The People's Credit Fund lends without collateral, no one appropriates the capital

Recently, on the occasion of the 95th Anniversary of the Vietnam Farmers' Association (October 14, 1930 - October 14, 2025), General Secretary To Lam had a cordial meeting with 95 outstanding Vietnamese farmers and scientists of farmers nationwide. At the meeting, the General Secretary praised the Vietnam Bank for Social Policies (VBSP) for providing loans to poor households and policy beneficiaries without collateral, only credit.

General Secretary To Lam praised the pioneering role of farmers and the support of the Vietnam Bank for Social Policies in creating conditions for farmers to borrow capital to develop production.

General Secretary commends the People's Credit Fund

At the meeting, General Secretary To Lam affirmed the noble qualities of farmers when using this capital source: "On the farmers' side, they have used the preferential capital of the Vietnam Bank for Social Policies effectively, no one has broken their promise, no one has appropriated the bank's capital."

General Secretary To Lam highly appreciated the contributions of the Vietnamese peasant class and affirmed: Farmers are the ones who have made miracles in the renovation period, contributing to changing the destiny of the nation: from prolonged hunger to ensuring food security, then moving up to being the world's leading agricultural exporter in many products.

According to General Secretary To Lam, Resolution No. 19-NQ/TW of the Central Committee on agriculture, farmers and rural areas determined: "Agriculture is a national advantage, a pillar of the economy"; in recent years, no matter how difficult the situation is, agriculture has always achieved positive results, a solid support for the country's breakthrough developments.

General Secretary To Lam had a friendly meeting with 95 outstanding Vietnamese farmers and scientists of farmers on the occasion of the 95th anniversary of the founding of the Vietnam Farmers' Union.

The General Secretary expressed his excitement and emotion when listening to the reports and enthusiastic opinions of the delegates of Outstanding Vietnamese Farmers and Scientists of Farmers in 2025.

The General Secretary said that in the agricultural sector, the Politburo is directing a preliminary review and assessment of the implementation of Resolution 19-NQ/TW of the Central Committee to have policies to continue developing agriculture, farmers and rural areas in the coming time.

To make agriculture breakthrough, the countryside rich and beautiful, farmers happy, General Secretary To Lam emphasized 5 key tasks. The General Secretary emphasized the need to put science and technology right at the "center" of production. Scientists of farmers should go to the fields, to the farms, to the processing factories; enterprises and cooperatives should accompany farmers to standardize processes, standardize quality, improve traceability - food safety, and meet the standards of demanding markets.

Speaking more about the new credit model, General Secretary To Lam praised the Vietnam Bank for Social Policies for lending to poor households and policy beneficiaries without requiring collateral, only credit.

General Secretary To Lam affirmed the noble qualities of farmers when using this capital source: "On the farmers' side, they have used the preferential capital of the Vietnam Bank for Social Policies effectively, no one has broken their promise, no one has appropriated the bank's capital."

The General Secretary requested constant innovation to develop agriculture; innovation is not far away: new varieties, new processes, new equipment, new agricultural credit and insurance models.

The journey of "understanding people's hearts", helping nearly 48 million poor households rise up

On the part of the VBSP, during its 23-year journey of operation (October 4, 2002 - October 4, 2025), with the motto "understanding the people's hearts, serving wholeheartedly", the VBSP has affirmed its role as the "extended arm" of the Government, dedicated to bringing essential preferential capital to millions of poor people and policy beneficiaries, helping them to rise up, stabilize their lives and develop a sustainable economy.

The poor and other policy beneficiaries receive preferential loans from the Vietnam Bank for Social Policies right at the transaction point in the commune.

In early 2002, the national poverty rate still accounted for nearly 30% of the total households nationwide. This was the target group that the Social Policy Bank aimed at. In addition, the "customer" areas of the Social Policy Bank were mostly concentrated in extremely difficult areas, with underdeveloped infrastructure; the 54 ethnic groups with different cultures, and production practices that were still fragmented and backward made the task of "bringing enough government money to lend to the villages" very difficult.

From that reality, the People's Credit Fund has closely coordinated with 4 socio-political organizations including: Women's Union, Farmers' Association, Veterans' Association and Ho Chi Minh Communist Youth Union to operate a specific method of managing social policy credit capital with the delegation of some work contents.

The Social Policy Bank has repeatedly worked with socio-political organizations to consolidate its operations, especially improving the quality of Savings and Loan Groups to best promote the work; encourage and mobilize people to boldly borrow capital, change their economic development mindset, integrate policy capital sources with local socio-economic development programs. More importantly, it is necessary to monitor capital, use loans effectively, for the right purposes and recover capital to promptly transfer capital flows more and more widely to other beneficiaries for equal benefits.

Up to now, after 23 years of establishment and development, as of September 30, 2025, the total capital of the VBSP has reached nearly 422.7 trillion VND, an increase of more than 419 trillion VND compared to 2002. The total outstanding debt of policy credit programs has reached 398.1 trillion VND. Currently, there are nearly 6.73 million poor households and policy beneficiaries with outstanding loans at the VBSP. Debt management continues to be strictly controlled. Overdue debt and debt foreclosed in the whole system is at 2,174 billion VND, accounting for 0.55% of total outstanding debt. This result reflects the quality of policy credit being guaranteed, safe, effective and increasingly sustainable.

Over the past 23 years, nearly 47.9 million poor households and other policy beneficiaries have received preferential loans; thereby helping more than 7 million households overcome the poverty line; attracting and creating jobs for more than 7.6 million workers; helping more than 4 million students in difficult circumstances to get loans for their studies; building nearly 20.4 million clean water and environmental sanitation works in rural areas; building, purchasing, and leasing nearly 784,000 houses for poor households, low-income households, and policy beneficiaries.

Source: https://cand.com.vn/Xa-hoi/nhcsxh-cho-vay-khong-can-the-chap-khong-ai-chiem-dung-dong-von-i784793/