PM lauds bank’s contributions to poverty reduction
Prime Minister Nguyen Xuan Phuc has applauded significant contributions of the Vietnam Bank for Social Policies (VBSP) to the country’s poverty reduction and socio-economic development while attending a Lunar New Year meeting of the bank on February 11 or the seventh day of the first lunar month.
PM Nguyen Xuan Phuc speaks at the Lunar New Year meeting of the Vietnam Bank for Social Policies. (Photo: VNA)
Hanoi (VNA) – Prime Minister NguyenXuan Phuc has applauded significant contributions of the Vietnam Bank forSocial Policies (VBSP) to the country’s poverty reduction and socio-economicdevelopment while attending a Lunar New Year meeting of the bank on February 11or the seventh day of the first lunar month.
The leader stressed the goal of building the socialist-oriented market economy setby the Party and the State, with special attention paid to social welfarerelated issues.
The VBSP works as an important channel to fulfil the goal, he said, noting thatthe bank’s branches have successfully implemented incentives of the Party andthe State towards the poor.
The PM also lauded the bank’s efforts to ensure that bad debts account for amere 0.78 percent of its total outstanding loan balance, the lowest ratio inthe banking sector.
Thanks to efforts by the bank and the entire political system, funding of theParty and State has come to remote and far-flung areas and needy people, hesaid.
Reiterating the country’s target of inclusive growth with no one left behind,PM Phuc said more efforts should be made to ensure sustainable povertyreduction and drive back black credit.
On this occasion, he asked relevant agencies such as the Ministry of Financeand the Government’s Office to consider allocating charter capital to the bankannually to match the new situation.
Localities should pay more attention to policy credit and VBSP’s activities, aswell as support to the poor.
After 16 years of operation, VBSP has given loans to more than 34.1 millionpoor households and social policy beneficiaries, helping over 5.1 millionhouseholds escape from poverty and generate jobs for more than 3.6 millionlabourers.
The loans have also enabled over 3.6 million disadvantaged students to go toschool and helped built over 11.3 clean water and environmental hygienefacilities in rural areas and nearly 105,000 houses in the Mekong Delta. -VNA
The Vietnam Bank for Social Policies (VBSP) said it had a total credit balance of nearly 166.43 trillion VND (7.3 billion USD) as of June 30, 2017, up 5.8 percent compared with the end of last year.
The application of digital technologies in providing banking services has proven effective, not only bringing better experience to urban customers but also helping banks introduce their services to low-income households.
How to ensure financial sustainability and long-term financial services for the poor at the same time remains a headache for both policy makers and financial service suppliers.
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Reality is the ultimate benchmark for success, he said, urging drafting agencies to work out policies that foster development, reduce bureaucratic hurdles, and respect practical conditions.
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The Party chief underscored the need for the press to innovate relentlessly, evolve to keep pace with the country's development, transform into a truly professional, humanistic, and modern sector that serves the cause of the Party, the State, and the people on the path to national construction and development.
The UN Secretary-General praised Vietnam’s remarkable achievements in socio-economic development and international integration in recent years, noting that the country has emerged as a model in implementing the Sustainable Development Goals (SDGs), promoting international peace and security, and engaging in key UN processes.
Nghia affirmed that this is a milestone of special significance, affirming and honouring the the Vietnamese revolutionary press’s glorious tradition of 100 years of serving the revolutionary cause of the Party, serving the Fatherland, and serving the people.
The Party and State of Vietnam always attach great importance to and give top priority to the development of Vietnam–China relations. Vietnam is ready to work with the Chinese Party and State to further deepen the Comprehensive Strategic Cooperative Partnership and promote the building of the Vietnam-China community with a shared future that carries strategic significance.
Under the leadership of President Ho Chi Minh and the CPV, President Cuong said, the press has been a steadfast force on the ideological and cultural front, rallying the masses to pursue national aspirations.
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Minister of Industry and Trade Nguyen Hong Dien welcomed the proposals put forward by the US side and reiterated Vietnam’s request for consideration of key areas of interest, including reciprocal tariff policies and access for Vietnamese key export products to the US market.
Deputy PM Le Thanh Long proposed countries promote shared values, including building trust, sincerity, and solidarity among nations and peoples; fostering cooperation spirit and responsible behaviour as well as upholding international law and the UN Charter; and placing people at the centre and as the goal, the key player, and the driving force of all policies.
The show, together with a grand parade to be held silmutaneously at Ba Dinh Square in Hanoi, will celebrate the 80th anniversary of the August Revolution, the National Day, and the General Staff of the Vietnam People’s Army (VPA).
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The Vietnamese Embassy in Israel is closely coordinating with relevant local agencies to stay informed and provide the utmost support possible for Vietnamese nationals.
The launch of Thanh Nien (Young People) newspaper in 1925, even before the founding of the Communist Party of Vietnam, is considered a testament to President Ho Chi Minh’s strategic foresight and strong belief in the guiding power of the revolutionary media.
PM Nguyen Xuan Phuc speaks at the Lunar New Year meeting of the Vietnam Bank for Social Policies. (Photo: VNA) 
