Director of the Cao Bang Provincial Bank for Social Policies Branch, Mr. Pham Tuan Hung said: In 2024, despite being heavily affected by storm No. 3 (Yagi) and floods after the storm, causing serious damage to people and property, affecting the lives and production and business activities of the people in general and policy credit activities in particular, the branch still proactively follows the direction of superiors and the content of the work program, leading and directing units to ensure that policy credit activities in the area are implemented synchronously and effectively, contributing positively to the goal of sustainable poverty reduction, social security, building new rural areas, and developing socio-economy in the locality.
In particular, the strong participation of local government committees has created a breakthrough in implementing policy credit to promote the development of the province's economy. In 2024, the local budget capital entrusted to the VBSP to supplement lending to poor households and other policy beneficiaries will reach 316.5 billion VND. Of which, provincial capital reached VND300 billion, district capital reached VND16,5 billion. Of which, 10/10 districts transferred additional capital to the VBSP to lend to those who have completed their prison sentences under Decision 22/2023/QD-TTg with a total amount of 1.63 billion VND.
The branch also advised the Provincial People's Committee to submit to the People's Council to transfer additional local budget capital in 2024 to the VBSP to lend to poor households and other policy beneficiaries with an approved amount of VND 40.23 billion. Advising the Provincial People's Committee to reduce interest rates by 2%/year (applicable to loans with outstanding loans from September 1, 2024 to December 31, 2024) for customers borrowing capital from policy credit programs at the VBSP regulated by the Prime Minister on interest rates from local budget capital at the provincial level according to Decision No. 1629/QD-TTg of the Prime Minister.
The advisory efforts of the branch and the close attention of the local government committee have contributed to raising the total local budget capital to VND 620.1 billion in 2024, an increase of VND 326.3 billion compared to 2023. At the same time, the total policy capital of the entire branch will reach VND 4,668.4 billion, an increase of VND 523.8 billion compared to 2023.
This is the foundation for creating accelerations in implementing policy credit in 2024. According to the branch's report in 2024, the branch's lending sales reached VND 1,550.9 billion with 22,649 customers receiving loans; of which, poor households and near-poor households are 7,278, accounting for 32.13%.
In 2024, implementing the reduction of lending interest rates according to Decision No. 1629/QD-TTg dated December 23, 2024 of the Prime Minister, the provincial branch of the VBSP will proactively coordinate with socio-political organizations to receive the trust to effectively propagate the policy of reducing lending interest rates for customers borrowing VBSP capital affected by Typhoon Yagi so that all levels, sectors and people know and implement it. At the same time, reduce interest rates by 2%/year for customers borrowing capital from credit programs at the VBSP as prescribed by the Prime Minister on interest rates with outstanding loans from September 1, 2024 to December 31, 2024, which is VND 29.91 billion.
Looking back over the past year, policy capital has supported 22,649 poor households and other policy beneficiaries in the province to produce and do business, contributing to creating jobs for 14,118 workers, 63 HSSV have borrowed study capital, supported the construction of 6,481 clean water projects and sanitation works, supported the construction of houses for 427 policy beneficiaries, 42 people who have completed their prison sentences have borrowed capital to develop a community-included economy...
Vice Chairman of the Provincial People's Committee Nguyen Bich Ngoc said: Policy capital has created conditions for poor households, near-poor households and other policy beneficiaries, especially those under the policy of serving life and consumption according to Official Dispatch 766/CD-TTg of the Prime Minister and those affected by Typhoon Yagi and floods after the storm to borrow capital to restore production and business, create jobs, increase income, and stabilize their lives. Thereby, contributing to the implementation of social security policies, sustainable poverty reduction, stable development of life, political security and building new rural areas and civilized urban areas in Cao Bang province.
However, expanding policy credit still faces some difficulties when some households have not boldly borrowed capital to raise livestock and develop production and business, and are still waiting to rely on the State's policies. The project model, household groups, and groups linking livestock and crop farming in the locality are still limited, and the business orientation of the people is not yet developed.
Therefore, to effectively promote the role and effectiveness of policy credit in implementing the National Target Program on Sustainable Poverty Reduction and New Rural Development, ensuring social security, the branch will continue to effectively implement 19 credit programs that are currently lending to nearly 62,000 households, with total outstanding loans reaching VND 4,652.4 billion (an increase of 12.58% compared to 2023, completing 100% of the growth plan assigned in 2024). At the same time, continue to advise local Party committees and authorities to effectively implement Directive No. 39-CT/TW, dated October 30, 2024 of the Central Party Secretariat on improving the effectiveness of social policy credit activities in the new period.
The branch continues to advise local Party committees and authorities at the same level to transfer local budget capital entrusted to the VBSP to supplement lending to poor households and other policy beneficiaries, ensuring completion and exceeding the assigned growth plan targets in January 2025. The branch will also focus on directing the District Social Policy Bank Transaction Centers to proactively coordinate with the socio-political organizations receiving the trust, relevant departments, offices and units to effectively implement assigned tasks, ensuring 100% completion of the set targets.
