Implementing Directive 40 of the Central Secretariat: Multiplying the effectiveness of policy capital sources

Attending the conference at the Hanoi bridge point were comrades: Tran Quoc Vuong - Politburo member, Standing member of the Secretariat; Nguyen Van Binh - Politburo member, Secretary of the Party Central Committee, Head of the Central Economic Commission and leaders of the State Bank of Vietnam and the Vietnam Bank for Social Policies.

At Nghe An bridge, the conference was attended by comrades: Nguyen Van Thong - Deputy Secretary of the Provincial Party Committee; Le Hong Vinh - Member of the Provincial Party Committee Standing Committee, Permanent Vice Chairman of the Provincial People's Committee; Hoang Viet Duong - Vice Chairman of the Provincial People's Council; Tran Van Mao - Deputy Head of the Provincial National Assembly Delegation along with representatives of the Provincial Party Committee Office, People's Council, Provincial People's Committee, representatives of departments, banking branches, representatives of members participating in implementing policy resources in Nghe An. Photo: Nguyen Nguyen

During the implementation of Directive 40, the entire political system from the central to provincial, district and commune levels has actively participated in effectively deploying policy capital to poor households, near-poor households and policy families to achieve the goal of sustainable poverty reduction. Policy capital increasingly meets people's aspirations in economic development, social security, narrowing the gap between rich and poor in localities, contributing to repelling "black credit".

During the 5 years of implementing Directive No. 40, nationwide, over 12 million households have received loans from policy capital sources, of which 2.1 million households have escaped poverty sustainably.

In Nghe An, more than 532,000 households have access to capital from policy credit programs, with a total capital of more than VND 8,882 billion. The Social Policy Bank and savings and loan groups in Nghe An have actively and proactively created capital for loans, with stable rotation, meeting the borrowing needs of poor households and policy beneficiaries.

Policy funding has been effectively deployed in many localities in Nghe An. Photo: PV

The presentations at the conference highly appreciated the implementation of Directive 40 by the grassroots political system, making policy credit an effective poverty reduction tool in Vietnam, a creative and humane solution in sustainable poverty reduction and new rural construction.

Many opinions also pointed out lessons learned and proposed solutions to promote the implementation of Directive No. 40 of the Secretariat in a more drastic and effective manner. Along with that, they strengthened supervision to maximize the use of policy capital and enhance the role of Party committees, authorities and organizations in policy credit activities. Many opinions proposed that the Government double the loan term, from 5 years to 10 years. Delegates also frankly pointed out the existing problems that need to be resolved in the implementation of social policy credit.

Many opinions highly appreciate the effectiveness of policy loans implemented according to Directive 40 of the Central Secretariat. Photo: Nguyen Nguyen

Speaking at the conference, Comrade Tran Quoc Vuong - Politburo member, Standing member of the Secretariat acknowledged and highly appreciated the participation of the entire political system, social organizations, and social policy banks in implementing Directive 40 of the Secretariat. The results brought about quickly promoted social policy credit. The participation of the Fatherland Front and organizations at all levels actively contributed to the work of sustainable poverty reduction.

Comrade Tran Quoc Vuong also oriented a number of key tasks to continue implementing Directive 40 in the coming time. That is to strengthen the role of Party committees, authorities, the Fatherland Front, organizations at all levels and the Social Policy Bank system; enhance the spirit of serving the people, work with the people to manage and effectively use policy capital, and push back black credit.

Comrade Tran Quoc Vuong speaks at the conference. Screenshot: Nguyen Nguyen

Thereby, actively mobilizing deposit capital and revolving debt collection capital to focus on disbursement to meet the loan needs of poor households and other policy subjects, especially lending to restore production after the pandemic, actively contributing to job creation, social stability, economic development, ensuring national defense and security in each locality and the whole country.

At the conference, the Organizing Committee awarded Certificates of Merit from the Prime Minister to 15 groups and 7 individuals with outstanding achievements in implementing Directive 40 of the Central Secretariat. The Central Ethnic Committee also awarded hundreds of leaders of savings and loan groups in ethnic minority areas across the country.