Vinh Phuc implements preferential credit policy for the poor

Thursday, 15/09/2022 12:15
Over the past few years, the northern province of Vinh Phuc has always determined that social policy credit implemented by the Vietnam Bank for Social Policies (VBSP) is a creative, deeply humane solution that is consistent with reality.
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VBSP credit officer in Lap Thach district discusses with borrowers at the transaction point of Thai Hoa commune. (Photo: VNA) 

Vinh Phuc is directing local branches, units and authorities to coordinate with the provincial Bank for Social Policies to continue to well implement the preferential credit policy for the poor and other policy beneficiaries according to Decree Decree 78/2002/ND-CP of the Government.

Policy credit has obtained many outstanding results, mobilized financial resources to create capital sources, and effectively organized policy credit programs; making important contributions to the effective implementation of guidelines and policies on sustainable poverty reduction and new-style rural area construction; ensuring social security, political stability, national security and socio-economic development.

During 20 years of implementing social policy credit under the Government’s Decree 78/2002/ND-CP dated October 4, 2002, the province has concentrated credit resources through VBSP for loans for over 515,000 poor people and other policy beneficiaries with over 10.369 trillion VND of loan turnover and over 6.938 trillion VND of debt collection revenue.

As of July 31, 2022, total outstanding loans of 15 policy credit programs reached over 3.547 trillion VND, an increase of 3.427 trillion VND, 29.55 times higher than the outstanding loan balance when established, the average annual growth rate is 18.45% with 78,338 poor households and other policy beneficiaries borrowing capital.

The source of policy credit capital has been invested and covered 100% of villages, hamlets and residential quarters in the whole province, creating conditions for the poor and other policy beneficiaries who need and are eligible to receive convenient and timely access.

The capital helped 148,223 poor households and 26,835 near-poor households to escape poverty; attracted and created jobs for 131,591 laborers; helping 70,406 students with difficult circumstances get study loans, not allowing any children to drop out of school because of financial difficulties.

Social policy credit also supported the construction and renovation of 339,117 clean water and sanitation projects in rural areas; helped the construction of 5,038 houses for poor households and 373 households get loans for social housing and helped businesses borrow money to pay wages for work stoppage of 3,384 workers.

Chairman of the Vinh Phuc People’s Committee Le Duy Thanh said that in order to continue to well implement the preferential credit policy for the poor and other policy beneficiaries according to Decree 78/2002/ND-CP of the Government, Vinh Phuc is requesting units to coordinate with the provincial Bank for Social Policies to synchronously deploy solutions to focus resources to help the Bank effectively implement social policy credit programs./.

 

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