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Policy credit not only helps alleviate poverty and create jobs, but also continuously grows in scale and quality. The combined efforts of the entire political system have achieved significant milestones over the 10-year implementation of the Central Secretariat’s Directive No. 40-CT/TW on strengthening the Party's leadership over social policy credit (Directive No. 40) in Binh Duong.

Positive impacts

Having a clean, well-furnished house has long been a dream for Nguyen Van Thuy's family in Tru Van Tho commune’s hamlet 2 in Bau Bang district. Thuy shared that both he and his wife are workers in the My Phuoc Industrial Park, and their modest income prevented them from owning a small house. Learning about the social housing loan program, he confidently applied for a social housing support loan. With support from Bau Bang district’s Transaction Office of the Bank for Social Policies, his family received VND 500 million in loan, which combined with their savings, enabling them to buy a social housing unit in Cau Do residential area in Ben Cat city. In February 2024, their new home, complete with modern amenities and a spacious living area, was handed over. Thuy’s family is now delighted, with stable accommodation. They can work with peace of mind, and their children can study and play safely. This is among typical cases from the 10 lending programs under the local policy credit.

A delegation from the Central Economic Commission visits households effectively using policy credit in Thuan An city’s Vinh Phu ward

According to Vo Van Duc, Director of provincial Bank for Social Policies, looking back on 10 years of implementing Directive No. 40, despite many difficulties in the province's socio-economic situation, together with the centrally balanced capital, annually, the People's Councils and People's Committees at all levels paid attention to guiding, creating favorable conditions for State budget allocation, creating positive changes in policy credit activities. The bank has consistently worked with political and social organizations to effectively implement preferential credit policies for poor households and other policy beneficiaries. Since the birth of Directive No. 40, the local State budget allocation entrusted to the bank for lending in the province has increased nearly 30 times. Specifically, provincial State budget has increased 27 times and district-level State budget has increased 70 times.

Additional capital needed

After 10 years, policy credit has spread across the province, becoming a fundamental solution for rapid poverty reduction and laying the foundation for the local overall development. Provincial Bank for Social Policies, along with political and social organizations throughout the province, has seriously and fully implemented entrusted tasks, closely coordinating with local authorities in managing, strengthening and improving the quality of policy credit.

Loan disbursement for policy beneficiaries in Bau Bang district’s Long Nguyen commune

Although policy credit funds have been increasingly supplemented by the province, cities and districts, resources to implement policy credit programs remain limited compared to the borrowing needs of the beneficiaries, especially job creation and social housing loan programs. Additionally, the situation of having to divide loans among many borrowers, resulting in low loan amounts, reducing the effectiveness of policy credit investment."

Recently, during a meeting with the Central Economic Committee, Nguyen Thi Hien, Vice Chairman of Thuan An city’s People's Committee noted that the city's mechanical population growth rate has been very rapid in recent years. After the COVID-19 pandemic, the number of poor households in the city increased dramatically. From over 800 poor households, with no poor households by central standards and some wards having no poor households in 2019, the city now has 1,500 poor households. Thuan An, developing as an industrial and service-oriented city, faces significant challenges in terms of time and resources.

"The city hopes that ministries, sectors and Vietnam Bank for Social Policies  will provide specific mechanisms for increasing entrusted capital and flexible lending to poor households from the savings fund, simplify loan procedures for housing purchase to make it easier for beneficiaries to access capital. With positive incentive mechanisms, the self-reliance and resilience of borrowers will serve as an economic lever to support Thuan An in particular and Binh Duong in general in the cause sustainable poverty reduction", Mrs.Hien suggested.

During the 10 years of implementing the Directive No.40, policy credit in Binh Duong helped 27,497 households escape poverty, created jobs for 227,166 workers, built and repaired 158,324 clean water and sanitation facilities, constructed and purchased 778 social housing units, provided loans for 9,844 disadvantaged students to cover educational expenses…

Reported by Thanh Hong-Translated by Kim Tin