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Over 7 million poor women get loans to escape poverty 26th July 2008                

Over 7 million poor women across the country have received loans from the Social Policy Bank (SPB) over the past five years to do business and escape the cycle of poverty.

The figure was released by the Vietnam Women’s Union (VWU) at a conference held in Ho Chi Minh City on July 25 to review lending activities of the VWU and the SPB over the past five years.

According to the VWU report, by June this year, the union’s total lending was over 16 trillion VND (941.1 million USD), making up over 40 percent of SPB’s total lending, 13 trillion VND over the figure in 2004, the first year of the reviewed period.

The central province of Thanh Hoa had the highest lending (865 billion VND) and was followed by the central province of Nghe An (632 billion VND). Meanwhile, lending of the northern mountainous province of Dien Bien got more than 94 billion VND, the lowest among localities. The rate of overdue debt reduced to 0.96 percent at present from 2.6 percent in 2004.

Along with providing loans, the VWU also held many activities to help women in vocational training and job generation. As a result, almost 500,000 households of poor women escaped poverty and saw improved living conditions.

Speaking at the conference, Governor of the State Bank of Vietnam and SPB CEO, Nguyen Van Giau, said the lending method between the SPB and the VWU was effective in helping channel capital directly to beneficiaries and reach the target of poverty reduction.

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