VBSP creating jobs for farmers

By taking out loans from the Vietnam Bank for Social Policies, various families in rural areas have gained access to credit for business activities. They have become better off and created jobs for others, extending the social effect of loan programmes. Loans from VBSP allowed poor families to set up their own business Loans granted by the Vietnam Bank for Social Policies (VBSP) have helped poor families across Vietnam set up their own business. For example, born and raised in a remote mountainous area of Thanh Hoa province, Hoang Anh Son had a rough childhood. When he was little, all Son wished for was getting an education and a stable job for a better life. Son then studied mechanical engineering at college, and he could see a great potential for this sector at his hometown. Everything was difficult at first because Son did not have money for his startup. Through the local Youth Union, Son was granted a loan by VBSP. The aspiring mechanic spent this VND250 million ($10,800) on facilities, equipment, rent, and human resources for his new firm. He soon turned his tiny household business into a company with VND4 billion ($173,000) of annual revenue and nine staff members. Son was happy that his firm did well on the market, improving the life of his own and many others in the neighbourhood. Meanwhile, Nguyen Manh Quan from Vinh Phuc province grew up in a family of woodworkers. The family had great woodworking talent, but lacked capital, preventing them… [Read full story]