Developing science and technology, innovation: The foundation for the People's Credit Fund to develop strongly in the new era

Following the direction of General Secretary To Lam to implement Resolution 57-NQ/TW as "Resolution to liberate scientific thinking", "Resolution to implement Resolutions", "Resolution of action", Resolution No. 2093/NQ-DU of the VBSP has set out very specific goals, innovating thinking and working methods, liberating capacity to promote breakthroughs in science and technology development, innovation and digital transformation, creating a foundation for the VBSP to develop strongly with the country in the new era.

The Resolution of the Central Party Committee of the Vietnam Bank for Social Policies sets out very specific goals, renewing thinking and working methods, liberating capacity to promote breakthroughs in science and technology development, innovation and digital transformation - Photo: Huu Trung

There are no boundaries to innovation and creativity.

Going to the mountainous district of Nam Nhun, Lai Chau province, meeting Ms. Lu Thi Dung - Head of Accounting Department of the Bank for Social Policies of Nam Nhun district, we can understand that innovation and creativity always transcend all geographical boundaries.

Joined the industry in 2008. Currently working in a poor mountainous border district, the people's education level is still low, leading to many difficulties in professional activities, but she has overcome personal difficulties, constantly innovated, participated and implemented initiatives and solutions applied in implementing the unit's tasks, bringing practical results. For example, co-initiating "Solutions to improve the quality of inspection and supervision work before, during and after lending for social housing loans at the Transaction Office of the Bank for Social Policies of Nam Nhun District" has contributed to preventing errors in determining the loan level exceeding the loan demand, determining the percentage of completed volume exceeding the percentage of purchased materials/total estimated volume, reducing the time of loan implementation and improving the quality and efficiency of loan capital. Or like the "Solutions to improve the quality of the delegation activities of the Savings and Loan Groups at the Transaction Office of the Bank for Social Policies in Nam Nhun District" that she participated in has promoted the activities of the Savings and Loan Groups to be raised and stabilized with the scoring and evaluation of the quality of delegation activities. It is worth mentioning that in the past 5 years, every year she has been present in at least 1 initiative of the unit.

From a broader perspective, innovation and creativity are the fulcrum for the leading position of the entire system, which is the Hanoi branch of the Vietnam Bank for Social Policies. The branch's initiative and creativity in advisory work have supported the City Party Committee and the City People's Committee to effectively implement Conclusion No. 06-KL/TW dated June 10, 2021, Directive No. 39-CT/TW dated October 30, 2024 of the Secretariat and the Development Strategy of the Vietnam Bank for Social Policies to 2030. Not only that, it also creates driving forces to support the capital to develop sustainably through programs to support job creation and support people to reproduce after the Covid-19 pandemic; advising on gradually expanding the scope of beneficiaries in the revised Law on the Capital in 2024, creating an important premise and legal basis for implementing social policy credit in the new context...

Looking back at the period 2020 - 2025, the total operating capital of the Hanoi branch of the Vietnam Bank for Social Policies increased by more than VND 9,226 billion, with an average annual growth rate of 15.8%, of which the capital entrusted from the city budget increased by an average of VND 1,647 billion per year, bringing the total entrusted capital to date to VND 11,198 billion, accounting for 63% of the total capital. Total outstanding credit grew by VND 9,207 billion, with an average annual growth rate of 15.8% and has now reached VND 17,621 billion, the highest compared to other provinces and cities in the country. Credit quality has always been maintained. Overdue debt accounts for only 0.02% of total outstanding debt.

And more than that, as in the Program "1 million initiatives - efforts to overcome difficulties, creativity, determination to defeat the Covid-19 pandemic" for the period 2020 - 2021 by the Presidium of the Vietnam General Confederation of Labor, the VBSP alone had 1,030 initiatives contributing to helping social policy credit activities not only not be interrupted during the pandemic but also become a driving force for economic development in many localities.

These are just a few highlights of the innovations and application of technology in the activities of the People's Credit Fund over the years.

In particular, from 2021, implementing Resolution No. 52-NQ/TW dated September 27, 2019 of the Politburo "On a number of guidelines and policies to proactively participate in the Fourth Industrial Revolution", the Party Committee of the Central Bank for Social Policies issued Resolution No. 317-NQ/DU dated July 15, 2021 on "Implementing digital transformation in the Bank for Social Policies by 2025, with a vision to 2030". Based on the Resolution of the Party Committee on digital transformation, the General Director of the Bank for Social Policies issued the "Digital Transformation Plan of the Bank for Social Policies by 2025, with a vision to 2030".

The Social Policy Bank has increased investment, upgraded technical infrastructure, promoted digitalization of business processes and developed products and services to modernize banking operations, improve customer service quality and improve the efficiency of implementing policy credit programs. Currently, the Social Policy Bank is upgrading the Intellect Core banking system to a digital banking platform to provide customers with modern banking services. Researching and providing products and services on the Mobile banking system. Deploying the Policy Credit Management application throughout the system to contribute to improving the efficiency of the Government's policy credit management...

New breakthroughs from thinking and unlocking resources

However, the speed, scale, potential and level of digital transformation of the VBSP are still slow and low compared to the general development trend and digital transformation in the banking industry. Faced with that challenge and the current context requiring a breakthrough in the development of science, technology, innovation and digital transformation in accordance with the direction of the Politburo in Resolution No. 57-NQ/TW, the Party Committee of the VBSP issued Resolution No. 2093/NQ-DU on the implementation of Resolution No. 57-NQ/TW on breakthroughs in the development of science, technology, innovation and digital transformation in the VBSP.

