Social Policy Bank needs to diversify capital sources to serve poor households

Attending the meeting were Governor of the State Bank of Vietnam and Chairwoman of the Board of Directors of the Vietnam Bank for Social Policies Nguyen Thi Hong; Chairwoman of the Vietnam Women's Union Nguyen Thi Tuyen; Permanent Vice Chairwoman of the Vietnam Farmers' Union Phan Nhu Nguyen, along with members of the Board of Directors of the Vietnam Bank for Social Policies, and representatives of relevant ministries and branches.

Reporting at the meeting, Member of the Board of Directors, General Director of the Bank for Social Policies Duong Quyet Thang said: Up to now, the total source of social policy credit capital has reached more than 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.

The total outstanding loans of policy credit programs reached over VND376 trillion. The average annual growth rate of outstanding loans reached 21.1%. Currently, over 6.8 million poor households, near-poor households and policy beneficiaries have outstanding loans at the Social Policy Bank.

General Director of the Bank for Social Policies Duong Quyet Thang reported at the meeting.

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.

In recent years, the Social Policy Bank has been assigned by the Government and the Prime Minister a number of important tasks such as: providing credit support for people and businesses affected by the Covid-19 pandemic according to Resolution 68/NQ-CP of the Government, including 1,548 businesses/employers with an amount of VND 4,829 billion to pay salaries for more than 1.2 million workers, helping businesses restore production; implementing the Socio-Economic Recovery and Development Program according to Resolution No. 43/2022/QH15 of the National Assembly, Resolution No. 11/NQ-CP of the Government...

At the meeting, representatives of the Ministry of Agriculture and Environment, Ministry of Finance, Ministry of Justice, Ministry of Ethnic Minorities and Religions, Ministry of Construction, Government Office , Ministry of Home Affairs, etc. expressed their high agreement with the reports of the State Bank and the Vietnam Bank for Social Policies; highly appreciated the results that the Vietnam Bank for Social Policies has achieved over the past 23 years, especially in developing and building a modern and reasonable governance model, effectively serving beneficiaries... contributing to maintaining, consolidating and improving the quality of social policy credit.

The ratio of overdue debt and debt forgiveness decreased from 13.75% of total outstanding debt (when receiving the handover in 2002) to 0.55% of total outstanding debt, of which overdue debt accounted for 0.19% of total outstanding debt (as of March 20, 2025). Well implementing the goal of preserving and developing capital for the State.

Governor of the State Bank and Chairwoman of the Board of Directors of the Vietnam Bank for Social Policies Nguyen Thi Hong speaks.

In addition, representatives of ministries and branches also discussed in depth solutions for the Bank for Social Policies to continue to develop sustainably in the coming time, especially continuing to promote poverty reduction programs, job creation, housing for poor households in rural areas, flood-affected areas, housing for low-income people in urban areas, workers in industrial parks, rural sanitation and environment...

At the meeting, Governor of the State Bank of Vietnam Nguyen Thi Hong emphasized: 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, were recognized and highly appreciated by competent authorities and especially the masses. The Vietnam Bank for Social Policies is a typical microfinance provider 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 Social Policy Bank 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 Social Policy Bank; promote the application and digital transformation in professional activities, best serving the poor; continue to review and build a reasonable and effective organizational structure;...

Deputy Prime Minister Ho Duc Phoc gave a directive speech.

Concluding the meeting, Deputy Prime Minister Ho Duc Phoc stated: The Bank for Social Policies is one of the “pillars” in the system of poverty reduction policies, ensuring social security in Vietnam, serving the poor and other policy subjects, leaving no one behind. With creative ways of working, the organization and apparatus are increasingly perfected and professional, effectively serving the poor and other policy subjects.

Suggesting development orientation in the coming time, the Deputy Prime Minister emphasized:

Firstly, the Social Policy Bank must stabilize and arrange its apparatus in accordance with the current administrative unit arrangement process, especially the rearrangement of the apparatus must maintain the customer network.

Second, the Social Policy Bank 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...

Third, the Vietnam Bank for Social Policies needs to continue focusing on developing professional and modern human resources, arranging and managing personnel reasonably and effectively.

Fourth, the Vietnam Bank for Social Policies must continue to research and promote 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.

Working scene.

Fifth, the Vietnam Bank for Social Policies continues 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.

Sixth, the Deputy Prime Minister requested the State Bank of Vietnam 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.

The Deputy Prime Minister also gave his opinion on specific recommendations of the Social Policy Bank, assigning ministries and branches to handle and advise on handling according to their authority. The Deputy Prime Minister hopes and believes that in the coming time, the Social Policy Bank will continue to develop strongly, meeting the development needs of society.

Source: https://nhandan.vn/ngan-hang-chinh-sach-xa-hoi-can-da-dang-hoa-nguon-von-de-phuc-vu-ho-ngheo-post868055.html