At the Social Policy Credit Seminar from the perspective of National Assembly deputies, experts and deputies shared the same view that after more than two decades of the entire political system joining hands, especially after implementing Directive No. 40-CT/TW of the Secretariat on strengthening the Party's leadership over social policy credit, policy credit has become a "bright spot" and a pillar in the system of poverty reduction policies, ensuring social security to meet people's aspirations. However, the new context and the shortcomings in the implementation of policy credit in the past require a new directive from the Party agency to create a breakthrough and improve the effectiveness of a humane policy of our Party and State.
"Bright spots", "pillars" in poverty reduction policies
The sharing of Deputy General Director of the Vietnam Bank for Social Policies (VBSP) Huynh Van Thuan at the Seminar showed that Directive No. 40/CT-TW has been put into practice, bringing into play its effectiveness and efficiency with outstanding achievements. In particular, it is necessary to mention the focus on mobilizing large, diverse capital sources, constantly growing, each year higher than the previous year, creating a large resource to promptly and increasingly better meet the borrowing needs of the poor and other policy subjects.
By October 31, 2024, the total source of social policy credit capital reached VND 375,848 billion, an increase of VND 241,186 billion (2.8 times higher) compared to when Directive 40 began to be implemented, the average annual growth rate reached 10.8% and the highlight in the implementation of Directive No. 40-CT/TW is that 100% of provincial and district-level localities nationwide have paid attention to balancing and arranging the budget entrusted through the VBSP to supplement the loan capital source, up to now reaching VND 48,943 billion, accounting for 12.8% of the total capital source, an increase of VND 45,135 billion compared to before Directive No. 40-CT/TW.
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The VBSP has closely coordinated with local authorities and socio-political organizations to promptly, promptly and effectively implement policy credit programs. The credit growth rate and the number of borrowers have increased, and credit quality has improved. Typically, the total outstanding debt of policy credit programs reached VND 358,948 billion, an increase of VND 229,492 billion (2.8 times higher) compared to the end of 2014 when Directive No. 40 began to be implemented, with more than 6.8 million poor households and policy beneficiaries still having outstanding debt; the current overdue debt and frozen debt ratio is 0.55% of total outstanding debt, of which overdue debt accounts for 0.2% of total outstanding debt.
Social policy credit capital has been invested in 100% of communes, wards and towns nationwide, with priority given to ethnic minority and mountainous areas, difficult and extremely difficult areas, island districts, island communes, and coastal areas, contributing significantly to the successful implementation of the goal of multidimensional, inclusive and sustainable poverty reduction, reducing poverty from 14.2% in 2011 to 2.93% by the end of 2023 (according to the multidimensional poverty standard).
Another highlight pointed out by Deputy General Director Huynh Van Thuan is that local Party committees and authorities have clearly identified the task of directing social policy credit activities as one of the key tasks in the regular operating programs and plans of localities and units.
The VBSP has well implemented the direction of the Government and the Prime Minister in reviewing, researching, amending, supplementing and perfecting legal policies to mobilize, manage and effectively use social policy credit resources. Over the past 10 years, the VBSP has actively participated and proactively coordinated with relevant ministries and branches to research and advise the Government and the Prime Minister to adjust and supplement credit policies in accordance with actual conditions; many policies have been issued by the Government and the Prime Minister such as: lending policy for newly escaped poverty households; preferential loans to buy and hire-purchase social housing; loans for socio-economic development in ethnic minority and mountainous areas; loans for people who have completed their prison sentences; salary loan policy to support businesses and workers facing difficulties due to the pandemic... Many policies have been adjusted to increase loan levels and extend loan terms in accordance with the needs of beneficiaries and socio-economic development conditions).
In addition, the NHCSX has focused on doing a good job of inspection, supervision, establishing discipline in operations, complying with regulations in management and use of State resources in implementing social policy credit. At the same time, it has promoted the application of information technology, digital transformation, reforming work handling procedures; established and organized the implementation of 10,455 commune transaction points with the method of "transaction at home, disbursement, debt collection at the commune", a unique feature, a strength that no credit institution or microfinance institution has. In addition, it has paid attention to training and improving the quality of human resources to meet the requirements in the new situation.
The results of implementing Directive No. 40 once again affirm that the organizational model and method of managing social policy credit are unique, creative, and suitable to the reality of Vietnam. Promoting the leadership role of the Party and the management role of the State; at the same time, mobilizing the combined strength of the entire political system to participate in managing, supervising, and implementing quickly, promptly, and effectively the State's preferential credit policies to the poor and other policy subjects.
