Provincial Bank for Social Policies announces its tasks for the year 2021

(LSO) – On January 6th, the Representative Panel of the Board of Directors (Board of Directors) of Lang Son’s Vietnam Bank for Social Policies (VBSP) held a meeting to evaluate its performance in 2020 and announce its tasks in 2021. Mr. Duong Xuan Huyen, Standing Vice Chairman of the Provincial People’s Committee, Head of the B Representative Panel of VBSP of the province attended and directed the meeting.

In 2020, the Representative Panel of the Board of Directors of VBSP already directed the implementation of many synchronous, drastic and effective solutions in order to well complete policy credit programs.

By the end of the year, the total mobilized capital reached over VND 457.4 billion showing increase of more than VND 80.4 billion compared to 2019, completing 101.8% of the set-up plan,  and the growth rate reached 21.3 %.

Mr. Duong Xuan Huyen, Standing Vice Chairman of the Provincial People’s Committee spoke at the meeting

The loan sales reached over 936.1 billion with more than 22,500 borrowings to households. The total loan balance for 15 credit programs was 3,067 billion VND, an increase of 179.4 billion VND compared to 2019, the growth rate of 6.2%.

The total number of customers with outstanding loans was 67,219 households, the average loan balance was 45.6 million VND / household, an increase of 4 million VND compared to 2019. Credit quality was maintained stably, overdue debt ratio was 0, 06% and decreased by 0.01% compared to 2019.

The capital of the Provincial Social Policy Bank actively contributed to the goals of economic development, poverty reduction, social security, and new rural construction in the province. In 2020, it is estimated that there were  over 22,000 turns of poor households and policy beneficiaries to borrow capital, of which, poor households were 4,224 turns.

Regarding the tasks in 2021, the provincial VBSP has given 7 targets such as reaching 3,267 billion VND for the total outstanding loan programs to reach, an increase of about 200 billion VND compared to 2020; The maturity principal collection rate is targeted to be over 95%; the  bad debt rate is scheduled to be   less than 0.1% of total outstanding loans; the interest rate aims to be reached at least 99%.

Speaking at the meeting, the Vice Chairman of the Provincial People’s Committee proposed that The Representative Panel of the Board of Directors of Lang Son’s VBSP at all levels had better continue to implement activities following strictly Directive 40-CT / TW, dated November 22, 2014 of the Secretariat regarding strengthening the Party leadership with social policy credit; coordinate with local authorities, the local poverty reduction committee to scan the loans with the aim to ensure that poor households would be able to get access to capital. Besides, he emphasized that promotion propaganda, training and transferring of science and technology should be taken to complete the above mentioned tasks.

Apart from that, VBSP branches of the province and district transaction offices should perform their tasks of being consultants to the Representative Panel of VBSP at all levels on the implementation of policies and documents of the central and provincial levels in order to improve the quality of their operations; coordinate with entrusted organizations to promote propaganda about preferential credit programs for poor households and policy beneficiaries.

Entrusted socio-political organizations should continue to consolidate savings and loan groups, and coordinate with VBSP to further improve the credit quality.