The Resolution clearly identifies the development of science, technology, innovation and digital transformation as key and foremost factors for the VBSP to improve its operational capacity, develop rapidly and sustainably, and maintain its role as a public financial institution that effectively implements the Government's social policies, focusing on areas that financial institutions operating on market principles cannot meet or can only partially meet. Strengthen the comprehensive leadership of the Party, promote the combined strength of the entire system, develop and apply science, technology, innovation and digital transformation, thereby building breakthrough solutions, effectively innovating, bringing the VBSP to catch up with the development trend of the industry and successfully implementing the "Development Strategy of the VBSP to 2030".

The targets have also been specifically quantified. In particular, by 2030, a modern digital infrastructure will be built, meeting 100% of the requirements for integration, connection, sharing, and synchronous sharing with the national database and with the databases of ministries, branches, and localities to provide products, services, and exploit data for policy credit activities. Expand the digital ecosystem, diversify products and services with modern features and reasonable costs towards 70% of customer-related operations that can be performed in the digital environment, over 90% of payment accounts perform electronic payment transactions, and the proportion of revenue from digital channels reaches over 30%. At least 70% of procedures related to the lending process and processing of customer-related operations of the Social Policy Bank will be carried out in a digital and automated manner. By 2030, the People's Credit Fund will become one of the top 30 domestic banks in the Vietnam ICT Index, annually assessed by the Ministry of Science and Technology.

By 2045, the Social Policy Bank will have a solid level of science, technology, innovation and digital transformation and become a bank in the top 20 domestic banks in the Vietnam ICT index. In which, digital technology will be applied in all banking activities, from internal operations to providing services to customers, towards a completely digital bank. Develop open banking; Provide flexible financial products, personalized according to customer needs; Develop comprehensive financial services to all customers of the Social Policy Bank.

To realize this goal, Secretary of the Party Committee of the Central Bank for Social Policies Duong Quyet Thang said: The Bank has set out 7 key tasks and solutions. In which, the most important solution is to raise awareness, make breakthroughs in innovative thinking, determine strong political determination, resolutely lead and direct the development of science, technology, innovation and digital transformation throughout the system of the Bank for Social Policies.

The VBSP will also soon complete and supplement mechanisms and policies to encourage and facilitate the development of science, technology, innovation and digital transformation. There will be mechanisms and policies to hire consultants/scientific and technological experts to effectively serve the development of science, technology, innovation and digital transformation of the VBSP. Allocate at least 3% of the total capital allowed to be used for basic construction investment and purchase of fixed assets to serve the activities of the VBSP according to regulations for the development of science, technology, innovation and digital transformation.

Along with increasing investment and improving technical infrastructure, the VBSP will strongly promote science, technology, innovation and digital transformation in its operations. In particular, research and development will diversify products and services towards modernity, convenience, ease of use, and costs suitable to the needs and affordability of customers in rural areas, remote areas, low-income people, disadvantaged people, small businesses, and cooperatives, in order to effectively implement the National Financial Inclusion Strategy approved by the Prime Minister, in line with the operations of the VBSP.

Secretary of the Party Committee of the Central Bank for Social Policies, General Director Duong Quyet Thang said that the Bank for Social Policies will strengthen cooperation in developing science, technology, innovation and digital transformation. Take advantage of knowledge resources and capital from innovation support funds to accelerate the process of researching and developing new technologies applied to the operations of the Bank for Social Policies. Take advantage of support resources, technology transfer, and specialized professional training to improve the qualifications and capacity to perform tasks for the staff and employees of the Bank for Social Policies. Promote digital transformation, application of science, technology, and innovation in ensuring information system security and safety.

And to maximize the effectiveness of the Resolution, comrade Duong Quyet Thang - Secretary of the Party Committee of the Central Bank for Social Policies emphasized the key factor: human resources. With the goal of developing and making use of high-quality human resources to meet the requirements of science, technology, innovation and digital transformation, the Bank for Social Policies will develop a preferential regime to attract, recruit and make use of high-quality human resources to meet the requirements of science, technology, innovation and digital transformation, focusing on information technology human resources as the core force in the application of science, technology and digital transformation of the Bank for Social Policies. Strengthen training in knowledge of science, technology, innovation and digital transformation for the Bank for Social Policies staff. Diversify training programs for technology management and management human resources in the Bank for Social Policies system. Innovate the content, methods and quality of training and coaching to improve the ability to receive and apply scientific and technological achievements, innovation and digital transformation in performing assigned tasks.

In the spirit of the direction of General Secretary To Lam in Resolution No. 57/NQ-TW: "Resolution of action". Secretary of the Party Committee of the Central Bank for Social Policies Duong Quyet Thang said that the Standing Committee of the Party Committee of the Central Bank for Social Policies will directly lead and direct the development of an action program to implement the Resolution. At the same time, the Bank for Social Policies will establish a Steering Committee on science, technology development, innovation and digital transformation in the Bank for Social Policies, headed by the Secretary of the Party Committee of the Central Bank for Social Policies, General Director. Establish a Working Group to assist the Steering Committee on science, technology development, innovation and digital transformation of the Bank for Social Policies with the participation of members of the Science Council of the Bank for Social Policies and leaders of units at the headquarters. Heads of branches and affiliated Party Committees are responsible for organizing the study, dissemination and implementation of the Resolution; leading and directing the development of an action program for implementation in accordance with the practical situation of the unit. At the same time, be directly responsible for the results of implementing science, technology, innovation and digital transformation at the unit. Take the results of implementing science, technology, innovation and digital transformation at the unit as the criteria for evaluating the results of performing professional tasks, classifying party members and party organizations annually.

Source: https://thoibaonganhang.vn/phat-trien-khcn-doi-moi-sang-tao-nen-tang-de-nhcsxh-phat-trien-manh-me-trong-ky-nguyen-moi-163282.html