Numbers of great significance
At the national scientific conference “Social policy credit with the issue of implementing and ensuring social security” organized by the Vietnam Bank for Social Policies (VBSP) in collaboration with the Ho Chi Minh National Academy of Politics in Hanoi on the morning of August 16, Mr. Duong Quyet Thang - General Director of the VBSP said that by July 31, the total source of social policy credit reached nearly 325,000 billion VND.
Of the total outstanding social policy credit, outstanding loans to communes in ethnic minority and mountainous areas are nearly VND 109,000 billion, accounting for 35.7% of total outstanding loans, with more than 2.2 million customers still in debt; outstanding loans to poor districts are nearly VND 30,000 billion, accounting for 9.8% of total outstanding loans, with nearly 540,000 customers still in debt; outstanding loans to ethnic minority customers are over VND 75,000 billion, accounting for 24.7% of total outstanding loans with over 1.4 million customers still in debt.
The credit capital of the Vietnam Bank for Social Policies has helped nearly 6.3 million households overcome the poverty threshold, created jobs for more than 5.9 million workers (of which more than 141,000 workers went to work abroad for a limited period), supported more than 3.8 million students with loans to study, helped buy more than 84,000 computers and online learning equipment for students, built more than 16.8 million clean water and rural environmental sanitation works, built nearly 729,000 houses for the poor and other policy beneficiaries, supported capital to buy/hire-purchase more than 29,700 social housing units, nearly 2,000 businesses and employers affected by the Covid-19 pandemic borrowed capital to pay for work stoppages, and restored production for more than 1.2 million workers...
Social policy credit has contributed to reducing the poverty rate nationwide through different periods, specifically: 2001-2005 period from 17% to 7%; 2005-2010 period from 22% to 9.45%; 2011-2015 period from 14.2% to 4.25%; 2016-2021 period from 9.88% to 2.23%.
At the same time, contributing to the implementation of 09/19 criteria for building New Rural Areas (on housing; income; poverty rate; employed laborers, production organization; education and training; environment and food safety; building the political system; national defense and security).
The success of the model is always people-centered.
The most important thing is that social credit is very close to the people, always taking people and households as the center, always closely following the Party and State's policies and guidelines in supporting the poor.
According to Deputy Governor of the State Bank of Vietnam Dao Minh Tu, the economic benefits of the Vietnam Bank for Social Policies are very high. High here does not mean how much profit the bank earns, but the profit lies in the fact that this credit flow has contributed to creating a better life for borrowers, helping borrowers escape poverty.
“That change in the poor is the benefit of the VBSP and the whole society. It reduces poverty, narrows the gap between rural and urban areas, helps the poor have the opportunity to access minimum services, etc.
Social efficiency combined with economic efficiency creates an efficiency of political significance, which affirms the correct direction of our Party and State. What is even greater is to create trust among the poor and the non-poor,” said Deputy Governor Dao Minh Tu.
The Vietnam Women’s Union is the largest organization entrusted with capital by the VBSP. Ms. Ha Thi Nga – President of the VBSP – said that out of the 6.6 million customers of the VBSP, 4.4 million are poor women, accounting for over 66% of the total number of customers. This number is very meaningful, not only demonstrating the role of the VBSP in helping households escape poverty but also contributing to gender equality.
For poor women, the capital of the VBSP is truly a solid foundation, giving them the opportunity to be economically empowered, helping them to be more independent and confident in implementing household economic development models, gradually escaping poverty. There are households that have escaped poverty and become rich, and there are even women who are now very confident in running their businesses, their initial starting point is from accessing the capital of the VBSP.
“The capital of the VBSP for women not only brings value in having capital for household economic development, but through participating in becoming a customer of the VBSP, each woman herself has more opportunities to develop herself, improve her skills so that she knows how to use capital effectively,” said Ms. Ha Thi Nga.
The President of the Vietnam Women's Union believes that when women are proactive and confident in developing their household economy, they themselves are also confident in participating in social activities, and more confident in contributing to the overall socio-economic development of the country.
Mr. Hau A Lenh - Minister, Chairman of the Ethnic Committee - said that through credit policy, ethnic minorities have been able to rise up and solve many outstanding problems. The most important issue is to gradually change the mindset and awareness of the will to be self-reliant and self-improvement in life through policy design and organization of credit policy implementation in each stage.
“Currently, there are about 20 effective credit policies being applied to ethnic minorities. These policies have had a direct impact on the daily and hourly lives of the people, covering other areas such as health, education, society, etc., not just in the field of economic development,” said Minister Hau A Lenh.
Ngoc Tuan
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