Representative Board of the Board of Directors of the Provincial Bank for Social Policies implements tasks in 2022

– On January 14, the Representative Board of the Board of Directors of the Provincial Bank for Social Policies (VBSP) held a conference to evaluate the results in 2021 and implement the tasks in 2022. Mr. Duong Xuan Huyen, Deputy Standing Chairman of the Provincial People’s Committee, Head of the Representative Board of the Board of Directors of the Provincial VBSP attended the conference.

In 2021, the Representative Board of the Board of Directors of the Provincial VBSP has paid close attention to VBSP’s activities, implemented many synchronous, drastic and effective solutions, and well implemented credit policy programs, successfully completed its political tasks and planning targets assigned by the central level.

Mr. Duong Xuan Huyen, Standing Vice Chairman of the Provincial People’s Committee, Head of the Representative Board of the Board of Directors of the Provincial Bank for Social Policy speaks at the conference

As a result, by the end of 2021, the bank’s total mobilized capital has reached over 517.7 billion VND, up 60.3 billion VND compared to 2020, completing 109.6 percent of the plan; accumulated total outstanding loans for 17 credit programs has reached 3,253 billion VND, up 186 billion VND compared to 2020, the growth rate has been 6.06%, with a total number of outstanding customers at 65,026 households and average outstanding balance at 50 million VND/household, up  4.4 million VND compared to 2020 (in 2021 alone, total loan sales reached 1,046.5 billion VND, the number of households taking loans was 22,243 households).

Credit quality was maintained stably, overdue debt ratio accounted for 0.06% of total outstanding loans, down 60 million VND compared to 2020. The average interest rate reached 99.5%.

The VBSP’s loan capital has actively and effectively contributed to the goals of economic development, poverty reduction, social security and new rural development of the province. In 2021, the loan has helped poor households and disadvantaged beneficiaries to invest in raising over 10,000 cattle; over 600 thousand poultry; taking care and planting forests and fruit trees on 14,000 ha; supporting job creation and job maintenance for over 2,850 employees…

Regarding the tasks of 2022, the Provincial VBSP has set eight targets such as the total outstanding loan balance of the program to reach 3,454 billion VND, up 200 billion VND compared to 2021; capital mobilization from organizations and individuals, deposits from savings and loan group members to reach over 100%; the average rate of profit to be 99% or more; the average collection rate of due principal to be 90% or more…

Speaking at the conference, the Standing Vice Chairman of the Provincial People’s Committee recognized and praised the results achieved in 2021 of the Representative Board of  the Board of Directors of VBSP at all levels and entrusted activities of socio-political organizations.

He suggested that Provincial VBSP closely follow the operation orientation of the central VBSP and the province’s socio-economic development tasks; proactively circle capital recovered from credit programs for revolving loans; direct savings and loan groups to guide borrowers in completing documents and submitting to VBSP for loan approval, speeding up disbursement, ensuring loans to the right beneficiaries; mobilizing capital to achieve 100% of the assigned targets; the district-level VBSP should cooperate with relevant divisions to continue propagating and mobilizing organizations and individuals with idle money to deposit into VBSP to supplement loans for poor households and beneficiaries.

Entrusted socio-political organizations should continue to consolidate and improve the quality of operations of savings and loan groups; promptly handle due debts, actively urge the recovery of overdue debts.

The Representative Boards of the Board of Directors at all levels should develop inspection and supervision plans in 2022, paying special attention to the prevention and control of COVID-19 pandemic.