Deputy Prime Minister Ho Duc Phoc works with the Vietnam Bank for Social Policies

The working session of Deputy Prime Minister Ho Duc Phoc aimed to assess the organization and operation of the Vietnam Bank for Social Policies in the past time, and to set orientations and solutions for operations in the coming time.

Deputy Prime Minister Ho Duc Phoc chaired a working session with the Vietnam Bank for Social Policies.

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

More than 6.8 million poor households and policy beneficiaries access capital sources

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 has reached over 416 trillion VND, an increase of over 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 debt of policy credit programs has reached over 376 trillion VND. The average annual growth rate of outstanding debt has reached 21.1%. Currently, more than 6.8 million poor households, near-poor households and policy beneficiaries still have outstanding loans at the Bank for Social Policies.

Governor of the State Bank of Vietnam Nguyen Thi Hong, Chairwoman of the Board of Directors of the Vietnam Bank for Social Policies, speaks 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 Bank for Social Policies has been assigned by the Government and the Prime Minister a number of important tasks such as: Credit policy to support people and businesses affected by the Covid-19 pandemic according to Resolution 68/NQ-CP of the Government, providing loans to 1,548 businesses/employers affected by the Covid-19 pandemic with an amount of VND 4,829 billion to pay salaries for over 1.2 million employees to help businesses recover 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 frozen debt 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.

General Director of the Vietnam Bank for Social Policies Duong Quyet Thang reported on the performance of the Vietnam Bank for Social Policies in recent times.

At the same time, 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, who is also Chairwoman of the Board of Directors of the Vietnam Bank for Social Policies, 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 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;...

Diversify “cheap” capital sources

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.

Working scene

Suggesting the development orientation in the coming time, Deputy Prime Minister Ho Duc Phoc emphasized: Firstly, the Social Policy Bank must stabilize and reorganize its apparatus in accordance with the current administrative unit arrangement process. In particular, the reorganization 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 Deputy Prime Minister requested the Vietnam Bank for Social Policies to continue focusing on developing professional and modern human resources, and arranging and managing personnel reasonably and effectively.

Fourthly, the Deputy Prime Minister requested the Vietnam Bank for Social Policies 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.

Fifth, the Deputy Prime Minister requested the Vietnam Bank for Social Policies 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.

Sixth, 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 lease 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.

At the meeting, 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.

Viet Hai - Thuy Trang

Source: https://congthuong.vn/pho-thu-tuong-chinh-phu-ho-duc-phoc-lam-viec-voi-ngan-hang-chinh-sach-xa-hoi-380280.html