Total outstanding policy loans from the Vietnam Bank for Social Policies (VBSP) stood at nearly VND332 trillion ($13.5 billion) as of the end of 2023, according to the State Bank of Vietnam (SBV).

The figure represents a 46-fold increase in the 21 years since the VBSP was established.

The number of bank customers with outstanding loans had risen to 6.6 million by the end of last year, from 2.7 million in late 2002.

Average outstanding loans for each household had increased to VND48 million ($1,960) from VND2.54 million ($103) in 2022.

More than 40.8 million poor households and other social policy beneficiaries have obtained loans from social policy capital sources, with total credit standing at more than VND742.8 trillion ($30.3 billion).

Social policy credit has helped nearly 5.2 million workers during the 21 years of VBSP’s existence, including 135,000 working abroad, as well as nearly 3.9 million students in difficult circumstances.

The credit was also used to build more than 15.6 million water and sanitation facilities in rural areas and 747,000 houses for the poor.