Effectiveness of policy loans

With the goal of delivering policy credit funds to the right recipients, the Song Ma Branch of the Social Policy Bank has promptly disbursed policy loans, creating favorable conditions for farmers to develop their economy effectively, contributing to increased income, improved living standards, and sustainable poverty reduction in the locality.

Immediately after implementing the two-tiered local government model, the Song Ma Branch of the Vietnam Bank for Social Policies proactively signed cooperation programs with 9 communes in the area; established and strengthened the Board of Representatives of the Social Policy Bank at the commune level. Monthly, it organizes and maintains transaction points in the communes to ensure that policy credit activities are carried out safely and systematically, bringing convenience and practical effectiveness to the people. The work of entrusting funds through socio- political organizations is carried out synchronously, ensuring that preferential capital reaches the right beneficiaries.

Officials from the Song Ma branch of the Vietnam Social Security Bank inspect and monitor loan funds in Song Ma commune.

Lending activities are carried out with streamlined procedures and reduced processing times. The implementation of preferential credit policies closely follows the local guidelines, plans, and objectives, meeting the needs of the people and achieving the highest efficiency. Ms. Lu Thi Chinh, Deputy Director of the Song Ma Branch of the Vietnam Bank for Social Policies, stated: The branch collaborates with four political and social organizations, through 414 savings and loan groups, to provide loans to over 12,700 households under 19 preferential credit programs, with a total outstanding loan balance exceeding 860 billion VND. In addition, the Vietnam Bank for Social Policies also advises and equips people with knowledge of financial management and production techniques, ensuring that capital is used for its intended purpose, helping people increase their income, create jobs, and promote socio -economic development.

Ms. Vi Thi Trang, Chairwoman of the Women's Union of Song Ma Commune, said: "With the goal of ensuring all members have access to loans for family economic development, the Women's Union of Song Ma Commune has closely coordinated with the Branch Office to deliver loans to the right recipients in a timely and effective manner. Currently, the Women's Union of Song Ma Commune manages 11 savings and loan groups, acting as an intermediary for over 400 members to borrow capital with a total outstanding loan balance of over 28 billion VND. Thanks to these preferential loans, many women members have been able to expand production, apply scientific and technological advancements; and develop joint ventures and partnerships to produce goods for the market, building and replicating many high-value economic models."

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Thanks to preferential loans from the Social Policy Bank, Ms. Luong Thi Hoai in Canh Kien village, Song Ma commune, has gained additional resources to develop her production. Taking us on a tour of her orchard, laden with ripe longan fruit ready for harvest, Ms. Hoai shared: "My family has received support and assistance from policy credit funds many times to develop our economy. Recently, after borrowing 200 million VND from the job creation support program, I decided to invest in planting an additional 1 hectare, investing in an irrigation system, and pruning and grafting to improve the longan orchard. To date, with 1.6 hectares yielding harvests, it brings in over 200 million VND in revenue each year, helping to stabilize my family's life."

Farmers in Tay Ho village, Song Ma commune, are developing their economy using funds from government policy credit programs.

To effectively utilize loan capital, the Song Ma Branch of the Vietnam Social Policy Bank has proactively coordinated with the People's Committees of communes and entrusted political and social organizations to develop a plan for closely monitoring and supervising credit activities in the area. Through monitoring, the capital is used for its intended purpose and yields practical results. Thanks to good management, the overdue loan rate in the area currently accounts for only 0.04% of the total outstanding loans. These positive results in the implementation of policy credit have contributed to helping farmers escape poverty sustainably, creating jobs, and combating "illegal lending" in the area, promoting socio-economic development in the localities.

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Source: https://baosonla.vn/nong-thon-moi/hieu-qua-von-vay-chinh-sach-JyMmjkBDR.html