At the reception, General Director of the VBSP Duong Quyet Thang respectfully welcomed and sent best wishes to the delegation of senior leaders of the Central Bank of Cuba during their visit and work in Vietnam, including the VBSP. The General Director introduced the highlights in the process of formation, development and operation of the VBSP to the delegation.
From the first steps with the Preferential Loan Fund for the Poor established in 1995 to the Bank for the Poor under Decision No. 522/TTg of the Prime Minister in the same year until the official establishment of the Social Policy Bank on October 4, 2002 under Decree No. 78/2002/ND-CP on credit for the poor and other policy beneficiaries, the Social Policy Bank has always strived to fulfill its set goals, building an effective operating apparatus from the central to local levels.
As a special banking model and a tool of the Party and State to implement preferential credit policies, over 22 years of accompanying the poor and policy beneficiaries, the VBSP has overcome many difficulties and challenges, joined hands and hearts, strived to excellently complete assigned tasks, and promoted its role as an important economic lever of the State in sustainable poverty reduction. The practical operations of the VBSP have demonstrated the strong development and increasingly effective operation of the special policy credit channel in Vietnam. That is policy credit with the participation of the entire political system from the Central to the local level, wholeheartedly helping the disadvantaged to have opportunities for economic development, improve their quality of life, cope with objective risks, and form the habit of saving for the future.
As of November 19, 2024, the total outstanding debt of the VBSP reached more than VND 361,210 billion, with more than 6.8 million customers borrowing capital in more than 20 credit programs. Credit quality has always been maintained and is currently the bank with the best credit quality in the banking system in Vietnam. The VBSP model has received support and recognition from all levels, sectors and all classes of people, and has been awarded the title "Hero of Labor" in the renovation period; highly appreciated by the World Bank and international organizations, contributing to the effective implementation of important policies, goals and tasks set forth by the Party and the State.
Speaking at the meeting, Ms. Juanna Lilia Delgado Portal highly appreciated the operating model of the VBSP with its recognized contributions to ensuring social security so that no one is left behind. She also hoped that the two sides could cooperate, not only to learn from each other’s experiences but also to research and develop a policy credit product suitable for Cuba.
She also welcomed the relationship that is building the initial foundation between the VBSP and the Cuban People's Savings Bank (BPA), emphasizing that BPA is the bank with the largest branch system in Cuba, focusing on mobilizing savings and providing banking products suitable for localities, while also managing a number of government programs for social policy beneficiaries. She hopes that the VBSP and BPA can soon promote the exchange of experiences and cooperation between the two sides. The Minister and President of the Central Bank of Cuba also affirmed that the working session with the VBSP left her with many impressions and could be considered the most successful working session during her working trip to Asian countries.
At the end of the meeting, the two sides agreed to jointly research and enhance cooperation in the field of policy credit development, contributing to the development of solidarity and friendship between the banking sector in particular and traditional cooperation between Vietnam and Cuba in general.
