Social policy credit has been a “highlight”, and a “pillar” in the system of policies aimed at alleviating poverty and ensuring social security, meeting the desire of the people, particularly impoverished and disadvantaged groups, over the past decade, Prime Minister Pham Minh Chinh said on August 14.

The Ho Chi Minh National Academy of Politics (HCMA) and the Bank for Social Policies on August 16 co-organised a workshop on the role of social policy credit in ensuring the livelihood and development of people, especially the poor and other social policy beneficiaries.

Officially launched and put into operation on October 4, 2002, the Viet Nam Bank for Social Policies - as the "extension arm" of the Government - has worked hard to bring preferential capital to the poor and other policy beneficiaries – in a 20-year journey full of hardship, sweat and even tears of thousands of officials and employees in the system.

Together with State investment, capital from social policy credit has been one of the most important factors that help many people in the northern province of Vinh Phuc escape from poverty, stabilise their lives, and earn higher incomes in recent years, contributing to ensuring social welfare.

Directive No. 40-CT/TW of the Party Central Committee's Secretariat on strengthening the Party's leadership towards social policy credit has served as a new wind that creates breakthroughs for social policy credit.

Social policy credit helped to build more than 4,000 houses, along with over 1.2 million safe water supply and sanitation facilities in rural areas in 2019, according to the Vietnam Bank for Social Policies (VBSP).

More than 1.62 million poor households and welfare policy beneficiaries gained access to preferential loans worth over 54.9 trillion VND (2.36 billion USD) in the first nine months of 2019, up 6.15 trillion VND compared to the same period last year.

Social policy credit has lifted more than 2 million ethnic minority households out of poverty as of August 31, said Director General of the Vietnam Bank for Social Policies (VBSP) Duong Quyet Thang at a conference in Hanoi on September 25.

Social policy credit has lifted more than 2 million ethnic minority households out of poverty as of August 31, said Director General of the Vietnam Bank for Social Policies (VBSP) Duong Quyet Thang.

Social policy credit has reached all the communal-level localities nationwide, greatly helping with efforts towards sustainable poverty reduction, heard a teleconference in Hanoi on September 23.

Credit for social policy beneficiaries has contributed significantly to narrowing the gap between the rich and the poor, reducing unemployment rate, and developing local economy.