“Leverage” from policy credit capital

Mr. Nguyen Trong Thin's family in village 6, Tan Truong commune, Nghi Son town received a policy credit loan for effective economic development.

With the drastic participation of local authorities and the support of socio-political organizations, policy credit capital has become an important "lever" to help many poor households and policy beneficiaries in Nghi Son town develop their economy, escape poverty sustainably, and stabilize their lives. For the family of Mr. Nguyen Trong Thin in village 6, Tan Truong commune, policy credit capital is a "lever" to help his family escape poverty sustainably. "From 100 million VND of the job creation loan program, I invested in raising breeding cows. At the peak, my family's herd of cows grew to nearly 30. Every year, my family earns more than one hundred million VND from selling cows. Thanks to the credit capital of Nghi Son Social Policy Bank, my family has developed its economy effectively, and has the conditions to raise and educate our children," Mr. Thin excitedly said.

In order to bring policy credit capital to the right subjects, right from the beginning of the year, Nghi Son Social Policy Bank has actively advised the Town People's Committee to supplement capital from the local budget and receive capital allocated by the Central Government to lend to poor households and other policy subjects. At the same time, adjusting capital sources quickly, promptly, and appropriately between localities and programs according to regulations to create conditions for capital to be disbursed quickly, helping thousands of poor households and policy subjects have capital to develop production and business, create more jobs, increase income, improve and gradually stabilize their lives, and students in difficult circumstances have conditions to continue studying.

Not only disbursing on time, Nghi Son Social Policy Bank also coordinated with local associations and organizations to synchronously implement solutions to improve credit quality. Strict capital management from the residential group, village, and hamlet levels through savings and loan groups has helped ensure that loans reach the right subjects, are used for the right purposes, and limit bad debt. Currently, Nghi Son Social Policy Bank is implementing 16 policy credit programs with a total outstanding debt as of early April 2025 reaching more than VND 850 billion, with 13,836 households still borrowing capital, with an average outstanding debt of nearly VND 61 million/household. Of which, outstanding debt of policy credit programs serving production and business needs to create livelihoods and jobs with 9 credit programs reaching more than VND 670 billion, accounting for 79.1% of total outstanding debt; Policy credit partly solves essential needs in life with 7 credit programs reaching nearly 615 billion VND, accounting for 20.9% of total outstanding debt.

Through the survey, credit quality is always guaranteed; overdue debt, debt rescheduled is 290.9 million VND, accounting for 0.073% of total outstanding debt. Policy credit has promptly met the capital source for poor households, near-poor households and other policy beneficiaries in the town to have capital to invest in production, business, aquaculture, livestock farming, contributing to maintaining jobs and ensuring social security, reducing the annual poverty rate. Policy credit has affirmed itself as one of the "pillars" in poverty reduction, ensuring social security, creating resources for Nghi Son town to implement national target programs and new rural construction, which are highly appreciated by the Party Committee and government and trusted and supported by the people.

In the coming time, Nghi Son Social Policy Bank will continue to advise Party committees and organizations at all levels to lead, direct, disseminate and propagate to cadres and party members about the position and role of social policy credit, contributing to the effective implementation of socio-economic development programs, rapid and sustainable poverty reduction. At the same time, continue to strengthen the mobilization of organizations and individuals in the area to allocate entrusted capital or open accounts, deposit savings at the Social Policy Bank to join hands in creating capital sources for the poor and other policy beneficiaries. In particular, the bank also actively reviews the demand for policy credit capital to deploy loans to the right customers to avoid wasting capital, promptly serving production and business. The bank also focuses on deploying VBSP Mobile Banking and VBSP Policy Credit Management services to members of the Board of Directors of the Town Social Policy Bank, entrusted association officials, and heads of savings and loan groups to improve the quality management of policy credit.

Article and photos: Khanh Phuong

Source: https://baothanhhoa.vn/don-bay-tu-nguon-von-tin-dung-chinh-sach-245255.htm