PM hails role of Vietnam Bank for Social Policies in poverty reduction
Prime Minister Nguyen Xuan Phuc has affirmed the significant role played by the Vietnam Bank for Social Policies (VBSP) in the country’s poverty alleviation efforts.
Prime Minister Nguyen Xuan Phuc (standing) addresses the meeting (Photo: VNA)
Hanoi (VNA) - Prime Minister Nguyen Xuan Phuc has affirmed thesignificant role played by the Vietnam Bank for Social Policies (VBSP) in thecountry’s poverty alleviation efforts.
Addressing a meeting of standing Government members on March 3 in Hanoion a draft decision revising regulations for the settlement of debts facingrisks at VBSP and a draft resolution on financial regulations for the VietnamOil and Gas Group (PetroVietnam), the PM stressed that policies on povertyreduction, which play a major part in the Party and State’s guidelines, contributedto bringing down the rate of poor households to 2.7 percent from over 30percent in 2000.
The Government leader also underlined that poverty reduction is arequirement for sustainable development, demonstrating Vietnam’s orientationtowards socialism. Appropriate amendments and supplements are therefore neededto help VBSP fulfil tasks assigned by the Party and State.
The PM ordered VBSP to improve the quality and efficiency of itsoperation and pay due regard to the adverse impact of COVID-19 on people’slives, to identify support measures.
More groups of people have been recently named as eligible for takingout loans from the bank, he said.
The revision of the regulation for the settlement of debts facing risksat VBSP is greatly needed, and standing Government members expressed a high levelof consensus on the issue, voicing a hope that amendments will facilitatepoverty reduction and the bank’s effective operations.
The PM required that the Ministry of Finance, the State Bank of Vietnam,and VBSP promptly submit a draft decision for consideration, paying attentionto businesses and people facing risks posed by COVID-19.
PetroVietnam, meanwhile, contributed 83 trillion VND (3.48 billion USD)to the State budget last year.
The PM highlighted the role and position of the oil and gas sector in thecountry’s development, not only in terms of economy but also in defence andsecurity.
He called for the best conditions possible for the long-termdevelopment of the sector, in an effort to raise efficiency at PetroVietnam.
The MoF is tasked with completing the regulation in line with laws onthe management of State capital at enterprises and on the oil and gas industry,as well as current accounting mechanisms, thereby ensuring PetroVietnam’s effective,safe, and sustainable development./.
The Vietnam Bank for Social Policies (VBSP) was awarded the “Labour Hero in Renewal Period” title for its contributions to promoting sustainable poverty reduction, new-style rural area building and ensuring social welfare policies in the country, at a ceremony on December 21.
The Vietnam Bank for Social Policies (VBSP) has allocated 31.6 billion VND (1.36 million USD) to 207 enterprises to pay wages for 8,529 labourers who lost jobs due to impact of the COVID-19 pandemic.
The Vietnam Oil and Gas Group (PetroVietnam) and the Shinkong Synthetic Fibers Corporation (SSFC) – an affiliate of Taiwan (China)’s Shin Kong Group signed a cooperation agreement via a video conference on February 4.
PwC Vietnam forecasts a vibrant M&A market in Vietnam’s healthcare sector in 2025, driven by rising demand for high-quality medical services and a growing middle class. Pharmaceutical companies, private hospitals, and specialised medical facilities, particularly in ophthalmology and oncology, are predicted to be key targets for M&A.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
Prime Minister Nguyen Xuan Phuc (standing) addresses the meeting (Photo: VNA) 
