VBSP provides platform for young entrepreneurs

.

He has since deployed an automatic irrigation and fertilisation system to save water, slashing costs by up to 90 per cent compared to manual methods, and earning annual revenue of VND550 million ($21,700).

Meanwhile, Hoang Van Quang, a resident of Dai Bai commune, Gia Binh district, Bac Ninh province, started a bronze-casting business to preserve his family’s traditional profession. After obtaining a VBSP loan of VND1.5 billion ($59,180) at a preferential rate, he expanded his production facility and created jobs for 20 local workers with an average monthly income of VND6 million ($236) per person.

"Thanks to this preferential capital, many young people have more courage to start a business and create employment for themselves and the community," said Quang.

Since the implementation of a scheme to support young entrepreneurs, the Bac Ninh Youth Union has assisted almost 100 projects from young entrepreneurs and organised training sessions for more than 200 union officials with topics ranging from startup trends to successful startup secrets.

However, due to limited capital resources, the Standing Committee of the Youth Union has advised Bac Ninh People's Committee to deploy the preferential credit scheme by entrusting capital disbursement to the VBSP branch in Bac Ninh province. Union ministries at all levels continue to strengthen the inspection and control of capital for disbursed projects, while promoting improved access for production and business development.

Hoang Trong Cuong, deputy director of the VBSP branch in Bac Ninh, said, "Helping young entrepreneurs to start their business has made great strides in the community and achieved positive results. Our branch has so far provided loans worth over VND90 billion ($3.5 million) to young entrepreneurs and at a preferential interest rate of 5 per cent."

By the end of last year, five years after implementing the project, 180 young entrepreneurs had gained access to the lending scheme with loans totalling VND160 billion ($6.3 million). These loans have helped create employment for more than 1,500 workers and last year alone, the Bac Ninh branch disbursed loans for 32 youth-run startups valued at VND33.2 billion ($1.3 million).

VBSP in Bac Ninh will continue to coordinate closely with all levels of unions and relevant stakeholders to deploy solutions to bring policy credit to the right people and ensuring that qualified and in-demand businesses have access to capital.

VBSP driving digital finance to aid the disadvantaged On May 23 in Hanoi, Vietnam Bank for Social Policies (VBSP), in tandem with The Asia Foundation (TAF) and Mastercard, with support from the Australian Department of Foreign Affairs and Trade (DFAT) hosted a seminar on promoting digital finance and inclusion for disadvantaged Vietnamese people.

VBSP: policy credit contributes to enhancing social wellbeing Millions of needy households and other beneficiaries gained access to policy credit sources from Vietnam Bank for Social Policies to feed their production and business requirements in the first half of this year, according to a July 7 conference for the bank reviewing activities and performance in H1.

VBSP's 21-year development journey of seeding hopes and aspirations A companion of the Vietnam Bank for Social Policies (VBSP) over the past over two decades has brought a fresh mindset to economic development, helping many needy households to sustainably escape from poverty.