Policy credit a boon to Yen Bai residents in the wake of Typhoon Yagi

Yen Bai has nor recorded more than 2,700 landslide points across its districts, towns, and cities. There are nearly 1,000 landslide points in Yen Bai city alone. Heavy rainfall and floods have caused many deaths and injuries, destroying infrastructure, agriculture, transportation, irrigation, healthcare, electricity, and drinking water systems.

VBSP’s Yen Bai Branch urgently providing additional loans for the poor and other policy beneficiaries to restore production and business. Photo: VBSP

The provincial People's Committee has promptly issued guiding documents and mobilised all of its resources in response to the situation. Yen Bai has 173 communes, wards, and townships with 850 thousand people, and the entire province is taking drastic action to stabilise people's lives and restore production and business.

The recovery is driven by the direction and support of the government and the generosity of locals and people nationwide. Policy capital to Yen Bai has increased significantly to support local people overcome difficulties, and as a result, VBSP’s Yen Bai Branch has teamed up with provincial authorities at all levels and socio-political organisations to ramp up support.

Officials of VBSP’s Yen Bai Branch, with the help of local people, cleaned offices and transaction points to restart operations as soon as possible. Photo: VBSP

Nguyen Thanh Hai, director of VBSP’s Yen Bai Branch, said, "There are more than 3,000 households with policy loans in Yen Bai affected by heavy rainfall and floods with an amount of over VND88 billion ($3.5 million). The province urgently needs VND442 billion ($16.7 million) this year to restore production."

To deliver loans to those who were affected by the storm, officials of the VBSP Transaction Office of districts and towns have had to reach remote areas in the districts of Van Chan, Luc Yen, Bao Yen, and Tram Tau. The officials carry just simple luggage comprising a briefcase of documents, a bag of noodles, and a bottle of drinking water to evaluate damages and guide borrowers.

Most of VBSP's transaction points in Yen Bai province have now resumed normal operations. Priority is being given to capital from recovering old debts, along with new additional capital, to expedite disbursement to those damaged by the storm and floods.

Photo: VBSP

VBSP is suspending interest payments for borrowers affected by Typhoon Yagi and the subsequent flooding until the end of 2024. Although no new additional capital has been allocated, VBSP has also disbursed more than VND1 billion ($39,525) to households in the commune with a focus on loans for clean water, sanitation, and job creation.

Nguyen Anh Tuan, chairman of Tuy Loc Commune People's Committee, said, "We believe that support from all levels and branches, especially the companionship of VBSP, will help the locality soon return to normal."

Officials from VBSP's Yen Bai branch visited affected households. Photo: VBSP

Truong Van Hai in Ngoi Chang village, To Mau commune, Luc Yen district, about 100 km from Yen Bai city, borrowed VND40 million ($1,581) from the district VBSP. It has become more difficult for him to repay the debt when the local orange orchards and acacia hills were hit hard by the heavy rainfall and floods. At the same time, the storm killed three cows and the family's entre herd of pigs.

Duong Quoc Tuan, director of the Transaction Office of VBSP Luc Yen district, said, "The total outstanding debt of the unit so far is over VND816 billion ($32.3 million). Typhoon Yagi and floods in Luc Yen district caused the greatest damage, worth several tens of billions of VND." Following the direction of the VBSP, the unit has coordinated with local authorities and socio-political organisations entrusted to review affected borrowers to apply appropriate risk handling measures in line with regulations.

Each poor household that suffered damage from the storm in the locality is entitled to a loan of VND80-100 million ($3,162 - $3,952) of preferential capital. The unit will prioritise support to ethnic minorities, and disadvantaged and remote regions.

The Yen Bai branch is also implementing debt extensions and adjusting repayment schedules for loans that are due for repayment. Since September 12, the branch has disbursed loans to 90 households with a total amount of over VND4.5 billion ($177,865).

VBSP working with local leaders in the aftermath of Typhoon Yagi In response to the severe damage caused by Typhoon Yagi, and following directives from Vietnam Bank for Social Policies' (VBSP) leadership and the Vietnam Fatherland Front’s call for support for those affected, VBSP’s Trade Union has donated VND500 million ($20.8 million).

Vietnam Bank for Social Policies scales up support in aftermath of Typhoon Yagi Vietnam Bank for Social Policies (VBSP) has announced it will suspend interest payments for borrowers affected by Typhoon Yagi and the subsequent flooding until December 31.