Social policy credit supports near-poor, poor households

In addition to Ho Chi Minh City’s social security policies, the Bank of Social Policy’s preferential capital has helped approximately 149,000 near-poor, poor households and those under the state's special treatment policies to invest in production and trading for years.  

 

The figure was released in a report by the municipal People’s Committee on social policy credit implementation of the Secretariat of the Central Committee of the Communist Party of Vietnam’s decree No. 40-CT/TW in 2014 and the Prime Minister’s decision No. 410 in 2016.
The social policy credit has also helped 35,000 impoverished households improve income and escape poverty in 2016-2020.
Moreover, it has provided employment for 65,000 laborers and loans with low interest rate to over 2,000 households whose agricultural land was reclaimed.
By the end of October, 2018, the Bank of Social Policy in HCMC branch’s sources of credit reached VND3,125 billion ($133.7 million ) up VND81.5 billion or 2.7 percent compared to the same period in 2017.
However, People’s Committee said that the funds can’t meet the demand of many city residents.
Consequently, city authorities petitioned the Governor of the State Bank of Vietnam cum General Director of the Bank of Social Policy to take heed to providing loan for employment and business expansion in order to help carry out the city's sustainable poverty elimination program in the period of 2016-2020.

By KIEU PHONG - Translated by UYEN PHUONG

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