Summary of entrusted lending work for the poor and other policy beneficiaries in 2023

On February 23, the provincial branch of the Vietnam Bank for Social Policies (VBSP) coordinated with socio- political organizations to organize a conference to review the work of entrusting loans to the poor and other policy beneficiaries in 2023 and deploy tasks for 2024.

In 2023, the provincial branch of the Social Policy Bank actively coordinated with entrusted socio-political organizations to synchronously deploy solutions to consolidate and improve credit quality; effectively implement the work of urging, collecting, handling, managing debts, and preventing bad debts arising during operations. During the year, the loan turnover through entrusted associations and unions reached 1,316.8 billion VND/32,011 households, debt collection turnover reached 741.4 billion VND; bringing the total outstanding debt by the end of 2023 to 3,505.7 billion VND, accounting for 99.9% of the total loan capital. Thereby, contributing significantly to the implementation of the goal of poverty reduction, ensuring social security and building new rural areas in the province.

Online conference to summarize the work of entrusting loans to the poor and other policy beneficiaries in 2023. Photo: H. Lam

In 2024, the provincial branch of the Social Policy Bank and the entrusted associations and organizations will propose solutions to accelerate the progress of loan programs, organize evaluation and disbursement of capital to the right beneficiaries, and strengthen the collection of due and overdue debts. Strive to complete over 99% of the assigned growth plan, the annual interest rate will reach 100% or more; the number of borrowers participating in savings deposits will reach over 98%...

Hong Lam

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