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Press Release

Updated: 2021-07-20 16:04:30

Directive No.40-CT/TW: correct, creative, deeply humane

(VBSP News) After more than five years of implementing Directive No.40-CT/TW (Directive 40) on strengthening the party's leadership in social policy credit issued by the Secretariat on November 22, 2014, several important results have been achieved.

After more than five years of implementing Directive No.40-CT/TW (Directive 40) on strengthening the party's leadership in social policy credit issued by the Secretariat on November 22, 2014, several important results have been achieved

On June 10, the Secretariat of the Party Central Committee issued Conclusion No.06-KL/TW on continuing the implementation of Directive 40.

Specifically, the social policy credit has mobilised hundreds of trillions of VND, meeting the borrowing needs of a large number of the poor and policy beneficiaries in communes, wards, and townships nationwide, contributing to job creation, reducing sustainable poverty, supporting social policy beneficiaries and people in difficult circumstances, as well as building new rural areas.

The organisational model and operation method of VBSP have been completed in line with the requirements of the new tasks, building up an effective mode of entrusting lending for social policy credit, promoting the role and active participation of the whole political system in social policy credit, helping and encouraging social policy beneficiaries move out of poverty and get rich legitimately.

The above results have confirmed that this is a correct, creative, and deeply humane policy, making an important contribution to the implementation of the guidelines, policies, goals and tasks of the Party and state on economic growth, accompanying social progress and justice, which is a principled requirement to ensure the healthy and sustainable development of the country under the socialist orientation.

However, in the process of implementing Directive 40, some committees and authorities have not paid enough attention to the social policy credit programme. For example, a number of tasks set out have not been fully and timely implemented, as well as the allocation of funds from the state budget and the local budget entrusted to VBSP to implement the social policy credit programme has not been timely and not met the requirements.

Although credit quality has been improved, it is not uniform among regions and localities. There is a lack of specific mechanisms to effectively integrate and coordinate socio-economic programmes and projects with social policy credit. The capacity and responsibilities of a number of organisations entrusted by the Social Policy Bank at the grassroots are still limited. The coordination between all levels, branches, Fatherland Front and socio-political organisations in disseminating and organising the implementation of social policy credit is not tight and efficient.

In order to continue to promote and effectively implement Directive 40 in the coming time, actively contributing to the process of socio-economic development, ensuring social security and sustainable poverty reduction, the Secretariat asked committees, Party’s organisations, the Vietnamese Fatherland Front and socio-political organisations to focus on performing well the following tasks and solutions.

Firstly, continue to thoroughly grasp the contents of Directive 40, raise the awareness of Party’s members and people about the position and role of social policy credit in the process of organising the implementation the Party's guidelines, the state's policies and laws on economic growth in parallel with social progress and justice, ensuring social security, sustainable poverty reduction, constantly improving people’s lives physically and mentally.

Second, focus on reviewing, amending, supplementing and perfecting legal documents, promptly promulgating mechanisms and policies related to social policy credit in order to mobilise, manage, and effectively use social policy credit resources; facilitate VBSP to expand and mobilise resources from individuals, organisations and society; gradually expand the beneficiaries of social policies eligible for loans, as well as increase the loan level and loan term in line with the objectives of the national target programmes and the national socio-economic development goals.

Third, determine tasks, sufficiently and timely allocate financial sources of social policy credit in the direction of integrating social policy credit programmes in public investment, national target programmes and other programmes and projects in the socio-economic development plan for 2021-2030. Besides, gather social policy credit sources originating from the state budget, charitable capital sources and other lawful capital sources into the Bank for Social Policies.

Fourth, improve the role and responsibilities of the Party committees and local authorities in leading and directing social policy credit activities; determine that this is a regular mission of the Party committees and authorities at all levels. Direct branches, Fatherland Front and socio-political organisations to closely coordinate with VBSP in managing and improving the effectiveness of social policy credit. Develop and integrate local models, programmes and projects for sustainable socio-economic development and poverty reduction with the use of social policy credits. Balance and prioritise the allocation of local budgets entrusted to VBSP in order to supplement capital sources for the poor and other policy beneficiaries eligible to borrow social policy credits.

Fifth, VBSP continues to effectively implement the organisational model and credit management method for specific social policies; actively implement the mobilisation, management and effective use of capital; vigorously apply information technology, modernise banking. Besides, it has to improve governance capacity and internal inspection and control; strengthen inspection and supervision of credit activities for social policies, trust activities of socio-political organisations and the use of capital by borrowers; develop supporting products and services that bring convenience to the poor and other policy beneficiaries.

Actively advise relevant ministries and branches, research and propose preferential credit policies for the poor and other policy beneficiaries, suitable to each period. Strengthen staff training, foster personnel of the VBSP system to perform well the social policy credit work in the new situation. Formulate the development strategy of the VBSP for the period of 2021 - 2030 and submit it to competent authorities for approval.

Sixth, the Vietnam Fatherland Front and socio-political organisations have to perform functions of supervision and social criticism for social policy credit activities; perform the entrusted work of the Bank for Social Policies, and firmly grasp the borrower's use of capital. Besides, the Vietnam Fatherland Front continues to deploy and expand the campaign for the poor in order to supplement capital for VBSP to implement credit programmes for social policies.




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