Social Policy Bank needs to diversify...

On March 27, Deputy Prime Minister Ho Duc Phoc chaired a working session with the Vietnam Bank for Social Policies (VBSP) to assess the organization and operation of the VBSP in the past time, and set out directions and solutions for operations in the coming time.

According to the Government Electronic Information Portal, reporting at the working session, Member of the Board of Directors, General Director of the Vietnam Bank for Social Policies Duong Quyet Thang said that, up to now, the total source of social policy credit capital has reached over 416 trillion VND, an increase of more than 409 trillion VND compared to 2002, with an average annual growth rate of 21.4%; of which 58,783 billion VND is capital entrusted from local budgets.

Total outstanding loans of policy credit programs reached over 376 trillion VND. The average annual growth rate of outstanding loans reached 21.1%.

Currently, more than 6.8 million poor households, near-poor households and policy beneficiaries still have outstanding loans at the Vietnam Bank for Social Policies.

Over the past 23 years, nearly 47.9 million poor households and other policy beneficiaries have received preferential loans; thereby helping more than 7 million households overcome the poverty line; attracting and creating jobs for more than 7.6 million workers; helping more than 4 million disadvantaged students get loans for their studies; building nearly 20.4 million clean water and environmental sanitation works in rural areas; building, purchasing, and leasing nearly 784,000 houses for poor households, low-income households, and policy beneficiaries, etc.

Deputy Prime Minister Ho Duc Phoc chaired the meeting (Photo: VGP)

At the meeting, Governor of the State Bank of Vietnam Nguyen Thi Hong, who is also Chairwoman of the Board of Directors of the Vietnam Bank for Social Policies, emphasized that the activities of the Vietnam Bank for Social Policies have always received attention from the Party, the State and the Government leaders; achieved many important results, and were recognized and highly appreciated by competent authorities and especially the masses.

The Vietnam Bank for Social Policies is a typical microfinance institution in Vietnam, internationally recognized for its contribution to helping Vietnam achieve the millennium goals ahead of schedule.

In the coming time, the Board of Directors of the Vietnam Bank for Social Policies is determined to lead and direct the implementation of solutions suitable to the characteristics of the service objects to improve the management and operation efficiency of the Vietnam Bank for Social Policies; promote the application and digital transformation in professional activities, best serving the poor; continue to review and build a reasonable and effective organizational structure;...

Concluding the meeting, Deputy Prime Minister Ho Duc Phoc stated that the VBSP is one of the "pillars" in the system of poverty reduction policies and social security in Vietnam, serving the poor and other policy beneficiaries, leaving no one behind.

With creative ways of working, the organization is increasingly perfect and professional, effectively serving the poor and other policy subjects.

Suggesting the development orientation in the coming time, Deputy Prime Minister Ho Duc Phoc emphasized that the VBSP must be stable; the restructuring of the apparatus must be consistent with the current process of restructuring administrative units. In particular, the restructuring of the apparatus must maintain the customer network.

The VBSP needs to diversify its capital sources, especially “cheap” capital sources to serve poor and near-poor households and policy beneficiaries. It is necessary to continue to improve efficiency, research and expand the form of receiving entrusted capital not only from localities but also from enterprises and corporations…

The Deputy Prime Minister requested that the VBSP continue to focus on developing professional and modern human resources, arranging and managing personnel reasonably and effectively. "Each officer of the VBSP considers the agency as his or her own home, and works for the VBSP as if it were his or her own business."

The Deputy Prime Minister requested the VBSP to continue researching and promoting the application of information technology, digital transformation, big data, etc. to improve the operational efficiency of the entire system, best serving the poor and policy beneficiaries.

The Deputy Prime Minister requested the VBSP to continue to strengthen governance and capital management closely and effectively; review, research, and rebuild to optimize the loan approval, disbursement, monitoring, debt collection processes, etc. in accordance with the direction of the General Secretary to reduce at least 30% of administrative procedures.

The Deputy Prime Minister requested the State Bank and relevant agencies to study and advise the Government on issues related to lending to young people to buy houses; lending to people to buy or rent social housing... with a spirit of innovation, creative approaches, in line with the development process of society, creating conditions for disadvantaged people to rise up.

Source: https://baodaknong.vn/ngan-hang-chinh-sach-xa-hoi-can-da-dang-hoa-nguon-von-de-phuc-vu-ho-ngheo-247438.html