INFOGRAPHIC: 10-YEAR IMPLEMENTATION OF DEVELOPMENT STRATEGY OF THE VIET NAM BANK FOR SOCIAL POLICIES

The Viet Nam Bank for Social Policies (VBSP) is ranked among the biggest micro-finance providers in the world, supporting the poor to access to social policy credits.

On July 10, 2012, the development strategy of the Viet Nam Bank for Social Policies Period 2011-2020 was introduced. The bank is responsible properly implementing the State's social policy credit, in association with developing more effective support services for the poor, near-poor households and other policy beneficiaries.

So far, 21.5 million poor households and other social beneficiaries have accessed to preferential credits worth VND 504,565 billion.

The social policy credits contributed to cut poverty rate down to 4.25% from 14.2% in the 2011-2015 period. Multidimensional poverty rate dropped from 9.88% in 2016 to 3.75% in 2019 and is expected to touch less than 3% in 2020.

Source: VGP