Quang Ninh: 16 policy credit programs offer reduced interest rates

Implementing Decision No. 1990/QD-TTg dated 26/11/2021 signed by the Prime Minister, the Social Policy Bank (VBSP) - Quang Ninh Branch has declined interest rates by 10% for 16 policy credit programs issused by the Prime Minister.

Bank officials disburse money to ethinic minority people who borrow policy credits at Bang Ca commune in Ha Long city.

This incentive policy has been valid from October 1, 2021 to the end of December 31, 2021.

The Quang Ninh Social Policy Bank has currently consulted with local departments and all districts and cities across the province to formulate a new policy on  reducing interest rates on loans lent by cooperatives. It is expected that the proposal for this policy will be submitted to the Provincial People's Committee soon. This source of capital used to support cooperatives is entrusted by the Provincial People's Committee to the VBSP Quang Ninh branch to make loans.

According to statistics, VBSP Quang Ninh branch had implemented 18 credit programs with a total outstanding balance of VND 3,493 billion by November 30, 2021.

Policy credit capital has recently been an important support given to local people. It has been intrumental in increasing their income, significantly contributing to sustainable poverty reduction and socio-economic development. Therefore, the reduction in lending interest rates this time is anticipated to create further motivation and help indigenous people and businesses maintain their producing and trading activities, especially admid Covid-19 pandemic.