The Vietnam Bank for Social Policies (VBSP) was awarded the “Labour Hero in Renewal Period” title for its contributions to promoting sustainable poverty reduction, new-style rural area building and ensuring social welfare policies in the country by Vice President Dang Thi Ngoc Thinh in Hanoi on December 21, said the Vietnam News Agency.
Addressing the event, Vice President Dang Thi Ngoc Thinh, who is also Deputy Chairwoman of the Central Emulation and Rewards Council, praised the bank for the successful implementation of its development strategy in the 2011-2020 period.
She stressed that the Party and State have always attached important to social welfare policies, which are considered both the target and a motivation for the nation’s sustainable development.
The social policy credit is really an innovative solution which suits the conditions in the country, significantly contributing to successfully implementing the socio-economic development strategy in 2011-2020, the Vice President said.
According to the Vice President, the bank has timely and effectively implemented social policy credit programmes with improved quality, helping realize the national goal of sustainable poverty reduction and social security guarantee.
She suggested the bank continue to develop towards autonomy, stability and sustainability, and build its development strategy for the next 10 years.
Vice President Thinh also asked the bank to review, amend, and finalise mechanisms and policies on social policy credit and propose adjustments to relevant laws, in order to effectively mobilize, manage and use resources for social policy credit.
According to VBSP General Director Duong Quyet Thang, the bank’s capital for policy credit activities has grown at an average 10 percent per year in the last ten years, reaching over 235.6 trillion VND (over 10 billion USD at current exchange rate) by the end of 2020.
VNA also quoted that the total value of loans under social policy credit programmes has increased by 2.5 times from over 89.4 trillion VND in 2010 to 226.2 trillion VND by the end of 2020, with 6.5 million borrowers. The figure include 56.34 trillion VND owed by borrowers who are minority ethnic people or residents in mountainous areas.
The bank’s social policy credit programmes have reached all communes in ethnic minority and mountainous areas.
Ketut Kusuma, a Senior Financial Sector Specialist from the World Bank expressed his impression on achievements made by the bank, saying that the success implementation of social policy credit in Vietnam can help the country realise millennium goals ahead of schedule./.
BTA