Implementing the policy of diversifying resources to implement social policy credit, Quang Ninh province always pays attention to allocating the budget to the Vietnam Bank for Social Policies (VBSP) Quang Ninh branch to implement lending. Preferential capital Policy credit programs have been extended to all villages, hamlets and neighborhoods across the province, contributing to promoting economic development, increasing income and improving people's quality of life.
After her husband died early, Ms. Le Thi Binh in Nam village (Van Ninh commune, Mong Cai city) worked hard to support her elderly mother and two children with an unstable income from working for hire. Many years ago, her family was always among the poor households in the commune. With capital from policy credit programs, Ms. Binh contributed capital with relatives to invest in two white-leg shrimp ponds with an area of over 1 hectare, with an annual output of 5-7 tons. After deducting expenses, the shrimp ponds gave her family a profit of 200-300 million VND/year. The family escaped poverty and built a new, spacious house.
Ms. Le Thi Binh shared: Policy credit capital is truly a lifesaver for families lacking capital for production. Because of low interest rates, quick procedures, and no collateral, I can easily access capital. Thanks to this capital, I have a stable job and my family has a comfortable life.
In order to meet the capital needs of the people, in 2024, Quang Ninh province allocated 492.3 billion VND from the local budget to the Bank for Social Policies, Quang Ninh branch to implement preferential credit programs, thereby increasing the total capital source to 5,348 billion VND. With central capital, local entrustment and mobilization, the Bank for Social Policies, Quang Ninh branch has disbursed 27,500 loans to policy beneficiaries with 1,985.6 billion VND. Credit quality has been continuously improved with an overdue debt ratio of 1.54 billion VND, accounting for 0.03% of total outstanding debt.
Not only accompanying people on the journey of economic development, sustainable poverty reduction, and rising to become rich, policy credit capital also timely supports, removes difficulties, reproduces, and gradually recovers after storm No. 3. In particular, the Bank for Social Policies, Quang Ninh branch, proposed to reschedule debts for 361 customers with a total amount of VND 25.8 billion; extend debt repayment terms for 245 customers with a total amount of VND 10.5 billion; provide additional loans and new loans to 9,014 customers with a total amount of VND 725 billion to support people to restore production and business, and stabilize their lives after storm No. 3.
Ms. Ly Thi Thanh (Zone 5, Cai Rong Town, Van Don District) said: After storm No. 3, the entire 3.5 hectares of oyster farms nearing harvest time of her family in Ha Long Commune were lost, causing a loss of about 2 billion VND, which was very painful. However, thanks to a loan of 100 million VND from policy credit loans plus support from relatives, my family started cleaning, buying plastic buoys to reinvest in rafts and has been able to plant more than 70% of the area, restore production and develop the economy.
In particular, implementing the Prime Minister's decision, the Bank for Social Policies, Quang Ninh branch, advised the Provincial People's Committee to issue Decision No. 3869/QD-UBND (dated December 27, 2024) on reducing lending interest rates for customers borrowing capital from the provincial budget entrusted through the Bank for Social Policies, Quang Ninh branch, continuing to support people affected by storm No. 3. Accordingly, the whole province has 68,243 people borrowing capital from policy credit programs from central and local capital entrusted through the Bank for Social Policies, Quang Ninh branch, supported by a 2% interest rate reduction per year with an amount of VND 33,955 billion. This is an important solution to continue supporting people after storm No. 3 to restore production, develop the economy, and increase income.
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