Increasing lending resources for policy subjects in Nghe An

(Baonghean.vn) - On the afternoon of December 13, the Provincial People's Committee had a working session with the Vietnam Bank for Social Policies on the results of policy credit activities in the province in recent times.

Attending the meeting were comrade Duong Quyet Thang - Member of the Board of Directors, General Director of Vietnam Bank for Social Policies, and comrades in the Board of Directors of Vietnam Bank for Social Policies.

On the side of Nghe An province, there were comrades: Nguyen Dac Vinh - Member of the Party Central Committee, Secretary of the Provincial Party Committee, Head of the Provincial National Assembly Delegation; Nguyen Xuan Duong - Deputy Secretary of the Provincial Party Committee, Chairman of the Provincial People's Committee; Le Xuan Dai - Member of the Provincial Party Committee Standing Committee, Vice Chairman of the Provincial People's Committee, together with representatives of the Standing Committee of the Provincial People's Council, the Provincial Fatherland Front Committee, the Provincial Party Committee Office, and the Provincial People's Committee.

Working scene.

At the beginning of the meeting, the representative of Nghe An Provincial Social Policy Bank reported on the branch's operations over the past 14 years. Up to now, the branch's network of operations includes: Provincial Headquarters and 20 District-level Social Policy Banks (policy credit activities in Vinh City are carried out by the Provincial Social Policy Bank), 480 transaction points in 480 communes, wards and towns with 7,762 Savings and Loan Groups (S&LV Groups) in villages and hamlets throughout the province.

As of November 30, 2016, the total policy credit capital at the Branch reached VND 6,712 billion, an increase of VND 6,396 billion (equivalent to 21.24 times) compared to the first day of establishment (2003), the average annual capital growth rate reached 25.8%.

Comrade Le Xuan Dai, Vice Chairman of the Provincial People's Committee, discussed the activities of the Board of Directors of Nghe An Social Policy Bank and the highlights of policy credit activities in the area in recent years.

Currently, the Branch is implementing 16 policy credit programs, monitoring and managing over 296.8 thousand borrowing households, accounting for about 38% of the total number of households in the province.

Total lending turnover in nearly 14 years reached 16,133 billion VND, average lending turnover per year was 1,153 billion VND, with 1,408.5 thousand households receiving loans. In the 11 months of 2016 alone, lending turnover reached 2,067 billion VND with 73,486 customers receiving loans.

Total outstanding debt as of November 30, 2016 reached VND 6,704 billion, an increase of VND 6,398 billion compared to (2003), with an average annual growth rate of 25.8%.

Over the past 14 years (2003-2016), preferential credit capital has helped 1,408.5 thousand poor households and other policy beneficiaries in the province to borrow capital from the Vietnam Bank for Social Policies. The average loan amount per household has increased 6 times (from 4.5 million VND/household in 2003 to 28 million VND/household in 2016); of which 507,825 poor households, 68,980 near-poor households, and 11,812 newly escaped-poverty households have borrowed capital to develop production, helping 114,521 households overcome the poverty line.

Provincial Party Secretary Nguyen Dac Vinh spoke at the meeting.

Attracting, maintaining and creating jobs for 21,899 workers; more than 210,000 students in difficult circumstances received loans for studying; 8,317 workers were sent to work abroad; 140,833 households in rural areas received loans to build over 282,000 clean water and sanitation works that met standards to improve the environment in rural areas; 27,759 households received loans to support the renovation and repair of houses.

59,034 production and business households and 479 traders in disadvantaged areas received loans for business; 10,312 ethnic minority households with special difficulties had additional capital to confidently invest in production development, stay on the land and in the village, increase income, improve living standards to gradually escape poverty sustainably.

General Director of Vietnam Bank for Social Policies Duong Quyet Thang pledged to increase resource allocation to lend to policy beneficiaries in Nghe An.

Speaking at the meeting, Provincial Party Secretary Nguyen Dac Vinh hoped that the Bank for Social Policies would coordinate more closely with entrusted socio-political organizations to effectively implement lending programs and promote capital efficiency.

He also hoped that the Vietnam Bank for Social Policies would increase investment capital for Nghe An and cooperate with the province to effectively deploy loan capital sources, promptly meeting the demand for loans to develop production and business for policy beneficiaries in the area.

Quynh Luu District Social Policy Bank disburses capital in Quynh Hoa commune.

Also at the meeting, Mr. Duong Quyet Thang, General Director of the Vietnam Bank for Social Policies, highly appreciated the efforts of Nghe An province in economic development and poverty reduction programs, especially in districts 30a. The provincial branch of the Vietnam Bank for Social Policies has successfully deployed a lending network in 480 communes and effectively disbursed capital to the people.

He hoped that the province would balance the budget to allocate capital for the Vietnam Bank for Social Policies to implement policy credit programs in the area. The Vietnam Bank for Social Policies pledged to continue allocating resources to the locality to provide loans to policy beneficiaries, contributing to hunger eradication, poverty reduction and ensuring social security in the area./.

Quynh Lan