In 2023, Ho Chi Minh City's capital and policy credit balance will increase sharply, making an important contribution to the task of implementing the national target program on hunger eradication and poverty reduction in the most populous city in the country.
| Ho Chi Minh City: The locomotive for implementing social policy credit. Ho Chi Minh City: The local budget will add 998 billion VND in loans to support poverty reduction. |
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| The Social Policy Bank publicly discloses lending information under policy credit programs to each residential area - Photo: VS |
According to statistics of the State Bank of Vietnam, Ho Chi Minh City branch, by the end of 2023, the outstanding credit balance of the Vietnam Bank for Social Policies (VBSP) in the city branch reached 10,330 billion, an increase of 38.9% compared to the end of 2022.
Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam, Ho Chi Minh City Branch, said that this is the highest growth rate in the past 5 years. The policy credit model is that socio -political organizations (veteran associations; women's associations; youth unions...) have attached responsibility and the spirit of mutual love, the spirit of supporting the poor and vulnerable people are the members of the association...
On that basis, it is effective to clearly understand and grasp the borrowers to share, guide, advise and support business... helping to use loan capital effectively, for the right purpose, promoting the purpose of policy credit, especially for the program of job creation, borrowing capital for business, creating livelihoods, creating jobs.
The policies and solutions to strengthen the activities of supporting the poor, ensuring social security and improving the quality of growth of the Government, the State Bank of Vietnam and the City People's Committee are always oriented to increase lending capital, increase lending levels to implement policy credit programs in difficult economic conditions... which are the main factors affecting the credit growth of the City's Social Policy Bank.
In particular, Ho Chi Minh City's capital source in 2023 will be entrusted for lending by 77%, creating conditions for the Social Policy Bank to implement lending policy credit programs in the city.
Accordingly, outstanding loans for the employment program always account for the highest proportion, with outstanding loans as of December 31, 2023 reaching VND 7,348 billion, accounting for 77.1% of the total outstanding loans of the City Branch of the Social Policy Bank.
In addition to the job creation loan program, other credit programs such as: poverty reduction support loans, student loans, clean water and rural environmental sanitation loans, and social housing loans are still being well organized and implemented, with the total outstanding debt of these programs reaching 2,982 billion, accounting for 22.9% of the total outstanding debt.
Policy credit in Ho Chi Minh City developed according to the economic characteristics of the most populous city in the country in the past year. The representative of the State Bank of Vietnam said that the quality of policy credit was controlled, with the rate of overdue debt and frozen debt below 1%.
Policy credit programs not only support and help the poor, the disadvantaged, and policy beneficiaries with capital to produce and do business to create livelihoods and jobs, but also contribute significantly to the Government's orientation for sustainable economic development, economic growth, and ensuring social security.
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