After 10 years of implementing Directive No. 40-CT/TW, dated November 22, 2014 of the 11th Party Central Committee Secretariat on strengthening the Party's leadership over social policy credit, social policy credit work has achieved many important results. The awareness of Party committees, Party organizations, authorities, Vietnam Fatherland Front and socio-political organizations, cadres, Party members and people about the position, role and importance of social policy credit has been raised, creating unity in action, thereby mobilizing and promoting the combined strength of the entire political system in implementing social policy credit.
The law, mechanism and policies on social policy credit have been improved in a more synchronous direction, creating more favorable conditions for the operation of social policy credit, especially preferential credit policies that have been issued promptly to support those facing difficulties due to the Covid-19 pandemic. Social policy capital has grown remarkably with a stable growth rate over the years, especially 100% of provincial and district-level localities have paid attention to balancing and allocating a part of the local budget entrusted to the Vietnam Bank for Social Policies to supplement loan capital. Social policy capital has been deployed to 100% of communes, wards and towns nationwide. The quality of social policy credit has been improved, the rate of overdue debt and debt suspension has been maintained at a low level. The Vietnam Fatherland Front and socio-political organizations have strengthened propaganda, supervision and social criticism in the implementation of social policy credit; and have carried out well the entrusted activities. The model and method of operation of the People's Credit Fund are affirmed and increasingly consolidated.
Social policy credit has contributed to the effective implementation of socio-economic development programs; contributed to rapid and sustainable poverty reduction, new rural construction, job creation, improvement of human resource quality, ensuring social security, narrowing the gap between rich and poor between regions; ensuring national defense and security, maintaining political and social stability; meeting people's aspirations, thereby increasingly strengthening people's trust in the Party and the State. This is a "bright spot", one of the "pillars" of the system of social security policies, demonstrating the superiority of the socialist regime.
In addition to the achieved results, social policy credit work still has some limitations, difficulties and obstacles: Capital sources are not really diverse; not meeting actual needs; entrusted capital in some localities, capital from charitable sources and other legal capital sources account for a small proportion of total capital. Credit efficiency in some regions and localities is still low, the rate of overdue debt is high. Investment scale is still small, household-based, not linked to models and projects linked in the chain, lacking stable and sustainable output support. Digital transformation of the VBSP is still limited.
The above limitations, difficulties and obstacles are mainly due to the following reasons: The awareness of some Party committees, Party organizations, local authorities, cadres and Party members about the position and role of social policy credit is not adequate; they have not paid due attention to leadership, direction and implementation. The coordination in policy development, promulgation and implementation is not really tight; the goal is not linked with the ability to meet financial resources. The centralized and unified direction and management mechanism in coordinating and integrating programs, projects and socio-economic development plans with social policy credit activities is still lacking in synchronization; some policies applied nationwide are not suitable for each type of object, region and area; there are no specific regulations on the ratio and principles for determining the main capital source, suitable for the characteristics of social policy credit; The mechanism and policies are not really suitable for the VBSP to access ODA capital and preferential loans from the Government. The State's resources are limited, while many socio-economic development goals must be implemented simultaneously. The limit of bond issuance guaranteed by the Government is controlled by the maximum obligation to repay the bond debt due each year. Negative impacts of climate change, natural disasters, epidemics, especially the Covid-19 epidemic.
The new situation, especially the complex and unpredictable impacts of traditional and non-traditional security issues, along with the determination to achieve the goal of becoming a socialist country with an upper middle income by 2030 and a high income by 2045, is posing a requirement to improve the effectiveness of social policy credit. The Secretariat requests Party committees, Party organizations, authorities, the Vietnam Fatherland Front and socio-political organizations to thoroughly grasp and seriously and effectively implement the following main tasks and solutions:
1. Strengthen leadership, direction, dissemination, thorough understanding and good implementation of the Party's guidelines and policies, the State's policies and laws on social policy credit, creating high consensus in the perception of the position and role of social policy credit. Thereby, affirming that social policy credit is a creative solution, with profound humanity, contributing significantly to ensuring the socialist orientation in implementing national target programs, social security policies, and socio-economic development of the country; demonstrating the Party's viewpoint on sustainable, creative, inclusive development, economic development associated with social development, economic growth coupled with social progress and equity; taking people as the center, leaving no one behind; being an economic tool to perform the State's regulatory role in the socialist-oriented market economy; is the motivation and resource for beneficiaries of social policies to actively and proactively participate in production and business development and improve their lives.
2. Enhance the role of Party committees, Party organizations, authorities, Vietnam Fatherland Front, and socio-political organizations in social policy credit.
Identifying social policy credit work as one of the key tasks in implementing the planning and socio-economic development plans of units and localities and the 10-year socio-economic development strategy 2021 - 2030. Ministries, branches, authorities at all levels, socio-political organizations strengthen coordination in building and implementing social policy credit programs; training, technical support, technology transfer, product consumption; building and replicating models, typical examples of good production and business, and effective use of loans. The Vietnam Fatherland Front and socio-political organizations continue to perform well the functions of propaganda, supervision and social criticism on the building and implementation of the Party's guidelines and policies, the State's policies and laws on social policy credit. Socio-political organizations continue to perform well the activities entrusted by the VBSP.
Strengthening the inspection, supervision, examination and auditing of the capital mobilization, management and use activities of the VBSP, preventing corruption, waste and negativity; controlling and preventing risks that may affect the payment capacity and operational efficiency of the VBSP.
3. Perfecting the system of mechanisms and policies for social credit towards inclusiveness and sustainability; placing it within the overall implementation of the 10-year socio-economic development strategy 2021 - 2030, the 5-year socio-economic development plan 2026 - 2030, the national comprehensive financial strategy to 2025, orientation to 2030, the VBSP development strategy to 2030 and national target programs.
