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Banking & Finance

VBSP Hanoi on track in first half

Released at: 16:24, 15/07/2015

VBSP Hanoi on track in first half

Hanoi branch of the Vietnam Bank for Social Policies reaches 99.7 per cent of it loan target in the first six months of the year.

by Hoai An

On July 14 the Vice Chairman of the Hanoi People’s Committee Nguyen Van Suu held a meeting with the Hanoi branch of the Vietnam Bank for Social Policies (VBSP) on its performance over the first half of the year and its tasks for the remaining six months.

In the first half the branch provided significant funds to meet the needs of people in poor and special conditions. As at June 30 mobilized capital from the branch reached VND4.9 trillion ($228.7 million), up by VND181 billion ($8.4 million), or 3.8 per cent, compared to the same period last year.

The total balance due of 12 credit programs was VND4.9 trillion ($228.1 million) with over 300,000 borrowers, an increase of VND366 billion ($17 million), excluding the student loan program, and meeting 99.7 per cent of its target. In the first six months, through the 12 credit programs, the branch provided loans to more than 60,000 people in poor and special conditions.

In the first six months it also directed its transaction offices to reduce their overdue loans and established three working groups to supervise and manage these efforts. Total overdue loans as at June 30 were VND8.7 trillion ($406.8 million), accounting for 0.18 per cent of total loans.

In the remaining six months, VBSP Hanoi aims to deploy Intellect software applications to provide better services and professionalism at branches and transaction offices in districts and towns.

Speaking at the meeting, Mr. Suu also suggested VBSP Hanoi strengthen its communications via the media to help borrowers understand its policies and easily access loans. To help people escape from poverty and for students have the opportunity to learn, he asked the branch to check on remote areas to understand their circumstances and help poor people and students to access loans.

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