Policy credit creates momentum for socio-economic development

As a government bank, carrying out the mission of lending to the poor and other policy beneficiaries with preferential credit capital, the Vietnam Bank for Social Policies (VBSP) is considered the "People's Bank". With the motto "Understanding the people, serving wholeheartedly", each cadre and party member of the Ha Tinh VBSP always strives to build the image of a new-age bank officer: Integrity - Intelligence - Professionalism - Responsibility - Closeness to the People.

Policy credit capital is the fulcrum for many potential economic models in Ha Tinh.

The Party Committee of the Vietnam Bank for Social Policies in Ha Tinh province has implemented the Resolution of the Congress for the 2020-2025 term in the context of the province's socio-economic difficulties due to natural disasters, the COVID-19 pandemic, affecting production, people's lives and policy credit development. However, the Party Committee has always received the attention, leadership and direction of the Provincial Party Committee, the Provincial People's Committee Party Committee, the Vietnam Bank for Social Policies; the synchronous and effective coordination of all levels, sectors, socio- political organizations, and the consensus of the people. At the same time, Party members in the Party Committee have always promoted their pioneering and exemplary spirit, organizing the implementation to achieve and exceed the set targets.

Ms. Bui Thi Ngoc Ha - Party Committee Secretary - Director of Ha Tinh Social Policy Bank said: "The Party Committee has advised local Party committees and authorities to effectively implement Directive No. 40-CT/TW dated November 22, 2014 of the Secretariat on strengthening the Party's leadership over social policy credit. Under the direction and orientation of the Party Committee and Board of Directors, the branch has effectively implemented 20 policy credit programs with a total capital of over VND 7,643 billion by April 30, 2025 (an increase of VND 2,922 billion compared to the beginning of the term), total outstanding loans reaching over VND 7,516 billion (an increase of VND 2,807.3 billion compared to the beginning of the term with 99,795 customers currently enjoying the policy). Notably, for 5 consecutive years, Ha Tinh Social Policy Bank has been one of the top 10 branches nationwide in terms of quality of operations, and has been ranked excellent for 5 consecutive years. service and was honored to receive many certificates of merit from the Governor of the State Bank of Vietnam and the General Director of the Bank for Social Policies".

Each cadre and party member of the Ha Tinh Social Policy Bank is always responsible and close to the people.

Under the direction of the Party Committee, Board of Directors, and affiliated Party cells, the professional leaders have successfully completed political tasks, bringing credit capital to remote, isolated, and disadvantaged areas, creating motivation for people to improve their livelihoods.

Mr. Luu Tung Duong - Party Cell Secretary, Director of Can Loc District Social Policy Bank said: "The Party Cell has led and directed the professional advice to the District People's Council to transfer local budget sources to the Social Policy Bank for poor households and policy beneficiaries to borrow capital; promptly advised the Head of the Board of Representatives of the Social Policy Bank to direct the People's Committee of the commune and the trust association to regularly review the borrowers to allocate and adjust credit targets in a timely manner; effectively implement solutions to increase outstanding loans associated with credit quality control. Thanks to that, the scale of operation of the unit has continuously increased, by May 31, 2024, the total outstanding loans were over 694 billion VND (an increase of more than 233 billion VND compared to the end of 2020, a growth rate of 50.6%), and credit quality has continuously improved".

After many years of dreaming, the family of Mr. Le Cong Hoang (46 years old), residing in Nghen town (Can Loc) was able to build a new, spacious house.

Mr. Hoang excitedly said: “The social housing loan program with long loan terms and stable interest rates is very suitable for officials and civil servants like us. I boldly borrowed 800 million VND from the Can Loc District Social Policy Bank to invest in building a new house after many years of living in an old, cramped house.”

Mr. Le Cong Hoang (right), residing in Nghen town, Can Loc, was excited when the Bank for Social Policies lent him 800 million VND to build a new house.

Not only Mr. Hoang's family but also thousands of customers in Ha Tinh have been supported by the Bank for Social Policies to realize their aspirations of production - business, infrastructure construction, livelihood creation, and improving the quality of life. Over the past 5 years, policy credit capital has contributed to creating jobs for nearly 100,000 workers, more than 7,000 disadvantaged students have received loans for studying, built more than 138,000 clean water and rural sanitation works; built new and purchased 1,543 social housing units; contributed to reducing the poverty rate of Ha Tinh from 3.51% (in 2020) to 2.4% (by the end of 2024).

Appreciating the role of policy credit in the country's socio-economic development, on October 30, 2024, the Secretariat issued Directive No. 39/CT-TW on improving the effectiveness of social policy credit in the new period. The Party Committee of the Ha Tinh Social Policy Bank has advised the Standing Committee of the Provincial Party Committee and the Provincial People's Committee to issue an implementation plan that is in line with reality, contributing to promoting the province's economic growth.

Mr. Nguyen Tien Thuc - Deputy Secretary of the Party Committee, Deputy Director of the Ha Tinh Bank for Social Policies commented: In the 2025-2030 term, the Party Committee will carry out its tasks in the context of many changes in the organization and apparatus of the political system in the whole province, directly affecting the model and method of entrusted operation of the Bank for Social Policies. At the same time, policy credit work continues to face challenges such as: The capital demand for some programs is very large while the central capital source is limited, the local budget source is not enough to meet the demand; some programs in difficult areas have a narrowing of lending subjects... In that context, the Party Committee of the Ha Tinh Bank for Social Policies continues to maintain its core leadership role, ensuring unity in direction and operation; focusing intelligence and resources with many flexible and creative ways, leading the branch to successfully carry out political tasks".

By April 30, 2025, the total outstanding debt of Ha Tinh Social Policy Bank reached more than 7,516 billion VND.

Accordingly, effectively implement the organizational model, operating method, and management of specific policy credit of the Social Policy Bank in accordance with the reality and development orientation of the locality; mobilize all resources to implement safe and effective credit programs. In particular, strengthen the Party's leadership over social policy credit, strive for the local budget capital entrusted to the provincial Social Policy Bank to account for 15-20% of the growth in outstanding credit each year; the target by 2030 is that the local budget capital entrusted through the branch will account for 15% of the total capital of the branch...

Source: https://baohatinh.vn/tin-dung-chinh-sach-tao-dong-luc-phat-trien-kinh-te-xa-hoi-post289146.html