In fact, the initiative and creative steps of the Vietnam Bank for Social Policies (VBSP) in performing political tasks entrusted by the Party and Government have included advising the Party and Government to issue credit policies which created new changes in social policy credit.
VBSP disburses loans at a communal transaction site
As policy contains the “heart” of life
Looking back the implementation of policy credit activities in accordance with the National Target Program on Povery Reduction in the 2016-2020 period, VBSP General Director Duong Quyet Thang is sastified with the effects from the association with ministries and departments to perfect mechanisms and policies for poverty reduction.
The first highlight could be the initiative of advising the Party Central Committee to issue Directive 40-CT/TW dated November 22nd, 2014 on strengthening the Party’s leadership on social policy credit and the Government leader to issue Decision 401/QD-TTg dated March 14th, 2016, on realizing Directive 40-CT/TW.
The implementation of the Directive has created breakthrough in thinking and actions of many localities for policy credit activities, considering it an important and fundamental tool to realize goals of poverty reduction and new-styled rural areas building.
VBSP actively reported to ministries and centrally-governed agencies to submit the arrangement of medium-term public investment capital from the state budget to the National Assembly for approval. As of August 31st, 2019, total credit reached more than VND207.7 trillion, a 43.59% rise compared to the same period of 2015.
Policy credit helps people in remote areas stabilize their lives
However, in order to better implement the policy credit program, VBSP expects localities, the Fatherland Front, associations and unions to continue realizing Directive 40-CT/TW and Decision 401/QD-TTg.
Policy credit assists people in remote areas to stabilize their lives
The bank asked ministries and departments to balance and allocate sufficient resoures to carry out policy credit programs; especially allocating capital from the State budget in accordance with the medium-term investment plan for the 2016-2020 period approved for VBSP.
Together with many localities, VBSP propose that the Government, ministries and departments consider and arrange sufficient resources to ensure the effectiveness of the programs as they build and promulgate mechanisms and policies related to social policy credit.
It also proposed the Government send a petition to the National Assembly to arrange capital separate from the central budget for the overall investment projet for socio-economic development in ethnic minorities groups, remote areas and disadvantaged areas.
“For poor households, ethnic minority households and other policy beneficiaries; it is necessary to increase investment and assistance through credit and adjust the object, loan rate, interest rate and loan term in accordance with practical requirements,” said Mr. Duong Quyet Thang./.