Having partnered with the Vietnam Social Policy Bank (NHCSXH) for over 20 years, the Vietnam Women's Union has consistently and effectively carried out its mission of mobilizing and supporting members in accessing loans for economic development, and especially in fulfilling the criteria of national target programs, contributing to helping members, the poor, and other policy beneficiaries overcome difficulties and achieve stable lives.
In Tan Quang village, Song Phan commune, Ham Tan district (a village with a mix of ethnic minority communities), Ms. K' Thi Thao, a K'ho ethnic minority woman, previously came from a poor family. Thanks to a 50 million VND loan from the Social Policy Bank under the socio-economic development program for ethnic minority areas, she invested in planting cashew trees and cassava, resulting in an annual revenue of over 100 million VND. After three years of saving, her family has now escaped poverty and built a spacious house.
Ms. Thao said: "In Tan Quang village, many women have borrowed capital from the Social Policy Bank to develop their family economies, thanks to which the number of poor households has decreased significantly in recent years... Nearly 400 households in the village have borrowed over 12 billion VND from the Social Policy Bank to invest in raising cattle, planting cashew trees, cassava, and corn. Thanks to the capital being invested for the right purposes, many households have stable incomes. To date, about 100 households in the village have escaped poverty... Not only Ms. Thao's case, but many women in the province have accessed credit from the policy bank with low interest rates, thus developing stable economies and reducing the need to borrow from loan sharks..."
Thanks to the efforts of Women's Union branches at all levels and the support of the Vietnam Bank for Social Policies (VBSP), the outstanding entrusted loans managed by Women's Union branches in the area have consistently grown, averaging over 10% per year, with increasingly improved credit quality. As of August 31, 2023, Women's Union branches managed VND 1,627.3 billion in outstanding loans/892 savings and loan groups/43,273 households, with an average of 49 members per group and an average outstanding loan of VND 1,824 million, accounting for 38.76% of the total entrusted loans. The amount of member deposits through savings and loan groups reached nearly VND 112.5 billion, with an average deposit of VND 2.6 million per member, and the average monthly savings rate of members reaching nearly 81%. The quality of savings and loan groups achieved good or fair results, accounting for 94.96% of the total number of groups. With the achievements made in the past period, the Women's Union continues to affirm its position and role in entrusted activities with the Vietnam Bank for Social Policies (VBSP). All levels of the Union have continuously strived to implement Directive No. 40/CT-TW of the Party Central Committee on strengthening the Party's leadership over social policy credit.
Ms. Vo Thi Minh Thao, Director of the Provincial Social Policy Bank, stated: The Executive Committee and Chairpersons of the Women's Union in districts, towns, and cities have focused on implementing solutions to improve the quality of policy credit activities. Specifically, they have leveraged their role in mobilizing forces, promoting the dissemination of the Party and State's policies on social policy credit to all segments of the population, especially the poor and other policy beneficiaries. Simultaneously, they have eliminated the mentality of waiting and relying on State support policies, clarifying the awareness and responsibility of borrowers regarding the proper use of capital and full repayment of principal and interest. Alongside this, they have created a sustainable foundation for entrusted activities and guided borrowers in using capital effectively through support activities to enhance capacity in production and business, vocational training, job creation, and product consumption connections. Providing support and advice on establishing and encouraging participation in livelihood models and economic development models… Loans from the Vietnam Bank for Social Policies are proving to be a good source of credit for women, acting as a "lever" for developing their household economies…
Phuc Thang
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