Policy credit has been effective, creating livelihoods to help poor and near-poor households in the province improve their lives, contributing significantly to reducing the poverty rate, ensuring social security, and promoting economic development in rural areas of the province.
Mr. Bach Van Tan's family (Giay ethnic group) in Da Dinh 2 village, Ta Phoi commune (Lao Cai city) used to have very difficult economic conditions. In 2017, his family borrowed 50 million VND from policy capital to invest in raising fish and breeding pigs. With advice from the government and credit officers, his family upgraded the pig pen, reinforced the pond system, bought piglets and feed for raising. Thanks to applying the right techniques and care, the farming developed well, and the family paid off all debts. In 2022, he continued to borrow capital to expand the scale of raising livestock. Currently, his family's barn maintains 6 sows and nearly 50 pigs, 3 fish ponds, on average selling 10 tons of pigs and 20 tons of commercial fish each year, earning more than 200 million VND in profit. His family has a stable source of income, becoming a well-off household in the village and commune. Having a stable life and property like today, Mr. Tan always silently thanks the preferential capital from the policy bank.
Mr. Nguyen Van Son's family in Da Dinh 2 village also has a stable life thanks to policy capital. Previously, although working hard, Mr. Son's family's life was not abundant. They wanted to expand production but had no capital, so they were helpless. Since the Commune Farmers' Association guaranteed a loan of 200 million VND with preferential interest rates, his family has invested in renovating ponds, water pipes, buying fish fry and food to raise fish on a commercial scale. Currently, the family's fish farming is developing well, bringing in a stable income of more than 300 million VND/year.
Ta Phoi Commune currently has nearly 700 households borrowing capital from the social policy bank, with an outstanding debt of more than 34 billion VND. Policy capital has helped many households in the commune escape poverty, and their lives have increasingly improved.
In Viet Tien commune (Bao Yen district), many households borrow capital to grow mulberry and raise silkworms. In 2022, Mr. Tran Xuan Thuy's family in Coc Khieng village borrowed 100 million VND from the job creation fund of the Social Policy Bank. He used the loan to expand the mulberry growing area, build a silkworm house, buy nests and breeding animals. Since the beginning of the year, Mr. Thuy has sold 2 batches of silkworms and 1 newly hatched batch. He raised 4 rounds of breeding for each batch, earning more than 10 million VND, with a profit of nearly 8 million VND. Seeing the effectiveness of growing mulberry and raising silkworms, more and more households in Viet Tien commune have registered to borrow capital to develop the profession.
According to the assessment of the Transaction Office of the Social Policy Bank of Bao Yen district, in 2023, more than 1,100 poor households will receive loans to develop the economy, escape poverty and escape poverty sustainably. Up to now, the rate of poor and near-poor households in the district with access to policy credit capital has reached 87.2%. From the loan capital, people have built and repaired more than 1,200 clean water and sanitation works; created new jobs for more than 400 workers... thereby helping poor households and policy beneficiaries stabilize their lives...
According to the report of the Bank for Social Policies, Lao Cai Province Branch, in 2023, the whole province had more than 18,500 poor households borrowing preferential policy capital with a total amount of more than 206 billion VND; more than 11,400 near-poor households borrowing a total amount of more than 123 billion VND for economic development; more than 15,000 customers borrowing capital to create and maintain jobs; more than 1,200 poor households received loans for housing construction. In the first quarter of 2024, the effectiveness of the capital source was promoted, contributing to helping 3,289 poor households and other policy beneficiaries access capital, of which 617 poor households, 301 near-poor households and 160 newly escaped poverty households borrowed capital for economic development. In districts, cities and towns, policy capital has been and is "supporting" positive changes in poverty reduction work.
In recent times, the Social Policy Bank has coordinated with localities to promptly review poor and near-poor households in need of loans to create conditions for them to access and use loans quickly and effectively. Through direct transaction sessions, officers of the policy bank transaction offices in districts and towns have promoted awareness among the poor so that they do not rely on or wait for support from the State but actively produce and do business effectively, escape poverty, etc. The quality of credit for poor and near-poor households in the province is always guaranteed.
Preferential credit capital has contributed to the effective implementation of national target programs on sustainable poverty reduction, new rural construction, socio-economic recovery and development, ensuring social security and social order and safety in the province. In 2023, the poverty reduction rate of the whole province was 4.43%, exceeding the plan by 10.75% (the plan for 2023 was 4%), in which there was a significant contribution from policy capital.
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