Hung Yen is intensifying entrusted policy credit

VBSP Hung Yen Provincial Branch has recently signed a joint document with four mass organizations to implement entrusted lending activities for poor households and other policy beneficiaries.

VBSP Hung Yen Provincial Branch signed a joint agreement with the province's mass organizations

Accordingly, VBSP Hung Yen Provincial Branch will continue to entrust lending activities through four mass organizations: Women’s Union, Farmers’ Association, Veterans’ Association and Ho Chi Minh Communist Youth Union. The signed agreement covers contents such as implementation mechanisms, responsibilities of each party, entrustment fee policies, monitoring and supervision, and a coordinated mechanism from the provincial to the commune level.

This joint signing clearly affirms the important role of policy credit in socio-economic development strategy in Hung Yen. With an extensive grassroots network of mass organizations, entrusting through these groups helps ensure that policy capital reaches the right beneficiaries, for the right purposes, which supported the poor and vulnerable groups in accessing financial resources for production and business development, career transition or improving living conditions.

Speaking at the conference, Mr. Nguyen Manh Hung - Deputy Secretary of the Provincial Party Committee and Chairman of the Vietnam Fatherland Front Committee of Hung Yen province emphasized that VBSP Hung Yen Branch should continue to strengthen communication efforts around preferential credit policies to all social groups, especially the poor and the disadvantaged. He also highlighted the need for close coordination with mass organizations to improve the capacity and skills of savings and credit group staff. In addition, he stressed the importance of applying digital technologies in credit management to enhance transparency, efficiency and timely resolution of arising issues.

Leaders of the mass organizations agreed to intensify the monitoring and supervision of loan use at the grassroots level, ensuring that the loan appraisal and approval processes are conducted publicly, transparently and in compliance with regulations. This will help safeguard entrusted capital and improve the effectiveness of fund utilization in practice.

It is known that Hung Yen province is working towards building advanced new-style rural areas and exemplary rural communities, and transitioning the rural labor structure towards higher productivity, quality and efficiency. In this process, social policy credit is considered an effective tool for promoting socio-economic development, multi-dimensional poverty reduction and holistic human development.