Officially launched and put into operation on October 4, 2002, the Viet Nam Bank for Social Policies - as the "extension arm" of the Government - has worked hard to bring preferential capital to the poor and other policy beneficiaries – in a 20-year journey full of hardship, sweat and even tears of thousands of officials and employees in the system.
Credit growth of the Vietnam Bank for Social Policies (VBSP)'s branch in the northern province of Bac Giang is expected to be between 7-10 percent in 2022, according to Vice Chairman of the provincial People’s Committee and head of the representative board of the branch's board of directors Phan The Tuan.
The Vietnam Bank for Social Policies (VBSP) was awarded the “Labour Hero in Renewal Period” title for its contributions to promoting sustainable poverty reduction, new-style rural area building and ensuring social welfare policies in the country, at a ceremony on December 21.
Together with State investment, capital from social policy credit has been one of the most important factors that help many people in the northern province of Vinh Phuc escape from poverty, stabilise their lives, and earn higher incomes in recent years, contributing to ensuring social welfare.
Directive No. 40-CT/TW of the Party Central Committee's Secretariat on strengthening the Party's leadership towards social policy credit has served as a new wind that creates breakthroughs for social policy credit.
Over the last five years, more than 2.1 million households have sustainably escaped from poverty thanks to social policy credit, which is said to be an important pillar of the national target programme for sustainable poverty reduction.
More than 206.8 trillion VND (8.87 billion USD) from social policy credit programmes has been allocated to poor households and other social policy beneficiaries.
Social policy credit helped to build more than 4,000 houses, along with over 1.2 million safe water supply and sanitation facilities in rural areas in 2019, according to the Vietnam Bank for Social Policies (VBSP).
More than 1.62 million poor households and welfare policy beneficiaries gained access to preferential loans worth over 54.9 trillion VND (2.36 billion USD) in the first nine months of 2019, up 6.15 trillion VND compared to the same period last year.
Social policy credit has lifted more than 2 million ethnic minority households out of poverty as of August 31, said Director General of the Vietnam Bank for Social Policies (VBSP) Duong Quyet Thang at a conference in Hanoi on September 25.
Social policy credit has lifted more than 2 million ethnic minority households out of poverty as of August 31, said Director General of the Vietnam Bank for Social Policies (VBSP) Duong Quyet Thang.
Social policy credit has reached all the communal-level localities nationwide, greatly helping with efforts towards sustainable poverty reduction, heard a teleconference in Hanoi on September 23.
Credit for social policy beneficiaries has contributed significantly to narrowing the gap between the rich and the poor, reducing unemployment rate, and developing local economy.
Prime Minister Nguyen Xuan Phuc has hailed credit for implementing social policies as a sound policy of the Party and State that contributes to social development and creates a momentum for sustainable poverty reduction.
Society
