Raising awareness of the role of social policy credit

More than 123,000 households escape poverty thanks to policy capital

After receiving Directive No. 40-CT/TW and Conclusion No. 06-KL/TW (Conclusion No. 06), Lao Cai Provincial Party Committee issued Action Program No. 252-CT/TU dated August 10, 2015 and Directive No. 17-CT/TU dated August 16, 2021 to concretize this directive on the basis of suitability with the reality of Lao Cai province.

The Provincial Party Committee and Provincial People's Council have issued resolutions targeting poor and near-poor households and other policy beneficiaries.

After 10 years of implementing Directive No. 40, by the end of June 2024, the total policy credit capital in the province reached 4,667 billion VND, an increase of 2,819 billion VND (an increase of 152.6%) compared to 2014. Of which, the balanced capital from the Central Government reached 4,281 billion VND, accounting for 92% of the total capital; the capital entrusted to the locality reached 386 billion VND, accounting for 8% of the total capital, an increase of 370 billion VND compared to 2014; currently the total outstanding debt reached 4,654 billion VND, with over 72,000 customers with outstanding debt; Credit quality has been improved. By June 30, 2024, the debt settlement ratio was 0.17% (down more than 4 times), the overdue debt ratio was 0.07% (down more than 2 times) compared to 2014.

Over the past 10 years, policy credit capital has helped 239,000 poor households and policy beneficiaries to borrow capital; helped 123,000 households escape poverty; more than 22,000 students to borrow capital to study; created jobs for over 63,000 workers; built over 119,000 clean water and environmental sanitation works; built 8,331 houses for poor households and policy beneficiaries; reduced the poverty rate from 17.61% in 2014 (according to the old poverty standard) to 14.94% in 2023 (according to the multidimensional poverty standard).

Social policy credit capital, combined with other policies, has made an important contribution to effectively implementing the policies, goals and tasks set forth by the Party and State, focusing on developing human resources, sustainable poverty reduction, ensuring social security, political stability, national defense - security and economic development in the locality...

Promoting the role of policy credit in poverty reduction

Comrade Nguyen Manh Tu, Member of the Board of Directors, Head of the Supervisory Board of Vietnam Bank for Social Policies, spoke at the conference.

Speaking at the conference, comrade Nguyen Manh Tu, Member of the Board of Directors, Head of the Supervisory Board of the Vietnam Bank for Social Policies affirmed: In Lao Cai, the attention and direction of the Party Committee and local authorities in propagating, disseminating, thoroughly grasping and implementing to Party Committees, grassroots Party cells and the People; developing and promulgating action plans and programs; organizing inspections and monitoring the implementation situation... have brought Directive No. 40 and Conclusion No. 06 into life, thereby promoting the role of policy credit in poverty reduction, job creation and ensuring social security.

He requested that the Party Committees at all levels in the province continue to lead, direct and effectively organize social credit in general and the activities of the provincial branch of the Social Policy Bank in particular. Every year, continue to balance and prioritize the allocation of local budgets and other legal capital sources entrusted to the Social Policy Bank to supplement lending sources. In particular, consider and arrange capital sources for lending to a number of national target programs according to Resolution No. 111/2024/QH15 of the National Assembly.

The Fatherland Front, socio-political organizations and relevant agencies shall strengthen direction and implementation of inspection and supervision of the implementation of policy credit to ensure publicity and transparency for the right beneficiaries and for the right purposes; pay attention to and create conditions for the provincial Social Policy Bank to expand the mobilization of idle capital to supplement capital sources for implementing social policy credit programs.

Propose that the Provincial People's Committee direct relevant agencies, departments and branches to coordinate with localities to effectively conduct investigations and identify poor households, near-poor households, newly escaped poverty households, households with average living standards and beneficiaries of other credit policies as a basis for the Bank for Social Policies to provide loans...

