Policy capital promotes domestic and foreign employment

Over the past years, tens of thousands of poor households and other policy beneficiaries in Phu Tho province have had access to preferential credit capital to develop the economy and gradually improve their living conditions. Thanks to loans through the Vietnam Bank for Social Policies (VBSP), it has contributed to creating strong and comprehensive changes in poor areas and ethnic minority areas, creating jobs, ensuring social security and being an important component in implementing national target programs.

Business households and individuals in need of loans in Hop Kim commune are supported with preferential loans to create jobs, maintain and expand domestic employment through the Vietnam Bank for Social Policies.

Poverty reduction policy levers

According to Mr. Nguyen Thanh Tinh - Deputy Director of the Provincial Branch of the Vietnam Bank for Social Policies, the Central Government has mechanisms and policies to support loans to create jobs, maintain and expand domestic employment. The subjects eligible for loans are small and medium enterprises, cooperatives, cooperative groups, business households; individuals in need of loans, with the maximum loan amount for production and business establishments being 2 billion VND/project and not exceeding 100 million VND/employee.

The lending interest rate is equal to the lending interest rate for near-poor households and the maximum loan term is 10 years. In addition, the Central Government also has a preferential loan policy for people whose land is recovered, implemented from the National Employment Fund and other preferential credit sources with a support period of 5 years from the date of the land recovery decision.

In addition to the preferential credit policy for poor households, the Central Government has a policy to support loans for temporary work abroad under contract. The subjects are workers working abroad under contract from poor households, near-poor households, ethnic minorities, relatives of people with meritorious services to the revolution, people whose land has been recovered, borrowing capital to pay for the expenses of working abroad as stated in the contract with a maximum loan amount equal to 100% of the exit cost, the loan interest rate is equal to the loan interest rate for poor households.

Many poor households in communes in the Southern Phu Tho region have a comfortable life thanks to bank loans when participating in the program of sending workers to work abroad for a limited period under contract.

Along with that, the province has mechanisms and policies for borrowing capital to create jobs and export labor from local capital sources. Specifically, Resolution No. 07/2022/NQ-HDND dated July 20, 2022 of the Provincial People's Council regulating the policy of borrowing capital to create jobs for workers and supporting some expenses for workers going to work abroad under contracts in Vinh Phuc province (old) for the period 2022 - 2025; Resolution No. 494/NQ-HDND dated January 7, 2025 of the People's Council of Hoa Binh province (old) on allocating local budgets to the Provincial Branch of the Vietnam Bank for Social Policies to lend to support jobs, create jobs and maintain jobs in Hoa Binh province (old); Resolution No. 216/2022/NQ-HDND dated December 9, 2022 of the People's Council of Hoa Binh province stipulating loan support policies for workers in Hoa Binh province (old) going to work abroad under contracts for the period 2023 - 2026.

Special mechanisms and policies issued by localities to support loans to solve domestic employment and temporary work abroad. In particular, the investment subjects are expanded, and the loan rates are more preferential than the policies issued by the central government.

To bring policies into life more and more

Ethnic minority households in Cao Phong commune use preferential loans to invest in production, gradually escaping poverty.

By October 31, 2025, the total outstanding loans of the provincial People's Credit Fund's credit programs reached VND 18,114.3 billion. Of which, the outstanding loans to support loans for job creation, job maintenance and expansion reached VND 4,842.5 billion, accounting for 26.73% of the total outstanding loans, with 78,256 customers borrowing capital.

In 2025 alone, the Provincial Branch of the Vietnam Bank for Social Policies will provide loans for the Job Creation, Maintenance and Expansion Support Program to 20,474 customers, creating jobs for 20,829 workers; lending to workers going to work abroad for a fixed term under contracts reaching 52.9 billion VND with 935 workers benefiting from the policy. In addition, the unit also provides loans to students in difficult circumstances and students studying STEM majors with outstanding loans reaching 314.2 billion VND, with 5,367 households borrowing capital.

In reality, although the loan program to support job creation, maintain and expand employment has received attention from all levels and sectors, the current capital source has not yet met the capital demand of workers and production and business establishments in the area. The balanced policy credit capital source from the Central Bank for Social Policies has only met the capital demand for loan objects of poor households, near-poor households, newly escaped-poverty households, and social security service programs.

Through reviewing the demand for jobs and loans to support jobs, maintain and expand employment from communes and wards in the province, in the period of 2026 - 2030, there are about 96,300 workers in need of loans to create jobs, maintain and expand employment (an average of 19,500 workers in need of loans each year) with a loan demand of over 8,600 billion VND.

To partially meet the needs of policy beneficiaries to borrow capital to support employment, maintain and expand employment for the period from 2026 to 2030, the Social Policy Bank Branch proposed that the province pay attention to arranging capital from the local budget to entrust loans through the Social Policy Bank, annually meeting the needs of 2,800 to 3,300 workers with loan needs.

On the other hand, the province should soon issue a loan policy to create jobs for workers and support some expenses for workers going to work abroad under contracts in Phu Tho province for the period 2026 - 2030 in accordance with the actual situation in the province.

Departments, branches, sectors, People's Committees of wards and communes in the area closely coordinate in social policy credit work in general and in implementing loan policies to create jobs, loans for temporary labor abroad and human resource development.

Bui Minh

Source: https://baophutho.vn/von-chinh-sach-thuc-day-giai-quyet-viec-lam-trong-nuoc-ngoai-nuoc-243882.htm