Policy credit supports for sustainable poverty reduction in Hai Duong

Recently, Directive No. 40-CT/TW of the Party Central Committee Secretariat in Hai Duong province has brought many positive results. Thanks to preferential credit from VBSP, many poor households and other policy beneficiaries in the province have been able to have stable income, achieve economic development, and get out of sustainable poverty.

Mr. Nguyen Khac Hoan's family (in My Khe village, Vinh Hong commune) took a loan from VBSP for economic development

Policy credit has been invested in most communes, wards and towns, helping 106,694 households get out of poverty, 46,215 workers created jobs, more than 458 thousand works of rural safe water and sanitation project built, giving opportunity for nearly 120 thousand disadvantaged students of schooling, etc.

By the end of 2023, the total policy credit capital at the branch has reached VND 4,880 billion. Especially, after 9 years of implementing Directive No. 40-CT/TW of the Secretariat, financial resources in Hai Duong originating from the State budget are transferred to VBSP, reaching VND 267 billion, increasing 108.7% compared to the beginning of the year.

Most of the policy credit was quickly and safely transferred to all villages, communes and wards, including VND 591.4 billion of 4 loan programs under Resolution No. 11/NQ-CP of the Government. This not only raised the total policy credit balance in 2023 in Hai Duong to VND 4,767 billion, but it also effectively supported local social security and socio-economic development.

Like many poor people and other policy beneficiaries in Binh Giang district, Mr. Nguyen Khac Hoan's family (in My Khe village, Vinh Hong commune) decisively borrowed VND 100 million from VBSP to grow king mushrooms, hydrangea, brown oysters and freshwater fish farming, his annual income up to VND 100 million. Similarly, Mr. N.D.H's family (in Ke Sat town, Binh Giang district) used policy credit from loan program for people who completed their sentences to set up a farm to raise chickens and ducks. Each month, he releases more than 10,000 eggs to the market and his life remains stable on a daily basis.

Social policy credit deployed by VBSP Hai Duong branch is truly an important economic leverage tool for sustainable poverty reduction. The Branch will continue to effectively organize and implement the organizational model and specific policy credit management methods, focus on mobilizing resources, ensure 100% of the poor and other policy beneficiaries who are eligible can access products and services provided by VBSP.

Minh Uyen