Maximum support for people to borrow capital

Implementing the direction of the province, the Vietnam Bank for Social Policies (VBSP) Quang Ninh branch is actively coordinating with localities and socio-political organizations to review, compile lists, and complete profiles of people borrowing policy credit to handle risks, remove difficulties, and gradually restore production.

Staff of the Social Policy Bank of Quang Yen town guide people to complete debt settlement documents.

The family of Ms. Vu Thi Thuy (village 3, Hoang Tan commune, Quang Yen town) is a near-poor household in the commune. Storm No. 3 made Ms. Thuy's family's situation even more difficult when the livestock barn was damaged and 50 goats died. In response to the family's difficulties, in addition to temporarily suspending interest collection, the Quang Yen Town Social Policy Bank coordinated with the Commune Women's Union and the Savings and Loan Group (TK&VV) to assess the damage, grasp the needs, and provide guidance on completing the debt settlement dossier.

Ms. Thuy shared: In 2023, I was able to borrow 60 million VND from the preferential credit capital of the Quang Yen Town Social Policy Bank. With this money, I invested in barns, food, and breeds to raise nearly 100 goats. However, the recent storm No. 3 left me devastated. Goats died, barns were damaged, and I had no capital left. If the debt was rescinded, it would help me reduce the financial burden, have capital to restore production, and develop the economy.

Not only Ms. Thuy, after storm No. 3 until now, the Social Policy Bank of Quang Yen town has actively coordinated with the locality and socio-political organizations to complete 114 files of capital and property damage caused by the storm with a total amount of 8.3 billion VND to submit to competent authorities for debt settlement decisions. Households do not have to pay principal and interest for 5 years from the date of the debt settlement decision.

Ms. Nguyen Thi Kim Nhung, Director of the Social Policy Bank of Quang Yen Town, said: Quang Yen is a locality heavily affected by storm No. 3 with many households raising livestock, aquaculture, and growing crops suffering damage. The Bank is actively coordinating with the locality, socio-political organizations, and the Savings and Credit Group to objectively, honestly, and accurately assess the damage to the people. At the same time, it will provide maximum support to the people, quickly complete the dossier to submit to the province and the Central Government for consideration of restructuring the debt repayment period or debt forgiveness.

Officers of Cam Pha City Social Policy Bank disburse loans to households.

The province currently has 12,711 people borrowing capital at the Bank for Social Policies, Quang Ninh branch with a total outstanding debt of 741 billion VND damaged by storm No. 3. Implementing the direction of the Provincial People's Committee in Document No. 2748/UBND-KTTC (dated September 20, 2024) on urgently implementing measures to support people to overcome damage and restore production and business after storm No. 3. The Bank for Social Policies, Quang Ninh branch has actively coordinated with sectors, localities, and socio-political organizations to receive the mandate to review and compile a list of customers borrowing capital at risk due to objective reasons, determine the level of damage of people borrowing capital at the bank to submit to competent authorities for consideration and handling of debts at risk of damage due to objective reasons according to handling measures. In particular, implementing debt extension (extending the repayment period committed in the credit contract); Debt rescheduling (not collecting debts from customers and not calculating interest on loans arising during the debt rescheduling period) when there is a decision from the competent authority as prescribed; completing the risk handling proposal file and submitting it to the competent authority for consideration and handling as prescribed. In particular, the Bank for Social Policies, Quang Ninh branch, has increased staff to districts, towns and cities with a large number of affected people to quickly complete the file to ensure compliance with regulations. According to the review of the Bank for Social Policies, Quang Ninh branch, as of October 25, the whole province has 368 people eligible for debt rescheduling with a total amount of more than 22 billion VND including principal and interest.

The Bank for Social Policies, Quang Ninh branch, regularly coordinates in propagating, reviewing, and disbursing capital to meet people's needs; continues to advise and report on budget arrangements, ensuring sufficient capital for people affected by damage to restore production and business development, stabilize livelihoods, and create jobs.

At the end of September 2024, the province entrusted nearly 288 billion VND of public funds to support production development, supplementing the increase in other development investment expenditures, to the Quang Ninh branch of the Vietnam Bank for Social Policies for lending to production development according to Resolution No. 216/NQ-HDND on supplementing, adjusting, and allocating the provincial budget estimate for 2024. On that basis, the Vietnam Bank for Social Policies for Quang Ninh branch disbursed loans to 1,577 people with an amount of 142 billion VND. The support solutions of the province and the bank are an important foundation for people to recover production more strongly.

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