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Updated: 2024-07-09 14:38:55

Bringing policy credit closer to local people

Directive No. 40-CT/TW of the Party Central Committee Secretariat has brought many positive results. Policy credit capital in Lai Chau province has been enhanced, helping thousands of poor households and policy beneficiaries have jobs and stable income.


Thanks to preferential loans, Mr. Lo Van Cuu (in Nam Cay village, Nam Hang commune) got out of poverty and became a well-off household in the village

In recent times, the Provincial Party Committee has always identified the implementation of Directive No. 40-CT/TW as one of the key tasks, focusing on improving the roles and responsibilities of party committees at all levels, authorities, Fatherland Front and mass organizations for social policy credit.

The most obvious mark is that the Party Committee and authorities have directed the effective implementation of integration and coordination between preferential credit policies and agricultural, forestry extension policies; build production and business models to help people transform their economic structure, grow crops and livestock and increase productivity and income.

Mr. Lo Van Cuu (in Nam Cay village, Nam Hang commune, Nam Nhun district) shared: "I was born in a poor farmer family. In 2004, I got married. Having received propaganda from district VBSP about the Party and State's credit programs, I took a loan of VND 15 million to buy a female buffalo. Combined with agricultural production and animal husbandry activities, I saved money to buy 2 more cows. By 2015, my family's herd of buffaloes and cows had 6 units. In 2016, I continued to borrow VND 50 million to buy 5 breeding cows; planted my own grass to make food for the cows and exchanged experiences in animal husbandry. After 3 years, my family had 10 cows and 6 buffaloes".

By early 2020, his family got out of the list of near-poor households, paid off all debt and continued to borrow VND 50 million from the loan program of production and business in disadvantaged areas to develop livestock farming. In 2023, he borrowed an additional VND 80 million from VBSP’s loan program of job creation to build a fish pond. After being guided by officers at the District Agricultural Extension Center on fish farming techniques, he worked hard and followed closely the instructions. After more than 1 year, each fish weighed over 1kg on average, the commercial fish yield was nearly 1 ton, and his family earned over VND 70 million. In addition, around the pond, he planted fruit trees such as bananas, mangoes, longans and jackfruit to serve his family and increase income. Up to now, with income from farming and animal husbandry, his family annually saves VND 70 - 100 million. Currently, his family's life has been improved and his children have been fully educated.

Mr. Nguyen Van Hieu (in area 1, Sin Ho town, Sin Ho district) also succeeded with the sika deer farming model. Mr. Hieu shared: "From VND 100 million loan from the district VBSP, I bought 6 deer. With technical guidance from district agricultural officers and actively learning methods of raising sika deer in books and newspapers, my family has grown 14 deer so far. Last year, my family's income reached over VND 150 million. I am very grateful for the preferential loan capital from VBSP. Without that capital, I don't know when we would have got out of poverty".

To date, policy credit capital has invested in 100% of villages, hamlets and neighborhoods, creating conditions for the poor and other policy beneficiaries who are in need and eligible to access official credit capital. By the end of June 30, total policy credit reached over VND 3,848 billion (in 2024); an increase of more than VND 2,750 billion; 3.5 times higher than in 2014.

Ms. Nguyen Thanh Ha - Deputy Director of VBSP Lai Chau Provincial Branch said: The effective organization and implementation of social credit policies during the important period has basically overcome the situation of lack of capital and lack of jobs, contributing to preventing "black credit" in rural areas, improving the material life of local people, stabilizing social order and safety, actively contributing to the implementation and completion of the targets of the Resolution of the Party Congress in localities, especially the targets on poverty reduction and new rural construction of the province in the period 2014 - 2024. The rate of poor households decreased by an average of over 4%/year, 39/94 communes were built to meet rural standards. new. Create resources for localities to exploit the potential and strengths of each region, develop concentrated production models such as cattle raising, cultivation, forest protection, regeneration, etc.

It can be affirmed that Directive No. 40-CT/TW has created a breakthrough connecting the strength of the entire political system with VBSP to support disadvantaged people to overcome poverty, change their lives, highlighting the humanity of the Party's social credit policy for the poor, contributing to the goals of rapid and sustainable poverty reduction, new rural construction, political stability, social security and social development in Lai Chau province.

Binh Minh



Poor Households

Lending to poor households 6,6%/year
Lending to poor households in 64 poor districts as stipulated by the Government Resolution No.30a in 2008 3,3%/year

Near Poor Households

Lending to near poor households 7,92%/year


Lending to disadvantaged students 6,6%/year

People in need of loans for job creation

Lending to business establishments owned by war invalids and handicapped persons 3,3%/year


Term Deposit Rate
Overnight 3,04%/year
1 week 3,23%/year
2 week 3,5%/year