Saving at the Vietnam Bank for Social Policies - Joining Hands for the Poor" movement. Besides traditional periodic deposits or convenient online options, the bank has also expanded flexible installment deposit options tailored to the financial capabilities of each household. In particular, the network of transaction points combined with the Savings and Loan Groups (TK&VV) in residential areas has created favorable conditions for people to accumulate savings right in their residential areas, saving time and travel costs.

Thanks to this, the Vinh Phuc branch of the Vietnam Bank for Social Policies (VBSP) has achieved impressive results in capital mobilization. The total mobilized capital in the locality currently stands at 105 billion VND, an increase of 4.5 billion VND compared to the beginning of the year, completing 105% of the plan. From this mobilized capital, the branch has coordinated with entrusted socio -political organizations (Vietnam Women's Union, Vietnam Farmers' Association, Vietnam Veterans' Association, and Vietnam Youth Union) to review and approve loans in a transparent and open manner.

The bank's total outstanding loans currently exceed 426 billion VND, helping thousands of workers secure stable employment, supporting many disadvantaged students in their education, and assisting in the construction of hundreds of clean water and sanitation projects.

Officials from the Vinh Phuc branch of the Vietnam Social Policy Bank advise on the procedures and processes for preferential loan packages for students.

Mr. Dao Bao Son, Director of the Vinh Phuc Branch of the Vietnam Bank for Social Policies (VBSP), shared: Although achieving positive results in capital mobilization, the unit is still facing the problem of insufficient funds because the capital allocated from the central budget and entrusted funds from the locality have not kept pace with the increasing demand for loans from the people. In addition, due to its non-profit nature, the VBSP also faces fierce competition from commercial credit institutions regarding interest rates and accompanying promotional programs.

Faced with these difficulties, the unit calls on agencies, organizations, businesses, and the people in the area to actively pay attention and choose to deposit their idle funds into the Vinh Phuc Branch of the Vietnam Bank for Social Policies (VBSP). This action is not simply a safe financial accumulation solution for individuals, families, or organizations, but also directly creates and expands preferential capital sources, supporting poor and near-poor households to break through and rise up. Besides the profound humanitarian value of sharing, the deposit service at VBSP affirms its sustainable position thanks to its absolute safety, with the Government guaranteeing 100% solvency, coupled with competitive interest rates equivalent to those of state-owned commercial banks.

In the coming period, the Vinh Phuc branch of the Vietnam Bank for Social Policies will continue to closely coordinate with Party committees, authorities, the Fatherland Front, and entrusted organizations and associations to promote the mobilization of savings deposits among the people. Besides maintaining traditional channels, the bank will continue to innovate and diversify savings products, integrating digital technology to help people access services quickly and safely. At the same time, it will focus on replicating successful models and practices to strongly spread the savings movement for the poor in the community.

Tran Tinh

Source: https://baophutho.vn/khoi-thong-nguon-von-tiep-suc-cho-ho-ngheo-255264.htm