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VietNamNews

Loan amount for poor raised to VND50 million

Update: April, 28/2014 - 15:00
From May 1, poor households across the country will enjoy a higher loan amount of up to VND50 million (US$2,380) instead of the VND30 million (nearly $1,430) issued thus far. — File Photo

HA NOI (VNS) — From May 1, poor households across the country will enjoy a higher loan amount of up to VND50 million (US$2,380) instead of the VND30 million (nearly $1,430) issued thus far.

According to the new Decision No. 34 issued by Nguyen Van Binh, Governor of the State Bank of Viet Nam and VBSP's chairman of the Management Board, on April 26, the rise in loan amounts is expected to help poor households start their own businesses, rebuild their lives and escape poverty.

The VND30-million loan from the Viet Nam Bank for Social Policies had been in use since late 2002 and was, therefore, seen as no longer viable for the present circumstances.

By the end of March, the total value of loans offered to poor households was over VND41 trillion ($1.95 billion).

The percentage of households that failed to pay their debts after the deadline was just under 1 percent. The loan has helped over 2 [S1] million households escape poverty.

The localities with large outstanding loans are Thanh Hoa with VND2.7 trillion, Nghe An (over 1.97 trillion), Son La (1.16 trillion), Ha Noi (over 1.1 trillion), and Quang Nam (1.1 trillion). — VNS

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