Representatives from the Da Nang branch of the Viet Nam Bank for Social Policies (VBSP) on Monday played host to a group from the Savannakhet Province branch of the Policy Bank of Laos, also known as Nayoby Bank. The meeting offered the opportunity for the 2 sides to discuss such issues of mutual concern as support policies and management activities.

At the meeting, Director of the Da Nang branch of VBSP Doan Ngoc Chung briefed his Laotian guests on VBSP’s lending regulations.

As of 30 June, 2019, the branch had reached a total capital of 2,161 billion VND. The total outstanding loans at the branch had hit 2,155 billion VND, of which 4,898 million VND was worth of bad debts.

VBSP's policy credit activities have helped about 115,000 poor households and other social policy beneficiaries across the city get preferential loans. This positive sign helped to lift around 7,000 needy households out of poverty in 2015, hereby facilitating the city-run poverty reduction project over the 2016 - 2020 period to be completed 2 years ahead of schedule.

Moreover, jobs opportunities have been created for about 40,000 locals, whilst a combined total of 8,000 school pupils and tertiary students have accessed bank loans to cover their tuition fees.

Also, loans from the branch have gone to the deployment of more than 24,000 clean water supply and environmental sanitation projects across the city.

Mr Chung underlined the need for the 2 sides to promote cooperation and share experience in such issues related to professional skills as debt and risk management measures, credit approval process, the survey of target customer groups, and lending regulations applicable to group and individual loans.

In reply, Mr Kongsy Bounsouvan, the Director of the Savannaket Province branch of Nayoby Bank, spoke highly of this meeting during which his agency’s staff members would learn more from Da Nang’s experience in the banking sector. In the coming time, the two sides should strengthen their bilateral experience exchanges so as to enhance the quality of their credit activities.