Nearly 1,500 ethnic minority families have access to preferential loans

Nearly 1,500 ethnic minority families are benefiting from preferential credit programs with a total outstanding balance of over VND40 trillion, accounting for 24% of the outstanding balance of the Vietnam Bank for Social Policies (VBSP), the bank has reported.
According to the VBSP, preferential credit has been invested across 100% ethnic minority families in extremely disadvantaged and remote communes and villages. Some families have been given loans from 2-3 different programs.
The loans have practically and efficiently contributed to boosting economic development in families, especially ethnic minority families. They have also contributed to improving and increasing the quality of life, and changing awareness of production among thousands of families, especially poor families in remote and ethnic minority-inhabited regions, assisting them with access to the market economy.
According to Minister-Chairman of the Committee for Ethnic Minority Affairs Do Van Chien, the Government’s preferential credit programs carried out by the VBSP have added to sustainable poverty reduction.
However, he stressed that it is necessary to transfer production technology to people and give them orientation for product consumption to encourage them to increase productivity and quality of products, developing concentrated production areas among ethnic minorities, and building more sustainable policies on product consumption./.

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