Efficiency of policy credit capital

After nearly 10 years of implementing Directive No. 40 dated November 22, 2014 of the Party Central Committee Secretariat on strengthening the Party's leadership over social policy credit, Conclusion No. 06 dated June 10, 2021 of the Party Central Committee Secretariat on continuing to implement Directive No. 40 in the province has achieved many positive results. Policy credit has become an important capital channel to help thousands of poor households and policy beneficiaries get ahead in life.

Capital for the poor

Recently, the working group of the Bank for Social Policies of Vietnam (VBSP) led by Duong Quyet Thang - General Director of the Bank for Social Policies inspected the implementation of Directive No. 40, Conclusion No. 06, Resolution No. 11 on the Socio-Economic Recovery and Development Program and implementing Resolution No. 43/2022 of the National Assembly on fiscal and monetary policies to support the program in Giang Ly commune (Khanh Vinh district). The delegation visited the house of Ca An (born in 1994 in Gia Rit village), one of the poor households in the commune. Ca An said that from a loan of 30 million VND from the housing support program for poor households in ethnic minority and mountainous areas, her family built a 40 square meter house. To date, the house is 70% complete. This has been a dream of this family for many years and has only now come true. When they have a stable place to live, her family will work hard to gradually escape poverty. Ha Dinh (born in 1976, Gia Lo village) has also just been disbursed 100 million VND from the Social Policy Bank of Khanh Vinh district from the job maintenance and expansion program. Currently, his family has 5 hectares of forest, 2 hectares of which has been planted with acacia. He plans to use this capital to plant an additional 3 hectares of acacia and dig ponds to raise fish.

Working group of VBSP visit Ca An's house

Reporting to the working group of the VBSP, leaders of Giang Ly commune said that as of November 20, the total outstanding debt of policy credit programs in the commune reached 5.1 billion VND, an increase of more than 2.1 billion VND compared to the beginning of the year, with 141 households with outstanding debt. Policy capital has contributed to helping the locality reduce 62 poor households and 1 near-poor household. According to Ho Dac Thich - Director of the Provincial Bank for Social Policies, as of November 20, the total outstanding debt of policy credit programs in the province reached 4,104 billion VND with 137,652 customers with outstanding debt. Social policy credit has helped 30,836 poor, near-poor households and other policy beneficiaries get loans, creating jobs for 10,205 workers; helped 15,473 households build and repair clean water facilities and toilets; helped 1,369 production and business households in difficult areas get loans; supported the purchase and construction of 63 social housing units.

Priority given to allocating capital from local budgets

Currently, the capital entrusted from the local budget through VBSP has reached 564 billion VND, an increase of 402 billion VND compared to 2014 and an increase of more than 60 billion VND compared to 2022. Of which, the provincial budget is 484 billion VND, district budget is 80 billion VND. Every year, the Provincial People's Committee provides interest rate support for poor households, who have just recovered from poverty, and newly escaped poverty; poor and near-poor households of ethnic minorities when participating in a number of credit programs. In particular, to implement Resolution No. 11 of the Government, the Provincial Bank for Social Policies has closely coordinated with departments, branches, socio-political organizations entrusted with loans and People's Committees at all levels to regularly review and determine capital needs, preferential lending policies, extensive policy propaganda to the people and deploying loans to the right subjects, openly and transparently. Up to now, the total outstanding loans for credit programs under Resolution No. 11 have reached 317 billion VND.

Disbursing capital for people in Giang Ly commune

At a recent working session with the working group of the Bank for Social Policies, Le Huu Hoang - Permanent Vice Chairman of the Provincial People's Committee, Head of the Board of Representatives of the Provincial Bank for Social Policies said that the province always prioritizes  allocating capital from the local budget entrusted through VBSP to implement policy credit programs. In 2024, the province will continue to allocate local budget through VBSP. At the same time, the Provincial Bank for Social Policies will coordinate with socio-political organizations entrusted with loans to continue to consolidate and improve the quality of savings and loan groups; review to ensure the correct loan to be given to the right beneficiaries of the policy...

Through working with the province, Duong Quyet Thang - General Director of VBSP acknowledged the interest of the Provincial Party Committee, Provincial People's Council, Provincial People's Committee, Party Committees, and local authorities at all levels in implementing Directive No. 40, Conclusion No. 06 of the Party Central Committee Secretariat and Resolution No. 11 of the Government. He suggested the Provincial Bank for Social Policies coordinating well with socio-political organizations entrusted with loans, relevant departments, branches and branches to keep effectively implementing social policy credit programs, especially policy credit programs under Resolution No. 11, National target program for socio-economic development in ethnic minority and mountainous areas...

Mai Hoang
Translated by T.T