Proposing the Party agency to issue a new groundbreaking directive document
In addition to the achieved results, Deputy General Director of the VBSP Huynh Van Thuan also said that the implementation of Directive No. 40 and Conclusion 06 of the Secretariat still has some shortcomings and limitations. That is, the capital structure is not really reasonable and ensures sustainability (policy credit capital is mainly used for medium and long-term loans (medium and long-term outstanding loans account for 99.4%), in which long-term capital over 5 years accounts for only 41.8%; capital provided by the State budget accounts for a low proportion (12%), not really consistent with the orientation and goals of the VBSP Development Strategy to 2030).
The entrusted capital in some provinces is still limited and not commensurate with the potential and strengths of local socio-economic development.
Credit policies are not thorough and do not cover all subjects in need of preferential credit loans, such as there is no credit policy for households with average living standards working in agriculture, forestry, fishery, and salt production to borrow capital to serve production and business needs.
Delegates also emphasized that in the coming time, the international and regional situation will continue to develop in a complex and unpredictable manner. The country is also facing many difficulties and challenges in economic development and in achieving social progress and equity, ensuring social welfare and people's lives, especially the poor and policy beneficiaries. Therefore, it is necessary to continue to identify social policy credit as an important solution to implement the Party and State's guidelines, policies, goals and tasks on economic growth in parallel with achieving social equity, implementing national target programs as well as developing the country's socio-economy.
And to enhance the effectiveness of social policy credit, Deputy Head of the National Assembly Delegation of Tra Vinh province, Thach Phuoc Binh, proposed that the Central Party Secretariat should consider submitting to the Politburo a leadership resolution on social policy credit in the new context.
Sharing this view, Chairman of the National Assembly's Social Committee Lam Van Doan proposed that the Party agency issue a new directive on policy credit and emphasized that this document needs to create new momentum and overcome current weaknesses of policy credit such as lack of capital, unstable capital structure and the need to meet the total capital source sufficient to achieve the set goals. He made this proposal based on the current lack of legal regulations on the allocation of public investment capital to supplement capital for lending by the Vietnam Bank for Social Policies, currently there are only regulations on the allocation of cost sources for the Vietnam Bank for Social Policies' activities and interest rate compensation.
“This requires the National Assembly to institutionalize and update the upcoming amendment of the Public Investment Law. The addition of policy credit capital from public investment sources is not only needed in the medium-term and annual plans. This requires high political effort and determination because having policies without implementation capital will limit the effectiveness of the policies,” said Mr. Doan.
Standing member of the National Assembly's Economic Committee Phan Chi Hieu acknowledged that strictly implementing capital policies and ensuring a sustainable balance of capital sources are conditions for improving the effectiveness and ensuring the feasibility of policies. Because if the loan level is not suitable for the situation, lower than the demand, the policy will be ineffective.
Ms. Doan Thi Le An, National Assembly Delegate, Chairwoman of the Cao Bang Provincial Women's Union emphasized the advisory role of the VBSP with local Party committees and authorities at all levels to effectively implement Directive No. 40-CT/TW and Conclusion No. 06-KL/TW; Directive No. 34-CT/TW of the Secretariat on strengthening the Party's leadership in social housing development in the new situation; Resolution No. 111/NQ-CP on developing production and business, creating jobs, stabilizing livelihoods, supporting housing improvement, developing products under the One Commune One Product Program, maintaining and developing traditional craft villages, developing rural tourism; Notice No. 449/TB-VPCP dated October 3, 2024 of the Government Office on the Conclusion of Prime Minister Pham Minh Chinh at the Conference summarizing 10 years of implementing Directive No. 40-CT/TW dated November 22, 2014...
Departments, branches, sectors and relevant units, with their functions and tasks, advise local Party committees and authorities at all levels to effectively implement the tasks and solutions in the Development Strategy of the Vietnam Bank for Social Policies to 2030 according to Decision No. 05/QD-TTg dated January 5, 2023 of the Prime Minister. At the same time, promote the linkage of the social credit policy with activities supporting the transfer of science and technology, agricultural, forestry and fishery extension programs, vocational training, models, programs and projects for local socio-economic development to improve the efficiency of using policy credit capital. Annually, coordinate to summarize and review the work of lending entrustment, and promptly organize rewards and incentives for collectives and individuals who have contributed to social policy credit activities in the area.
Mr. Thach Phuoc Binh also said that currently, the New Rural Development Program has always received deep attention from the Party and the State to improve people's lives. However, households from poor and near-poor households have now risen to households with average living standards, so the credit policy for these subjects is no longer suitable. People hope that the Government will issue a mechanism to supplement the credit program to support production and business for households with average living standards working in agriculture, forestry, fishery, salt production, especially ethnic minorities. This policy will help them access capital for production and business, ensure their lives, and contribute to building New Rural Areas in the locality.
Source: https://thoibaonganhang.vn/tin-dung-chinh-sach-xa-hoi-can-nhung-quyet-sach-moi-mang-tinh-dot-pha-157632.html
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