Credit policies help people escape poverty

Thursday, 17/11/2022 10:10
Aiming to contribute to reducing poverty, building new-style rural areas and ensuring social security, the Vietnam Bank for Social Policies’ branch in Tien Giang has effectively implemented policy credit activities.
People make transactions at the VBSP’s branch in Tien Giang province. (Photo: VNA) 

Mr. Duong Van Hoang, Director of the VBSP’s branch in Tien Giang, said that the preferential credit policy, along with the local socio-economic development program, has made positive contribution to poverty eradication and reduction, job creation, social security assurance, new rural construction, economic recovery and development, especially in the context of the COVID-19 epidemic.

Over the past five years, together with central and local funds, the VBSP’s branch in Tien Giang disbursed loans to 240,314 poor households and policy beneficiaries; attracting and creating jobs for over 36,727 laborers with jobs and stable incomes. More than 20,600 pupils and students with difficult circumstances are eligible for loans to cover study costs.

At the same time, the branch also helped build, repair and upgrade more than 85,900 rural clean water and environmental sanitation works; support the construction of 1,156 new houses for the poor and create favorable conditions for 85 households and low-income workers to borrow loans for social housing. Thanks to that, 42,620 households have escaped poverty and earn sustainable livelihoods.

For example, Mr. Phan Ba Duy’s household in My Phu hamlet (Thien Tri commune, Cai Be district) has escaped from poverty thanks to a loan of 30 million VND to take care of durian gardens and 20 million VND for students to borrow for studying.

Mr. Chau Van Sau’s household in Phu Cuong commune (Cai Lay district) borrowed 100 million VND to get out of poverty to raise cows and goats. Now his family has a stable income and sustainably escaped from poverty.

Mrs. Phan Thi Mai’s household in My Phu hamlet (Phuoc Thanh commune, Chau Thanh district) was formerly a poor household with economic difficulties. From a loan of 100 million VND to grow pineapples and rent land to grow lotus, her family now has a stable income, escaping poverty.

Besides, from the support capital of the credit policy, many effective business models and projects have been developed in the area such as knitting model in Than Cuu Nghia commune, mat weaving in Long Dinh commune, renovating fruit gardens in Vinh Kim commune, Ban Long commune, Kim Son commune (Chau Thanh district); model of raising chickens, quails and fish in Luong Hoa Lac commune, Phu Kiet commune (Cho Gao district).

From 3 initial handover credit programs with total outstanding loans of just over 110 billion VND, so far, the branch has developed 11 more new policy credit programs.

According to Director of the branch Duong Van Hoang, the branch pays special attention to focusing resources, especially the capital from the local budget entrusted through the VBSP to implement social policy credit programs, better meeting the needs of beneficiaries in the area./.