Expand the scope, scale, subjects, increase the loan amount, loan term in accordance with the objectives of national target programs, socio-economic development objectives, the ability to balance the state budget, development conditions, characteristics of each region, production and business cycle; focus on providing social policy credit to subjects affected by natural disasters, epidemics, poor students and other emergencies... Implement the highest preferential level for poor households, ethnic minority households, disadvantaged areas, ethnic minority areas and mountainous areas; then near-poor households and newly escaped poverty households; other policy subjects. Preferential levels are adjusted in accordance with actual conditions.
Review and evaluate the effectiveness of current social policy credit programs. Research and develop a mechanism to integrate social policy credit with national target programs, socio-economic development programs and projects, and social security policies; strengthen credit support policies for chain production activities and cooperation to change production methods and increase capital efficiency for the poor. Research classification criteria and procedures for identifying poor subjects, poor areas, disadvantaged areas, and middle-income subjects; promulgate multidimensional poverty standards for the period 2026 - 2030.
4. Prioritize resource concentration, diversify capital mobilization channels to implement social policy credit programs, ensure operating capital is arranged in the medium-term and annual public investment plan for the Vietnam Bank for Social Policies, in which state budget and state budget sources are the main source, entrusted sources from localities are important, at the same time, increase mobilization of contributions from domestic and foreign organizations, enterprises, individuals, and international organizations.
- Research and concentrate capital sources originating from the state budget and of a state budget nature on the VBSP. Strive for the state budget capital allocated to the VBSP to account for 30% of total capital by 2030. Increase the limit on issuing bonds guaranteed by the Government for the VBSP, striving for this capital source to account for 30% of total capital by 2030. Have mechanisms and policies for the VBSP to receive ODA capital and preferential loans from the Government. Localities continue to pay attention and promptly allocate local budgets entrusted to the VBSP, striving to annually account for about 15-20% of the growth in total outstanding credit of the VBSP and by 2030 account for 15% of total capital.
- Continue to maintain the deposit balance at 2% of the mobilized capital balance in Vietnamese Dong of State credit institutions at the Vietnam Bank for Social Policies. Have a flexible mechanism to mobilize resources other than the state budget. Increase capital mobilization from deposits, loans, and sponsorships of domestic and foreign organizations and individuals; promote mobilization of contributions to the "For the Poor" Fund to supplement capital for social policy credit.
5. Develop the Social Policy Bank as a public financial institution, capable of autonomy, operating not for profit, implementing the State's socio-economic policies, focusing on areas that financial institutions operating on market principles cannot meet or can only partially meet.
- Continue to maintain the organizational model and management method of social policy credit of the VBSP. Research and perfect the governance mechanism, capital creation mechanism, and financial mechanism of the VBSP towards stability and sustainability. Perfect and improve the quality and effectiveness of the inspection, supervision, forecasting and analysis system; enhance the ability to give early warnings of potential risks in the VBSP system. Perfect the regulations on debt classification, risk provisioning and handling of risky debts to ensure debt safety, in accordance with the characteristics and nature of the VBSP's operations. Develop a coordination mechanism with relevant agencies in monitoring, supervising, urging, collecting and handling debts in credit activities.
- Building a team of VBSP staff with professional competence, professional ethics, prestige, professional and modern working style, dedication and devotion to serving the people. Continuing to improve the salary and income mechanism to attract and stabilize the human resources of VBSP.
- Simplify loan procedures, diversify products, develop appropriate types of services, modernize management and administration. Promote digital transformation, build a digital banking platform, digitize management processes and organize policy implementation, ensure security, safety, confidentiality, focus on connecting national and specialized databases to update and manage beneficiaries of social policy credit.
6. Research specific mechanisms and policies to strongly encourage policy credit models, especially the participation of the community, social enterprises, and non-profit enterprises; encourage the development of digital platforms for policy credit, and effectively control black credit.
7. Implementation organization
7.1. The Government Party Executive Committee leads and directs: (i) Issuing a plan to implement the Directive. (ii) Focusing on perfecting mechanisms and policies on social policy credit in the direction of expanding the scope, scale, and subjects, increasing the loan amount and loan term in accordance with the objectives of national target programs, socio-economic development objectives, the ability to balance the state budget, development conditions, characteristics of each region, area, production and business cycle. (iii) Allocating sufficient resources to implement social policy credit, having timely solutions, reporting to the Politburo to increase the limit of issuing Government-guaranteed bonds for the Vietnam Bank for Social Policies. (iv) Regularly urging and inspecting the implementation of the Directive.
7.2. The Party Delegation of the National Assembly leads and directs the research, amendment, supplementation, and promulgation of laws and resolutions related to social policy credit, national target programs, and the allocation of medium-term and annual public investment capital for social policy credit; and strengthens supervision of social policy credit activities.
7.3. The Party Committee of the Vietnam Fatherland Front and socio-political organizations, the Central Secretariat of the Ho Chi Minh Communist Youth Union direct the effective implementation of the functions of supervision, criticism, and entrusted activities during the implementation of the Directive. The Party Committee of the Vietnam Fatherland Front directs the promotion of contributions to the "For the Poor" Fund to supplement capital sources for social policy credit.
7.4. Provincial and Municipal Party Committees shall lead and direct the organization of research, dissemination and coordination with the Vietnam Bank for Social Policies to develop programs, plans and organize the implementation of the Directive.
7.5. The Central Propaganda Department shall preside over and coordinate with the Central Economic Department to organize and guide the research, study, dissemination and propaganda of the Directive.
7.6. The Central Economic Committee shall preside over and coordinate with relevant agencies to guide, regularly monitor, supervise, inspect and urge the implementation of the Directive; periodically review, summarize and report to the Politburo and the Secretariat.
