Concessional loans from the Vietnam Bank for Social Policies (VBSP) have made significant contributions to delivering Hoa Binh province’s sustainable poverty alleviation target over the past years. Thanks to the loans, thousands of jobs are generated for local workers every year, helping them improve income.
The concessional loan helps Bui Thi Phuoc in
Lien Hong 1 hamlet of Khoan Du commune, Lac Thuy district, recover pig farming.
Lac Thuy district, now certified as new-style
countryside, showcases the visible transformation of rural areas where
residents' living conditions have markedly improved. The effective
implementation of the policy credit programme has been particularly significant
in this evolution.
Nguyen Thi Hai in the Quyet Tien residential
area of Ba Hang Doi town, Lac Thuy district, exemplified the success. After
taking out a loan worth 100 million VND (over 3,900 USD) from the VBSP, she
developed cow farming that now generates over 110 million VND annually, lifting
her family out of poverty.
Similarly, Bui Thi Phuoc in Lien Hong 1 hamlet,
Khoan Du commune, revitalised her pig farming business with a 50 million VND
loan after losing her herd to African swine fever. She said the fund provided
timely support during her difficult time.
According to the VBSP Office in Lac Thuy
district, total outstanding loans in the locality now reach over 532 billion
VND, with job creation loans exceeding 95 billion VND, the highest among all credit
programmes.
Across Hoa Binh province, the funds created and
maintained employment for nearly 7,000 workers in 2024. As of January 2025,
total outstanding loans topped 5.4 trillion VND.
No success is easy, especially for a mountainous province like Hoa Binh, which still faces many difficulties. In the process of economic restructuring, the locality encounters various challenges, ranging from weak infrastructure, ineffective investment attraction, to barriers in awareness. However, it has taken effective solutions to overcome obstacles hindering economic development.
A revolution is unfolding in Hoa Binh province, with broad roads stretching across the terrain, industrial zones humming with machinery, organic vegetable fields rolling out in vibrant green expanses, and tourism destinations emerging, rich with cultural identity.
The Youth Union of Hoa Binh city has launched a series of initiatives to foster entrepreneurship, providing members with opportunities to showcase their potential and contribute to local development.
In recent years, the cooperative economy in Hoa Binh province has made significant progress, particularly in the agricultural sector. This development has contributed not only to local economic growth but also to improving livelihoods, promoting rural development, and protecting the environment.
