On January 20, 2021, at the head office of Vietnam Bank for Social Policies (VBSP), the 4th Quarterly Meeting in 2020 of VBSP's Board of Directors was convened under the chair of Ms. Nguyen Thi Hong, SBV Governor cum Chairperson of VBSP’s Board of Directors.
Speaking at the meeting, Governor Nguyen Thi Hong emphasized that throughout 2020, despite numerous challenges, difficulties and negative impacts caused by the COVID-19 pandemic and the natural disasters, especially typhoons and floods, VBSP had continued to achieve encouraging results in various areas thanks to the high attention of the Party, the Government and the local authorities at different levels, as well as the close and effective guidance and directions of VBSP’s Board of Directors, as well as the enormous efforts of the whole system.
Encouraging results
Mr. Duong Quyet Thang, Member of the Board of Directors, General Director of VBSP, reports on the operational results in 2020
By end 2020, the total policy credit reached VND 233,426 billion, up by VND 21,532 billion as compared to that of 2019. The local trust resources transferred to VBSP for providing loans to the social policy beneficiaries reached VND 20,315 billion, up by VND 4,881 billion in comparison with that of 2019.
The total policy loan outstanding as of December 31, 2020 reached VND 226,197 billion, up by VND 19,391 billion as compared to that of the end of 2019; of which, the loan outstanding of the credit programs in line with the growth plan approved by the Prime Minister reached VND 194,405 billion, up VND 14,400 billion (+8%) in comparison with that of the end of 2019, accomplishing 100% of the plan as assigned by the Prime Minister; of which, credit for production and business reached VND 166,818 billion, accounting for 73,7% out of the total loan outstanding.
Especially, in implementing its program on assisting employers to pay job suspension benefits to those employees and workers whose jobs have been suspended due to the coronavirus outbreaks, VBSP had disbursed more than VND 31.6 billion to 207 enterprises to pay benefits for a total number of 8,529 employees.
As of December 31, 2020, the ratio of overdue debts and charge-off debts accounted for 0.76% of the total loan outstanding, of which the overdue debts accounted for 0.21% of the total loan outstanding.
In 2020, VBSP's social policy credit for production and business activities had helped to create over 361,000 jobs, helping over 5,200 workers to find jobs overseas; helping nearly 44,600 students with difficulties in life to access loans to pursue their study; building over 17,300 houses for the poor; etc.
Assessing the operational results in 2020, the members of VBSP’s Board of Directors all agreed that, in 2020, VBSP had followed seriously the Government’s Resolutions, the SBV Governor's Directives, and the Resolutions of the Board of Directors; coordinated closely with the relevant ministries and agencies to drastically implement various measures and actions to accomplish the assigned tasks in all areas.
Continuing to enhance all aspects of operations in 2021
After having listened to the draft Report on the operational results of VBSP in 2020, and the Work Plan for the tasks in 2021, Ms. Nguyen Thi Hong, SBV Governor cum Chairperson of VBSP’s Board of Directors, expressed high recognition and compliments for the proactive and effective governance of VBSP's Management Board, as well as the great efforts of the whole VBSP system.
An overview of the meeting
In order to accomplish the Work Plan for 2021, the SBV Governor requested VBSP to pay highest attention to the formulation of the credit growth plan, the financial plan, and the capital investment plan for 2021, as well as for the period of 2021-2023 and for the next five years (2021-2025). VBSP is also requested to develop a Strategy for the Development of VBSP in the 2021-2030 period; continue to implement effectively the communication and information on policy credit; enhance the application of modern information technology to facilitate social policy beneficiaries to access preferential loans offered by VBSP; improve the quality of the human resources; extend and diversify the methods of training in association with the operations and development of the system in order to form an efficient and appropriate training system; etc.
Le Hang