Policy credit activities contribute to local economic development

Since the Covid-19 pandemic, people's lives and production have been severely affected. Therefore, mobilizing resources to support poverty reduction, job creation, new rural construction, and development of ethnic minority and mountainous areas is considered an important task, regularly paid attention to and focused on by the Provincial People's Committee and all levels and sectors.

Disbursement of more than 700 billion VND

Implementing Directive 40-CT/TW of the Central Party Secretariat on strengthening the Party's leadership over social policy credit, our province has deployed many flexible solutions to effectively implement social policy credit activities, actively contributing to hunger eradication, poverty reduction and social security in the province. Since the beginning of the year, the provincial branch of the Vietnam Bank for Social Policies (VBSP) has provided loans to the poor and policy beneficiaries with more than 20 programs, focusing on lending to poor households, near-poor households, households that have just escaped poverty, lending to students in difficult circumstances, lending to develop production and business in disadvantaged areas, lending to create jobs and lending to build clean water and rural environmental sanitation projects.

The People's Credit Fund also provides loans to solve housing problems for the poor in ethnic minority areas.

In addition, the VBSP also provides loans to solve housing problems for the poor, loans for ethnic minority areas, loans to restore production and business after the Covid-19 pandemic... In particular, with preferential loans, it has helped many poor and disadvantaged households in rural areas develop production, raise livestock, cultivate crops, restore traditional craft villages, and improve the appearance of the countryside... In addition, policy credit capital contributes significantly to narrowing the gap between rich and poor, reducing unemployment rates, completing the criteria for building new rural areas, playing an important role in stabilizing and developing the local economy .

Rural workers have access to loans for production, cultivation and livestock breeding.

According to the provincial branch of the Vietnam Bank for Social Policies, the total capital as of July 31, 2023 reached VND 4,193 billion, an increase of VND 275 billion compared to 2022. The whole province focused on disbursing VND 726 billion to more than 20,000 poor households and other policy beneficiaries. Debt collection turnover reached VND 452 billion. The total outstanding debt of policy credit programs reached VND 4,186 billion with 109,500 poor households, near-poor households and policy beneficiaries still having outstanding debt, an increase of VND 274 billion compared to the beginning of the year, completing 83.96% of the assigned outstanding debt growth plan.

It can be seen that in recent times, the Government has paid great attention and created all favorable conditions in terms of capital, terms, preferential interest rates... especially for ethnic minorities. In the first 7 months of the year, policy credit capital contributed to helping over 7,100 poor ethnic minority households, poor households, near-poor households, and newly escaped poverty households borrow capital to invest in production and business; creating conditions for 110 low-income households to build houses or buy social housing. In addition, it has attracted and created jobs for over 2,900 workers; helped over 4,300 students in difficult circumstances borrow capital to study during the year; built over 10,000 clean water supply works and sanitation works in rural areas, making an important contribution to the implementation of the national target program on new rural construction and sustainable poverty reduction.

Maximize support capital to create the most favorable conditions for the poor to access products and services from the Vietnam Bank for Social Policies.

Improve the quality of operations

To continue to consolidate and improve the quality of policy credit, the branch has closely coordinated with entrusted socio -political organizations, departments, branches, and authorities at all levels to focus on implementing synchronous solutions to consolidate and improve the quality of operations and credit quality. At the same time, it has effectively implemented the work of urging, collecting, handling, managing debts, and preventing bad debts from arising during operations. To date, the total overdue debt and frozen debt is 16.7 billion VND, accounting for 0.4% of the total outstanding debt, of which overdue debt is 12.1 billion VND, accounting for 0.29%; frozen debt is 4.5 billion VND, accounting for 0.11% of the total outstanding debt.

Regarding the upcoming tasks, the Provincial People's Credit Fund said that the unit will continue to proactively coordinate with departments, branches, the Fatherland Front, and organizations, taking advantage of the leadership and direction of Party committees and People's Committees at all levels in social policy credit activities. At the same time, coordinate with relevant units to well perform the tasks assigned by the Provincial People's Committee; organize the successful completion of tasks and credit targets assigned by the Central and local governments. In addition, advise the Provincial People's Committee to implement the Development Strategy of the Social Policy Fund to 2030 according to Decision No. 05 of the Prime Minister. Promote the application of modern technology, improve the quality and diversify products and services, maximize the support capital from the Central and local governments to create the most favorable conditions for the poor to access products and services from the Social Policy Fund. At the same time, create all conditions to support poor households, near-poor households and policy beneficiaries to escape poverty sustainably, effectively implement poverty reduction policies, social security and new rural construction.

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