After 10 years of implementing Directive No. 40-CT/TW, policy credit capital has grown remarkably, with a stable growth rate over the years. By July 31, 2024, the total source of social policy credit capital reached more than VND 373,000 billion, an increase of nearly 2.8 times compared to the end of 2014. The most prominent feature in the implementation of Directive No. 40-CT/TW is that localities across the country have paid attention to, focused on balancing, and prioritized the allocation of local budgets entrusted to the Vietnam Bank for Social Policies (VBSP) to supplement loan capital. By July 31, 2024, the capital entrusted from localities at all levels reached VND 47,350 billion, an increase of more than VND 43,500 billion compared to before Directive No. 40-CT/TW. With a diverse and constantly growing capital structure, from 2014 to July 2024, the whole country had more than 21 million poor households and other policy beneficiaries receiving preferential loans from the Government with a loan turnover of more than 730,000 billion VND. By July 31, 2024, the total outstanding debt of policy credit programs reached more than 350,000 billion VND, 2.7 times higher than at the end of 2014 with more than 6.8 million poor households and other policy beneficiaries borrowing capital. The ratio of overdue debt and frozen debt accounted for 0.56% of total outstanding debt, down 0.37% compared to before implementing Directive No. 40-CT/TW. .

Speaking at the conference, Prime Minister Pham Minh Chinh emphasized: Through 10 years of implementation, it has been confirmed that Directive No. 40/CT-TW has brought many practical effects to the people and at the same time demonstrated the consistent policy of the Party and State in economic development associated with the implementation of poverty reduction goals and ensuring social security.

Along with recognizing, praising and appreciating the positive contributions of ministries, branches, the Vietnam Bank for Social Policies and localities in implementing Directive No. 40-CT/TW, the Prime Minister requested that in the coming time, ministries, branches and localities must identify social policy credit as an important solution to implement the guidelines, policies, goals and tasks of the Party and the State, especially implementing the country's socio-economic development programs, national target programs, ensuring social equity and progress with the spirit of "Leaving no one behind"; continue to thoroughly grasp and more effectively implement the Party's resolutions and directives on policy credit and development strategies of the Vietnam Bank for Social Policies; effectively carry out the management work, improve the quality of operations of the Vietnam Bank for Social Policies, and ensure safety at transaction points at the grassroots level.

The Prime Minister also requested central ministries and branches to continue reviewing and perfecting regulations to focus resources on improving the capital structure for the Vietnam Bank for Social Policies in a stable and sustainable manner; study and supplement credit policies to support production, business and livelihood activities for households with average living standards. Localities continue to pay attention to balancing and prioritizing the allocation of local budgets to the Vietnam Bank for Social Policies, especially capital for job creation and social housing loans. The Vietnam Bank for Social Policies focuses on prioritizing capital for ethnic minorities, mountainous areas, extremely difficult areas, border islands, remote and isolated areas; do a good job of inspection and supervision; improve forecasting and analysis capacity; promote the application of information technology, focusing on digital transformation in operations. The Fatherland Front at all levels and socio-political organizations continue to do a good job of propaganda, supervision, and social criticism on the implementation of the Party and State's policies and guidelines on poverty reduction, social security, and social policy credit activities.

With the motto of "understanding the people's hearts, serving wholeheartedly, improving efficiency", the Prime Minister expressed his belief that the Bank for Social Policies will promote its tradition, affirm its mission and social responsibility, and strive to excellently fulfill the tasks assigned by the Party, State and people.

Minh Huong