Promoting the strength of the entire socio-political system to join hands in hunger elimination and poverty

(VBSP News) On July 15, 2020, the national online conference on 5 years of implementation of the Directive No. 40-CT/TW dated November 22, 2014 by the 11th Central Party Secretariat on strengthening the Party's leadership on social policy credit was organized by the Central Economic Committee and State Bank of Vietnam.

Mr. Tran Quoc Vuong, Member of the Politburo, Standing Member of the Secretariat of the Central Committee

The conference is chaired by Mr. Tran Quoc Vuong, Member of the Politburo, Standing Member of the Secretariat of the Central Committee; Mr. Nguyen Van Binh, Member of the Politburo, Secretary of the Party Central Committee, Head of the Central Economic Committee; Mr. Le Minh Hung, Member of the Party Central Committee, Governor of the State Bank of Vietnam, cum Chairman of the VBSP’s Board of Directors; Mr. Do Van Chien, Member of the Party Central Committee, Minister, Chairman of the Committee for Ethnic Affairs; Ms. Nguyen Thuy Anh, Member of the Party Central Committee, Chairman of Committee on Social Affairs of the National Assembly; Mr. Thao Xuan Sung, Member of the Party Central Committee, Chairman of Vietnam Farmers’ Association; Mr. Hau A Lenh, Member of the Party Central Committee, Vice Chairman cum General Secretary of Central Committee of Vietnam Fatherland Front; Mr. Duong Quyet Thang - Member of the Board of Directors, VBSP General Director.

Attending the Conference, there were also leaders of the Party, Committees, Ministries, central and local branches, more than 400 domestic and international delegates and more than 10,000 delegates at the bridge points in the whole country.

At the opening of the conference, Mr. Nguyen Van Binh, Member of the Politburo, Secretary of the Central Party Committee - Head of the Central Economic Committee emphasized: “Since the establishment, the Party's opinion is that economic development must be associated with the implementation of progress and social justice. From the Party's proper guidelines and policies towards disadvantaged groups in the process of economic development, the work of hunger eradication and poverty reduction in our country has achieved remarkable results in recent years. The rate of poor households in multi-dimensional standards will be reduced to less than 3% by 2020. Vietnam has soon fulfilled the United Nations Millennium Development Goals, becoming a model for developing countries to poverty reduction”.

Mr. Nguyen Van Binh, Member of the Politburo, Secretary of the Central Party Committee - Head of the Central Economic Committee made a speech in the conference

Among the implemented social policies, social policy credit is a bright spot, evaluated as an innovative, meaningful and suitable solution to Vietnam's practice. The directive No. 40 represents the Party's special interest in social policy credit and continues to affirm the Party's deep interest in the poor and other last-mile populations.

In the past 5 years, under the guidance of the Party and the Government, the timely advice of the State Bank of Vietnam and VBSP in implementation of Directive No. 40, all Ministries, agencies, local committees and authorities have made social policy credit become an important part of their action plan. The Vietnam Fatherland Front and mass organizations firmly carried out communication, implementation and supervision of policy credit. Along with that is the participation of millions of party members in the role of a bridge to bring policy into life. The result of that consensus is a vivid picture that makes social policy credit more advanced and effective.

The report presented by the Deputy Head of the Central Economic Committee – Mr. Cao Duc Phat at the conference makes it clearer that the Directive No. 40 is the right policy of the Party and State, meeting the needs of the people, strengthening people's confidence in the Party and the State, contributing to achieving the goal of rapid and sustainable poverty reduction; building new countryside; ensuring social security, political stability, national security and defense; narrowing the gap between rich and poor across regions and country.

Mr. Duong Quyet Thang, Member of the Board of Directors, VBSP General Director made a speech in the conference

As a unit directly implementing credit programs for the poor and other disadvantaged groups, Mr. Duong Quyet Thang - Member of the Board of Directors, VBSP General Director said: “VBSP has done a good job of advising the Government, Prime Minister, Ministries, central branches, committees at all levels in the effective implementation of the Directive No. 40 of the Secretariat in concentrating resources, perfecting mechanisms and policies in order to effectively implement social policy credit, and improve VBSP’s capacity and efficiency.

By June 30, 2019, total outstanding loans for social policy credit programs reached VND 219,565 billion, an increase of VND 90,109 billion (+ 69.6%) compared to the time before the Directive was issued. The total amount disbursed reached VND 336,944 billion with more than 12 million turns of poor households and other last-mile populations. Policy credit capital has been invested to 100% of communes, wards and towns across the country; in particular, giving priority to lending to communes in ethnic minority areas, extremely difficult areas, remote areas, border areas, etc., contributing to helping more than 2,1 million households surpass the poverty line; creating jobs for over 1.3 million workers; helping more than 24,000 laborers to work abroad for definite terms; nearly 346 thousand disadvantaged students have opportunities to pursue their studies; building more than 7.3 million clean water and environmental sanitation works in rural areas, nearly 142,000 houses for the poor and other disadvantaged groups, etc.

Delegates attending the conference

The Directive contributes to the successful implementation of the National Target Program on sustainable poverty reduction and new rural construction. Besides, the poverty rate in the 2011-2015 period decreased from 14.2% to 4.25%; the poverty rate based on the multi-dimensional poverty line decreased from 9.88% (in 2015) to 5.23% (in 2018). Especially, from 2016 to now, the poverty reduction rate always meets and exceeds the annual targets set by the National Assembly at the national target program on sustainable poverty reduction in the 2016-2020 period.

The Directive No. 40 contributes to affirming that VBSP is a public financial institution, effectively implementing the Government's social policies. Social policy credit has really become a bridge between the Party and the people, creating the people's trust in the Party. Therefore, the relationship between the Party and the people is closer.

Mr. Alwaleed Fareed Alatabani - Lead Financial Sector Specialist made a speech in the conference

Representative from World Bank in Vietnam, Mr. Alwaleed Fareed Alatabani - Lead Financial Sector Specialist said: “This success is thanks to Vietnam’s careful study of global experience and finding its own path that is suitable for Vietnam's culture, history and social structure. It is the establishment of a strong leadership and partnership relationship between the Party committees, the Government authorities with VBSP and socio-political organizations from the central to local levels in the provision and supervision of policy credit. It is also the combination of credit with national target programs and projects to encourage economic development and application of new science and technology. The success of the implementation of social policy credit in Vietnam also contributes to Vietnam's early achievement of the millennium goals”.

 vbsp.org.vn