Honoring 185 outstanding savings and loan group leaders

DNO - On August 15, the City Branch of the Vietnam Bank for Social Policies (VBSP) held the second conference to honor outstanding savings and loan group leaders for the period 2018-2023.

Attending the conference were Standing Vice Chairman of the City People's Committee Ho Ky Minh, Head of the City Party Committee's Mass Mobilization Commission Le Van Trung and Vice Chairman of the City People's Council Nguyen Thi Anh Thi along with 1,880 heads of savings and loan groups in the city.

Standing Vice Chairman of the City People's Committee Ho Ky Minh spoke at the conference. Photo: MQ

In his speech, Standing Vice Chairman of the City People's Committee Ho Ky Minh said that the conference was a source of encouragement from the city government to the leaders of savings and loan groups, the people who silently contribute to the city's socio -economic development and social security work.

Over the past 5 years, the team of savings and loan groups has performed well as a bridge to transfer policy credit capital to the right beneficiaries, helping borrowers use loans for the right purposes and effectively.

The leaders of savings and loan groups contribute to preventing usury, helping people to be independent and affirm their position in society. Thanks to that, policy credit capital is not only effective but also preserved and expanded through capital mobilization, credit quality is increasingly improved. Out of a total of 1,880 savings and loan groups, 1,828 groups have no overdue debt, accounting for 97.23% of the total number of groups.

Standing Vice Chairman of the City People's Committee Ho Ky Minh requested the City People's Council, the City Fatherland Front Committee and departments, branches and localities to continue to pay attention, support, supervise and create the best conditions for policy credit activities.

In particular, the Chairmen of the People's Committees of wards and communes managing savings and loan groups must regularly pay attention, monitor, supervise and promptly remove difficulties and obstacles so that the activities of savings and loan groups can operate smoothly.

It is recommended that the leaders of the savings and loan groups continue to play a good role as a bridge to bring policy credit capital to the right beneficiaries; be proactive, creative, and innovative in their work methods, synchronously integrate many solutions to improve the quality of delegated activities, continue to promote propaganda and mobilize loan group members to use capital for the right purposes in order to maximize the effectiveness of preferential capital.

City leaders presented flowers and certificates of merit to exemplary leaders of savings and loan groups. Photo: MQ

The report at the conference said that in the 2018-2023 period, through the activities of savings and loan groups, 6,859 billion VND of policy credit capital was transferred to more than 140,500 beneficiaries.

As of July 31, 2023, the total outstanding debt of savings and loan groups reached VND 4,363 billion, accounting for 98.46% of the total outstanding debt of the Social Policy Bank, an increase of VND 2,725 billion (up 166%) compared to the beginning of 2018.

The city currently has 1,880 savings and loan groups with 83,082 borrowers in 56 communes and wards, an increase of 84 groups compared to the beginning of 2018. Currently, 1,828/1,880 savings and loan groups have no overdue debt, accounting for 97.23% of the groups.

As of July 31, 2023, the overdue debt was 1.16 billion VND, a decrease of 2.6 billion VND compared to the beginning of 2018. The overdue debt ratio was 0.027%, a decrease of 0.203% compared to the beginning of 2018. The debt was frozen at 797 million VND, a decrease of 893 million VND compared to the beginning of 2018.

On average, each commune-level unit has 33 active savings and loan groups, each group has an average of 44 members, an increase of 8 members compared to the beginning of 2018. The savings and loan groups manage an average outstanding debt of 2.32 billion VND, an increase of 1.4 billion VND compared to the beginning of 2018.

The conference honored 185 outstanding savings and loan group leaders who have successfully transferred capital to people as well as improved the quality of group activities.

Mr. Que

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