Recalling the time 10 years ago, Mr. Nguyen Duc Chien, Director of the Transaction Office of the Social Policy Bank (SPB) in Co To district, shared that because the area is an island district, transportation is difficult, so the exchange of goods is limited, the economy and people's lives face difficulties. The economy mainly relies on traditional aquaculture and fishing, but lacks capital for investment in production and business.

Therefore, when Directive No. 40-CT/TW was issued and implemented by the Central Party Secretariat, it helped Party committees at all levels, authorities, and socio-political organizations of Co To island district to take strong action, especially with clear positive changes in increasing capital sources and improving the effectiveness of social policy credit.

Ms. Vu Thu Hoa - President of the Women's Union of Quang Ninh province spoke at the inspection of the Board of Directors of the Social Policy Bank of Co To district.

According to the Transaction Office of the Social Policy Bank of Co To District, as of June 30, 2024, the total capital source was 139,507 million VND, an increase of 92,068 million VND compared to 2014 (of which the capital source received for investment trust in the locality was 34,645 million VND, an increase of 35,859 million VND compared to 2014); The total outstanding debt of policy credit programs in the area reached 139,320 million VND, an increase of 91,881 million VND compared to the time before Directive 40-CT/TW. The overdue debt ratio was only 0.08%, a decrease of 1.78% compared to December 31, 2014.

With increased capital, the social policy credit activities of the VBSP have positively impacted the economic restructuring of the locality, changing the production methods of poor households and other policy subjects. Social policy credit capital has contributed significantly to the effective implementation of the policies, goals and tasks set by the Party Committee and the government of Co To district.

Policy credit capital has been effective, contributing to helping 1,748 poor households and other policy beneficiaries in the district borrow capital to invest in production and business development, including: 12 poor households, 02 near-poor households, 01 newly escaped poverty household borrowed capital to develop the economy, at the same time creating conditions to change awareness of business methods to help stabilize and improve the quality of life and significantly change material life, encourage households borrowing capital to stabilize their lives, rise up to escape poverty sustainably; create jobs for 1,373 workers from the national employment fund program; support 2 students in difficult circumstances to borrow capital to study; 05 students bought computers and online learning equipment; invested in new and renovated 423 clean water and rural environmental sanitation works; 3 households doing business in difficult areas received loans to develop their family economy, 40 low-income working households received loans for social housing to repair and build new houses, 01 household received loans for production and business from the Loan program for people who have completed their prison sentences...

Staff of the Social Policy Bank of Co To district transacted in Thanh Lan commune

Ms. Nguyen Thi Ganh, one of the poor households in Co To district, has had profound feelings about the changes after Directive 40-CT/TW was issued. Ms. Ganh shared: "Previously, my family only lived on fishing and farming with unstable income. Thanks to Directive 40-CT/TW, additional capital was added, we were able to access preferential loans from the VBSP to invest in breeding cows. Currently, the family's income has stabilized and life has improved significantly. I hope that policy credit programs will continue to support other households like us."

Mr. Nguyen Duc Chien emphasized that, as the focal point for providing preferential loans in the area, the Transaction Office has strictly followed the criteria and instructions from the superior bank and the Board of Directors of the Social Policy Bank. At the same time, it has effectively cooperated with the entrusted socio-political organizations to implement the policy credit programs in the best way. This effort has contributed significantly to the implementation of the national target program on poverty reduction, ensuring social security and building new rural areas in the area.

In particular, the coordination between the VBSP and Party committees, authorities and socio-political organizations in implementing policy credit programs plays a very important role. "This coordination not only helps us allocate capital effectively but also facilitates inspection and supervision to ensure that loans are used for the right purposes and bring practical benefits to the people," Mr. Chien added.

It can be affirmed that the implementation of Directive No. 40-CT/TW is a correct policy of the Party and State, meeting the aspirations of the people and increasingly entering life, consolidating the people's trust in the Party and State, contributing to achieving the goal of rapid and sustainable poverty reduction; building new rural areas; ensuring social security; political stability, national security and defense in Co To island district.