Cam Ranh: Upholding the effectiveness of policy credit capital

After 10 years of implementing Directive No. 40 dated November 22, 2014 of the Central Party Secretariat on strengthening the Party's leadership over social policy credit, policy credit capital in Cam Ranh City has been strengthened, contributing to effectively implementing the goal of rapid and sustainable poverty reduction, building new rural areas, and social security in the locality.

In 2022, Huynh Thi Chung (in Cam Phuc Bac Ward) borrowed 50 million VND from the policy credit program for poor households. She used the loan to buy 2 breeding cows. Chung shared: “After a time, the number of cows increased to 4, and I sold 3 of them. The money from selling the cows was used to pay off the principal debt to the bank of 35 million VND, and to have more money for living expenses, to take care of the children's education, and to gradually escape poverty".

Huynh Thi Chung borrowed capital to raise cows.

Similarly, Mai Thi Phuong (in Cam Phu Ward) had a difficult family situation. In 2021, thanks to accessing the job creation loan source from the Vietnam Social Policy Bank (SPB) in Cam Ranh City, she borrowed 50 million VND to invest in raising cows. 

These are just 2 of thousands of poor and near-poor households that have had access to policy credit capital since the Central Party Secretariat issued Directive No. 40. Since 2014, the SBP of Cam Ranh City has closely coordinated with local authorities and socio-political organizations entrusted with loan capital in implementing social policy credit programs, so social policy credit activities in the period of 2014 - 2024 have achieved good results. In the past 10 years, social policy credit capital has been deployed to 100% of communes and wards in the city. Since Directive No. 40 was issued, the city and communes and wards have focused on balancing and prioritizing the allocation of local budgets entrusted to the Vietnam Bank for Social Policies to supplement loan capital. In the period of 2014 - 2024, the local budget has added more than 10.5 billion VND entrusted through the Vietnam Bank for Social Policies to lend to policy beneficiaries. Up to now, the total capital source from the Central and local governments assigned to Social Policy Bank in Cam Ranh has reached over 600 billion VND, an increase of over 400 billion VND, with an average annual growth rate of over 19%.

In the period from 2014 to September 2024, policy credit capital has supported more than 48,600 households and workers to borrow capital. Of which, more than 12,800 poor, near-poor, and newly escaped-poverty households have borrowed capital to serve production, business, and increase income; supported the construction of 200 houses for poor households and those who build new houses, repair houses, and buy social housing to ensure a stable life; supported 20,580 households to borrow capital to build clean water and environmental sanitation projects; more than 11,000 customers borrowed capital to create jobs and expand employment; 1,790 households borrowed capital from the program for students in difficult circumstances to create conditions for them to study; 4 households borrowed capital to create jobs for people who had completed their prison sentences, thereby contributing to poverty reduction and maintaining security and order in the area. Over the past 10 years, policy credit capital has helped 4,063 households escape poverty sustainably, contributing to reducing the poverty rate in Cam Ranh.

Phan Phuoc Thao - Director of the Social Policy Bank - Cam RanhTransaction Office said: "The bank has closely coordinated with localities and socio-political organizations in management and improving the effectiveness of policy credit; building and integrating models, programs and projects for sustainable economic development and poverty reduction in localities with the use of policy credit capital, contributing to improving the effectiveness of implementing Directive No. 40 of the Central Party Secretariat. We have coordinated with local authorities to regularly inspect and supervise the implementation of loans to the right subjects and use capital for the right purposes. Through policy credit capital, it is an important lever and support to help poor and near-poor households have the conditions to develop the economy, rise up and stabilize their lives, so that no one is left behind".

Khanh Vinh
Translated by T.T