Mobilizing deposits to empower social policy credit

ĐBP - The mobilization of savings deposits within the Social Policy Bank (VBSP) system in the province is currently being implemented through two primary channels, including contributions from organizations and individuals as well as through Savings and Credit Groups (SCGs).

This local source of capital not only encourages a culture of thrift among the population but also fosters a spirit of mutual support to assist the impoverished and other social policy beneficiaries.

The SCG in Lé village, Thanh Nưa commune, serves as a prime example of successful mobilization, with all 52 members participating in the scheme. Each month, members contribute a minimum of VND 100,000, while many opt for higher amounts ranging from VND 200,000 to VND 500,000. Although some members were initially hesitant, questioning why they should save while already in financial difficulty, the clear benefits of forming an accumulation habit to reduce debt pressure eventually won over the entire group. Tòng Thị Tuân, the group leader, noted that the collective balance has now reached over VND 124 million, providing a safety net where members can even request to use their savings to cover interest payments during particularly tough times.

This sense of proactive saving is mirrored across the province, where thousands of members in various SCGs have actively participated in deposit schemes for many years. Statistics from the provincial VBSP indicate that there are currently 2,161 SCGs in operation, all of which maintain a deposit balance. These collective efforts have amassed over VND 91.5 billion from 73,988 participating members. Beyond these groups, the bank has also successfully raised over VND 243.2 billion from various organizations and individuals. This influx of capital directly bolsters preferential credit programs, allowing the bank to be more proactive in lending for social security and poverty reduction efforts across local communities.

In Mường Nhé commune, savings mobilization has proven particularly effective through intensive communication efforts and the transparent disclosure of terms, tenures, and interest rates during village meetings and transaction sessions across 11 local points. Dương Thành Nghĩa, Director of the Mường Nhé VBSP transaction office, reported that all 185 SCGs under their management hold deposit balances totaling more than VND 4.5 billion, complemented by an additional VND 13.5 billion from independent organizations and individuals. These funds have expanded opportunities for poor households and policy beneficiaries to access the capital needed for economic development, job creation, and education for disadvantaged students.

Beyond the immediate economic impact, these activities are reshaping the financial mindset of residents in rural and mountainous areas as they transition from a focus solely on borrowing to a more sustainable approach of proactive saving and efficient capital use.

To further modernize this process, the VBSP officially launched an online savings feature on its SmartBanking application on February 26, 2026. This allows customers to open accounts, select terms, and manage their deposits with greater convenience and security from anywhere, thereby further enhancing the efficiency of social policy credit mobilization.