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Over the past 10 years of implementing, Resolution No. 40-CT/TW of the Central Committee of the Communist Party of Vietnam, the 11^th tenure "On strengthening the Party's leadership over social policy credit" (referred to as Resolution 40) has helped tens of thousands of families overcome difficulties and created opportunities for sustainable development, which is not only a support policy but also reflects the CPV and State's deep concern for vulnerable groups in society.

Social Policy Bank staff is disbursing loans to customers at the transaction point of the communes and wards

Policy credit lever

Determining preferential policy credit sources as a lever to support borrowers, the Binh Duong Policy Bank has closely followed guiding documents, swiftly implemented preferential credit policies, and streamlined procedures to reduce the time needed to process applications in order to promptly disburse funds to beneficiaries. For over 10 years of implementing Directive 40, with the special attention of the Party committees and local authorities, the policy credit capital of the Social Policy Bank of Binh Duong has been deployed uniformly and extensively to 100% of the communes, wards, and towns in the province. The credit capital has proven effective, helping vulnerable groups to overcome difficulties and stabilize their lives.

Along with credit growth, the quality of policy credit is also continuously reinforced and improved, contributing to the preservation of credit capital. The leadership and direction to strengthen and enhance the quality of social policy credit is clearly reflected through resolutions. After each meeting, the Board of Directors of the Social Policy Bank at all levels regularly directs the Social Policy Bank system in the area, along with political-social organizations and local authorities, to focus on recovering debts due and overdue in order to supplement the funding for implementing social policy credit programs.

<table border="2" cellpadding="2" cellspacing="1" style="width:500px;"><tbody><tr><td style="background-color: rgb(255, 255, 255);"><p><strong> Escaping poverty thanks to a loan of 50 million VND</strong></p><p><em>The household of Mr. Le Xuan Thuy of 1B hamlet, Phuoc Hoa commune, Phu Giao district has 4 members, and the family's income is difficult. In 2019, through the introduction of the Farmers' Association, Mr. Thuy’s family was able to borrow 50 million VND from the poverty alleviation loan program of the Social Policy Bank in Phu Giao district for the purpose of investing in cattle farming to develop their economy.</em></p><p><em> With capital in hand, Mr. Thuy's family invested in buying 2 cows for farming. Over time, through working hard and accumulating wealth, Mr. Thuy's family has managed to rise above poverty and stabilize their economy. Currently, his family has more than 10 cows.</em></p></td></tr></tbody></table>

The outcome

Mr. Vo Van Duc, Director of the Bình Dương Social Policy Bank, stated that social policy credit for the poor and other policy beneficiaries has truly come to life, receiving support from the people and creating trust in the Party and State. In difficult economic conditions, the Central Government and the province always pay attention to creating capital sources to effectively implement social policy credit programs, especially after the issuance of Directive 40, the source of policy credit has been invested appropriately for the beneficiaries of the policy.

It can be affirmed that one of the outstanding results of implementing Directive 40 is that the Party committees and local governments at all levels in the province have reached a consensus on the role and position of policy credit in achieving the goals of poverty reduction, job creation, rural development, and ensuring social security for the locality. Based on that, the party committees and local authorities have paid attention to creating favorable conditions for social policy credit activities. Specifically, the localities in the province have arranged for 100% of the Chairpersons of the commune-level People's Committees to participate in the Representative Board of the Management Council of the social policy bank at the district level; they have also focused on arranging a delegated lending capital source of 2.262 trillion VND; support for vehicles and equipment worth 450 million VND; supplement and confirm borrowers; direct the consolidation and improvement of credit quality for the transaction activities of the Social Policy Bank system in the area at the commune transaction point.

The effectiveness of social policy credit has affirmed the management methods and organizational model of the Social Policy Bank system in the area, which is completely suitable for the political system and the practical conditions; it has mobilized the collective strength of both the political system and society to participate in the cause of sustainable poverty reduction, rural development, and ensuring social security,” Mr. Vo Van Duc added.

After 10 years of implementing Directive 40, the system of social policy banks in the province has established transaction points in communes, wards, towns, and savings and loan groups within localities with the motto "serving at home, disbursing at the commune." This is a step forward in reforming administrative procedures, best supporting citizens, especially vulnerable groups. As a result, it has helped the poor and policy beneficiaries access the State's preferential credit policy more easily, reduce costs, implement democratic regulations, ensure transparency, and strengthen the supervision of local authorities, political-social organizations, and society as a whole in implementing social policy credit.

<table border="2" cellpadding="2" cellspacing="1" style="width:500px;"><tbody><tr><td><p style="text-align: justify;"><em> Recently, the lending capital has continuously grown and increasingly better meets the borrowing needs of the poor and other policy beneficiaries in the area. The structure of capital growth has shifted from central capital to local capital, demonstrating the local government’s concern and determined efforts in implementing social policy credit programs, especially since the issuance of Directive No. 40-CT/TW.</em></p><p><strong>Mr. Vo Van Duc, Director of the Bình Dương Social Policy Bank</strong></p></td></tr></tbody>

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Reported by Tuong Vy – Translated by Vi Bao