Policy credit contributes to sustainable poverty reduction

On April 10, a delegation of Vietnam Bank for Social Policies led by Duong Quyet Thang, Member of Directors Board, General Director of Vietnam Bank for Social Policies, had a working session in Binh Duong province on implementing results of Directive No. 40-CTTW, dated November 22, 2014; Conclusion No. 06-KL/TW, dated June 10, 2021 of the Secretariat, Decision 1630/QD-TTg, dated September 28, 2021 of the Prime Minister on strengthening the Party's leadership in social policy credit. Receiving and working with the delegation were Nguyen Van Loi, Member of the Party Central Committee, Secretary of Binh Duong Provincial Party Committee, Head of Provincial Delegation of National Assembly; Vo Van Minh, Deputy Secretary of Provincial Party Committee, Chairman of Provincial People's Committee.

Vietnam Bank for Social Policy's Trade Union donate 1 billion VND to Fund for the Poor in Binh Duong province.

Since the implementation of guiding documents and policy credit activities in the province, the source of policy credit capital has continuously grown. As of March 31, 2023, total credit capital reached VND 4,322 billion, an increase of VND 3,271 billion (an increase of 3.1 times) compared to the time before Directive No. 40. Total loans reached VND 12,775 billion, with more than 460 thousand turns of poor households and other policy beneficiaries. Policy credit activities of Social Policy Bank in the province have actively helped nearly 47,000 households get out of poverty… Along with the credit growth, the quality of policy credit has also been continuously improved. 

Speaking at the meeting, Duong Quyet Thang acknowledged the results of Binh Duong in maintaining stable socio-economic development activities, contributing to poverty reduction, and ensuring social security in the province. In the coming time, Vietnam Bank for Social Policy will consider allocating sufficient resources to support policy credit programs to reduce poverty for policy beneficiaries in the province.

Nguyen Van Loi suggested that the bank continue to pay attention to, direct, and create favorable conditions for capital sources to help poor households and other policy beneficiaries in the province to develop economy and reduce poverty sustainably; especially programs on lending for construction, buying social housing, removing obstacles in entrustment operations in order to support and continue to make the most effective use of policy credit sources, and reduce the rate of poor households to the lowest level, helping people not only get out of poverty sustainably but also get rich in their home province...

Reported by Thanh Hong - Translated by Ngoc Huynh

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