Hanoi allocates VND 6,000 billion (approximately USD 240 million) for entrustment through VBSP

During the 2025–2030 period, Hanoi is expected to allocate approximately VND 6,000 billion from the city’s budget for entrustment through VBSP Hanoi Provincial Branch to meet the loan demands of policy beneficiary groups.

VBSP conducts transactions with customers at commune transaction points

The Hanoi People's Committee has recently issued Plan No. 94/KH-UBND to implement the directive of the Hanoi Party Committee on executing Directive No. 39-CT/TW dated October 30, 2024 of the Party Central Secretariat on enhancing the effectiveness of social policy credit in the new period.

The Plan outlines five key groups of tasks and solutions, with a strong emphasis on communication efforts to raise awareness about the role of social policy credit. Communication will be widely implemented through mass media channels, the iHaNoi app and the city’s communication system with coordination from press agencies and mass organizations involved in entrusted activities.

Social policy credit is identified as one of the city’s key and regular tasks in the formulation and implementation of annual and five-year socio-economic development plans, as well as the city's socio-economic development strategy to 2030, vision to 2050.

The city is committed to mobilizing resources for social policy credit. Accordingly, entrusted capital sources through VBSP Hanoi Provincial Branch will be included in the city's medium-term and annual public investment plans to better meet the increasing borrowing demands of policy beneficiaries in the area - particularly those in special categories as defined by the City People's Council’s resolutions, vulnerable groups, unemployed or laid-off workers (especially those affected by administrative boundary reorganization and staff streamlining), and beneficiaries of credit programs such as former prisoners, students, clean water and social housing.

Hanoi also considers resource mobilization for social policy credit a pivotal task; as well as proactively propose solutions linking policy credit with budget allocations in its annual and five-year socio-economic development and social welfare programs, in alignment with the real conditions of each stage.

From 2025 to 2030, Hanoi will focus on allocating approximately VND 6,000 billion (approximately USD 240 million) from the city budget for entrustment through the VBSP Hanoi branch to meet the loan demands of policy beneficiaries in the locality.

In addition, Hanoi will continue to improve the mechanisms and policies for social policy credit; enhance the efficiency of operations at commune-level transaction points; and strengthen digitalization in capital management and disbursement. VBSP Hanoi Provincial Branch will coordinate with local authorities and entrusted organizations to ensure social policy credit activities are increasingly effective and transparent.

Hong Anh