Nearly 1.5 million ethnic minority households get preferential loans

More than 1,473,000 ethnic minority households across the country have been benefiting from preferential credit programmes with total loans worth up to VND40 trillion (over US$1.76 billion), reported the Vietnam Bank for Social Policies (VBSP).

The VBSP said it has been providing loans totalling VND166 trillion (US$7.31 billion) under 18 preferential credit programmes and other projects decided by the Government.

Preferential credits have benefited all ethnic minority households in extremely disadvantaged, remote and isolate communes, hamlets and villages. Some households have borrowed capital from several programmes.

The loans have brought in practical results, contributing remarkably to economic development and improving living conditions of households and ethnic minority families in particular.

The VBSP has focused on enhancing the efficiency of policy credits, particularly in the northwest, Central Highlands and southwest regions while working with local socio-political organisations to carry out the job. 

Minister, Chairman of the Government’s Committee for Ethnic Minority Affairs Do Van Chien said the preferential credit programmes implemented by the bank have helped households, particularly ethnic minority families, stabilise their lives and reduce poverty sustainably.

However, Chien stressed the need to increase technology transfer and expand stable markets for products, while concentrated production zones should be developed in ethnic minority-inhabited areas.

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