Provincial and district-level Social Policy Banks continue to proactively advise and report to local Party committees and authorities to promptly implement policy credit programs in the area; strengthen training, improve qualifications and capacity for credit officers, socio-political organizations, and management boards of savings and loan groups to coordinate in effectively implementing social policy credit in the locality.

Regarding the recommendations and proposals of Lao Cai, the Vietnam Bank for Social Policies will continue to pay attention and supplement resources and capital, along with balanced resources from the local budget to effectively implement social policy credit in the province.

Enhance responsibility for policy credit activities

Concluding the conference, Comrade Vu Xuan Cuong, Standing Deputy Secretary of the Provincial Party Committee, Chairman of the Provincial People's Council emphasized: After 10 years of implementing Directive No. 40, social credit activities have achieved many important results; mobilizing thousands of billions of VND, meeting the borrowing needs of the poor and policy beneficiaries in the province.

Comrade Vu Xuan Cuong, Standing Deputy Secretary of the Provincial Party Committee, Chairman of the Provincial People's Council spoke at the conference.

To continue promoting and effectively implementing the Party's policy on social policy credit in the coming time, the Standing Deputy Secretary of the Provincial Party Committee requested Party committees, Party organizations, authorities, the Fatherland Front, and socio-political organizations at all levels to continue to thoroughly grasp and raise awareness of cadres, Party members and people about the position and role of social policy credit. Party committees and authorities at all levels need to identify social policy credit work as one of the key tasks, contributing to the successful implementation of the Resolution of the 13th National Party Congress and the Resolution of the 16th Provincial Party Congress.

Awarding Certificates of Merit from the Provincial People's Committee Chairman to collectives and individuals.

Focus on reviewing, amending, supplementing and perfecting legal documents, promptly promulgating relevant mechanisms and policies to mobilize, manage and effectively use social credit resources; gradually expand the social credit beneficiaries eligible for loans, increase loan amounts and loan terms in accordance with the objectives of national target programs and the socio-economic development goals of the province.

Identify the content, tasks, and timely arrange financial resources for social credit in the direction of integrating social credit programs in public investment decisions, national target programs, and other programs and projects in the province's socio-economic development plan for the period 2021 - 2030. Focus social credit capital sources from the state budget, charitable capital sources, and other legal capital sources on the Social Policy Bank.

Awarding a Certificate of Merit from the Governor of the State Bank of Vietnam to Comrade Ha Thi Khanh Nguyet, Chairwoman of the Lao Cai Provincial Women's Union.

Building and integrating models, programs and projects for socio-economic development and sustainable poverty reduction of the locality with the use of social credit capital...

The Bank for Social Policies continues to effectively implement the organizational model and management method of specific social policy credit; proactively mobilize capital; manage and use capital effectively; develop support products and services to bring convenience to the poor and other policy beneficiaries.

Awarding Certificates of Merit from the Central Committee of the Ho Chi Minh Communist Youth Union and the Central Committee of the Vietnam Veterans Association to individuals.

The Fatherland Front and socio-political organizations coordinate to effectively perform the function of supervision and social criticism of social credit activities; effectively perform the task of receiving the trust of the Social Policy Bank, grasp the situation of capital use by borrowers; continue to deploy and expand the campaign for the poor, open accounts for funds for the poor at the Social Policy Bank to supplement capital sources for implementing social policy credit programs.

Awarding *Certificates of Merit* from the General Director of Vietnam Bank for Social Policies to collectives and individuals.

On this occasion, the Chairman of the Provincial People's Committee awarded Certificates of Merit to 6 collectives and 4 individuals with outstanding achievements in summarizing 10 years of implementing Directive No. 40; the Governor of the State Bank of Vietnam awarded a Certificate of Merit to 1 individual; the General Director of the Vietnam Bank for Social Policies awarded Certificates of Merit to 6 collectives and 6 individuals; the Central Committee of the Ho Chi Minh Communist Youth Union and the Central Committee of the Vietnam Veterans Association awarded 2 outstanding individuals...

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