Policy credit ensures people's social security and development

"Social policy credit with the issue of implementing and ensuring social security", this is the topic of the National Scientific Conference organized by the Vietnam Bank for Social Policies (VBSP) in coordination with the Ho Chi Minh National Academy of Politics on the morning of August 16. Member of the Politburo, Director of the Ho Chi Minh National Academy of Politics, Chairman of the Central Theoretical Council Nguyen Xuan Thang chaired the Conference.

Member of the Politburo, Director of the Ho Chi Minh National Academy of Politics, Chairman of the Central Theoretical Council Nguyen Xuan Thang chaired the workshop.

Co-chairing the workshop were comrades: 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; Deputy Head of the Central Economic Commission Do Ngoc An; Vice Chairman of the Central Committee of the Vietnam Fatherland Front Nguyen Huu Dung; Deputy Minister of Labor, Invalids and Social Affairs Nguyen Van Hoi; General Director of the Vietnam Bank for Social Policies Duong Quyet Thang...

The workshop was attended by delegates representing Party agencies, state management agencies, socio-political organizations, scientists from the Ho Chi Minh National Academy of Politics and training institutions, and representatives of local authorities.

Social policy credit is a bridge in the system of poverty reduction policies.

Speaking at the workshop, Professor, Dr. Nguyen Xuan Thang - Director of the Ho Chi Minh National Academy of Politics stated that social policy credit is a unique policy with profound humanity, has become a "bright spot" and one of the "pillars" in the system of poverty reduction policies, ensuring social security and welfare of our Party and State in the process of Doi Moi, demonstrating the superiority of our regime. This is a policy that is consistent with the reality and development conditions of Vietnam, meeting the aspirations of the people, especially low-income groups who are not eligible to borrow capital from commercial banks, ensuring the livelihood and development of the people.

Social policy credit has been widely, creatively and effectively deployed nationwide, truly entering life, bringing practical results, receiving widespread support from the people and high appreciation from the international community.

Over the years, policy credit loans have provided livelihoods, created more jobs, improved people's lives, promoted gender equality, and contributed to preventing usury and "black" credit, helping to ensure social security, order and safety in localities, especially in rural, remote, border and ethnic minority areas. Social policy credit programs have provided important implementation resources and become an indispensable supporting component of national target programs such as: new rural construction, sustainable poverty reduction, socio-economic development in ethnic minority and mountainous areas.

With complementary functions, policy credit and commercial credit are two parallel financial channels with unique characteristics of a socialist-oriented market economy, contributing to both the goal of promoting sustainable economic growth and the goals of social development, most notably reducing Vietnam's poverty rate from nearly 60% in the 1990s to 4.3% in 2022 (according to the multidimensional poverty standard).

"These great achievements affirm that the policies of our Party and State are correct and creative with timely, sharp and consistent decisions in organizing the implementation of socio-economic development tasks, taking people as the center according to the motto of people knowing, people discussing, people doing, people checking and people supervising," said Professor, Dr. Nguyen Xuan Thang.

Mr. Nguyen Xuan Thang highly appreciated the fact that the Vietnam Bank for Social Policies is one of the banks with the best credit quality and the lowest bad debt ratio in the entire banking system. After more than 20 years of operation and development, especially after the issuance of Directive No. 40-CT/TW of the Secretariat on strengthening the Party's leadership over social policy credit, the Bank has affirmed its mission, role and great social responsibility, effectively promoting the innovative and unique institutional model in implementing policy credit, arousing the tradition of humanity, "the healthy leaves cover the torn leaves" of the Vietnamese people, in order to successfully implement the Party and State's policies on economic growth along with social progress and equality.

Reporting on the activities of the Social Policy Bank, General Director of the Social Policy Bank Duong Quyet Thang said: After more than 20 years of construction and development, accompanying the poor and other social policy subjects, especially 9 years of implementing Directive No. 40 of the Central Party Secretariat; the Social Policy Bank was assigned the task of implementing social policy credit, which has been actively implemented and achieved many important results.

General Director of the Vietnam Bank for Social Policies, Duong Quyet Thang, reported briefly on the activities of the Vietnam Bank for Social Policies, contributing to the implementation and ensuring social security.

Accordingly, the VBSP has mobilized large and diverse capital sources; meeting the borrowing needs of the majority of the poor and other policy beneficiaries in 100% of communes, wards and towns nationwide, focusing on prioritizing lending to communes in ethnic minority areas, particularly disadvantaged areas, remote areas, border areas and islands, contributing to job creation, sustainable poverty reduction and new rural construction.

By July 31, 2023, the total capital of the Vietnam Bank for Social Policies will reach nearly VND 325,000 billion, the total outstanding debt of policy credit programs will reach VND 305,145 billion, with more than 6.6 million poor households and policy beneficiaries still having outstanding debt, the average annual growth rate will reach about 19%/year. Along with the growth in credit scale, the quality of social policy credit will continue to be consolidated and improved. The total overdue debt and frozen debt is 0.62% of the total outstanding debt, of which overdue debt is 0.17% of the total outstanding debt.

Policy to contribute to the development of ethnic minority and mountainous areas

The workshop received more than 60 presentations from experts and scientists who have been working at Central Committees, Ministries, Branches, Central Committee of the Vietnam Fatherland Front, Ho Chi Minh National Academy of Politics, State Bank of Vietnam, Communist Magazine, socio-political organizations, Standing Committees of Provincial Party Committees, City Party Committees, People's Committees of provinces and cities, experts and scientists at home and abroad.

The speech of Minister - Chairman of the Ethnic Committee Hau A Lenh assessed that social policy credit is one of the important tools and solutions of the Party and State in implementing 3 national target programs, in which, social policy credit is an indispensable component of the national target program for ethnic minorities in supporting housing, residential land, production land, developing production according to the value chain, investing in supporting the development of precious medicinal herb growing areas...

Effectively implementing social policy credit contributes to the socio-economic development of ethnic minority and mountainous areas, improving and enhancing the quality of life of ethnic minorities; thereby consolidating the people's trust in the Party and the State and strengthening the great national unity bloc, in accordance with the spirit of the Resolution of the 13th National Party Congress, the part related to ethnic work: "Ensuring equality, solidarity, respect, and mutual assistance among ethnic groups for development. Mobilizing, allocating, using, and effectively managing resources for development investment, creating fundamental changes in the economy, culture, and society in areas with large ethnic minorities. Paying attention to the specific characteristics of each ethnic minority area in planning and organizing the implementation of ethnic policies. Having mechanisms to promote the positivity, self-reliance, and self-reliance of ethnic minorities in socio-economic development, implementing multidimensional and sustainable poverty reduction".

In her closing speech at the Workshop, Governor of the State Bank of Vietnam Nguyen Thi Hong thanked and highly appreciated the opinions, enthusiastic presentations, scientific spirit and high responsibility of the delegates and scientists.

The Organizing Committee of the Workshop respectfully accepts the opinions of scientists and delegates to serve as a scientific basis, to advise on summarizing and evaluating the results of 10 years of implementing Directive No. 40-CT/TW dated November 22, 2014 of the Central Party Secretariat on strengthening the Party's leadership over social policy credit; at the same time, to continue to perfect mechanisms and policies for the VBSP to develop stably and sustainably, ensuring sufficient capacity to implement social policy credit more effectively.

STRONG

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