Good growth in credit capital for social policies

In addition to the entrusted capital of the province Khanh Hoa and localities transferred to the Bank for Social Policies (VBSP), in the first quarter, the mobilization of savings deposits through savings groups and loans increased significantly, which contributed to the growth of the capital for social policies, helping many borrowers to access preferential loans.

According to a report by the provincial VBSP, as of March 31, the total policy credit capital reached more than 3,830 billion VND, an increase of more than VND 44 billion compared to the beginning of the year. In which, the central capital is more than 3,297 billion VND, an increase of more than 15 billion VND; local entrusted capital is more than 533 billion VND, an increase of nearly 29 billion VND. The district budget fund transferred to VBSP in the first quarter was nearly 9 billion VND. Nha Trang, Cam Ranh, Ninh Hoa, Cam Lam, Khanh Son and Khanh Vinh have completed and exceeded the target of receiving entrusted capital in the locality. The Provincial People's Committee transferred capital to the VBSP with the amount of 20 billion VND, completing 46.5% of the assigned target.

Disbursing policy credits for poor households in Vinh Thanh commune, Nha Trang.

In particular, in the first quarter, the mobilization of savings deposits through savings and loan groups increased sharply to nearly 228 billion VND, up 30.9 billion VND compared to the beginning of the year, exceeding 134% of the plan in 2023. Overdue debt by the end of March is nearly 7.5 billion VND (rate 0.2%), down nearly 1.2 billion VND compared to the beginning of the year; 7/8 localities reduced overdue debt, including Nha Trang, Cam Ranh, Ninh Hoa, Dien Khanh, Van Ninh, Khanh Son and Khanh Vinh. Newly allocated capital, mobilized capital and recovered capital promptly met the borrowing needs of poor households and other policy beneficiaries. As a result, in the first quarter, the whole province had 1,000 turns of poor, near-poor, and newly escaped poor households accessing loans, 1,629 laborers taking out loans to create jobs; 3,450 turns of households borrowing to build and repair clean water works and toilets; 155 turns of pupils and students from poor households, near-poor households, households with average living standards and households with unexpected financial difficulties borrowed funds to cover study expenses. Social policy credit activities not only created livelihoods, created jobs for workers, improved the lives of policy beneficiaries, but also contributed to promoting sustainable poverty reduction and new rural construction, ensuring social security, political stability and socio-economic development.

Recently, the provincial VBSP has coordinated with the Ethnic Minority Affairs Committee of the province and localities to review the demand for lending from loan programs in accordance with the Government's Decree No. 28/2022 on preferential credit policies to implement the national target program for socio-economic development in communes and villages in ethnic minority and mountainous areas in the period of 2021 - 2030, phase 1: from 2021 to 2025.

At the meeting to deploy the tasks of the second quarter of 2023, Le Huu Hoang - Standing Vice Chairman of the Provincial People's Committee, Head of the Representative Board of the Provincial VBSP Board of Directors directed the Provincial Ethnic Minority Board to coordinate with the provincial Department of Ethnic Minority Affairs, relevant branches and the provincial VBSP shall review, confirm and summarize the loan needs of the beneficiaries; make a list of beneficiaries and submit them to competent authorities for approval, serving as a basis for VBSP to make loans to ensure publicity, transparency, avoid overlapping, taking advantage of, and profiteering from policies. Departments, branches, People's Committees of districts, towns, cities and commune-level associations and mass organizations continue to promote dissemination, propaganda and implementation of preferential credit programs for residential land, housing and production land, job change, support for production development along the value chain, production development in Decree No. 28. VBSP actively cooperates with associations, entrusted mass organizations and local authorities at commune level to timely disburse disbursements from time to time, ensure that 100% of poor, near-poor households and policy beneficiaries who are eligible for loans and who have borrowing needs are met with capital.

Mai Hoang

Translated by T.T