Creating effective jobs thanks to policy credit capital

Tuesday, 28/02/2023 20:45
Policy credit has provided loans to create jobs; contribute to eradicating hunger and reducing poverty, and improving the quality of people's lives in Hanoi.
Photo for illustration

According to the Vietnam Bank for Social Policies’ (VBSP) branch in Hanoi, over the past time, policy credit capital has been implemented more and more effectively, helping policy beneficiaries, people, families in difficulty, and students in the city get loans. Thereby, it has contributed to poverty alleviation and improved living standards of people.

The disbursed policy credit programs in 2022 has helped over 800 poor households, nearly-poor households, and newly escaped from poverty households; contributing to attracting and creating jobs for over 99,000 employees.

In 2022-2025, the capital set targets of reducing the number of households in poverty by 25-30% annually; striving to have no poor households by the end of 2025.

Policy credit has contributed to limiting usury in rural areas, helping the poor and policy beneficiaries familiarize themselves with bank credit, fundamentally changing perceptions in production and business, using the capital effectively, creating jobs and stable incomes; contributing to improving the quality of life and rising out of poverty sustainably.

According to Mr. Pham Van Quyet, Deputy Director of the VBSP’s branch in Hanoi, the policy credit capital in the city is transferred in a timely manner, used for the right purposes, and to the right beneficiaries.

By the end of 2022, the total outstanding loans of credit programs reached over 12.9 trillion VND, 259,000 customers being poor households and other policy beneficiaries in the city are borrowing capital with the growth rate of 10% and completing 99.9% of the year’s growth plan.

Currently, social policy credits are deployed in association with agricultural, forestry and fishery extension programs, science and technology transfer, exchange of production experience, development of linkage chains, and consumption of agricultural products.

Through these forms, credit capital has been promoted effectively, helping poor households and other policy beneficiaries use loans for the right purposes, creating jobs and stable incomes, contributing to the implementation of the national target program on sustainable poverty reduction in Hanoi.

According to statistics of the Hanoi Department of Labor, War Invalids and Social Affairs, out of 203,027 jobs created in 2022, 62,700 people were approved for loans from the city budget entrusted through the VBSP with an amount of about 3 trillion VND.

Nearly 13,800 people were provided with jobs in January 2023, of which the city also entrusted 219.7 billion VND through the VBSP to create jobs for nearly 4,200 people.

In addition to supporting job creation, disbursed policy credits through the VBSP also helped poor and nearly-poor households in rural areas and disadvantaged households in urban areas change their habits and perceptions in production and business, boldly invest capital for economic development, and create stable income to gradually rise out of poverty sustainably./.