Vietnam Bank for Social Policies: Creating quality human resources from preferential loans

The Government's loan policy to support job creation, maintain and expand employment and credit for students in difficult circumstances is a humane policy that has been effectively implemented by the Vietnam Bank for Social Policies (VBSP) for many years. Over time, the above capital sources have become increasingly effective in real life. From preferential loans, many families have jobs and stable incomes; many students from disadvantaged families have reduced financial pressure, pursuing their dreams of studying, establishing themselves, starting a business, and creating high-quality human resources in the country. On January 9, 2025, in the capital Vientiane, Laos, the Vietnam - Laos Investment Cooperation Conference took place. Prime Minister Pham Minh Chinh and Prime Minister Sonexay Siphandone co-chaired the Vietnam - Laos Investment Cooperation Conference 2025 held with the theme: "Promoting sustainable development and prosperity". On the morning of January 14, in Hanoi, Prime Minister Pham Minh Chinh - Chairman of the Red River Delta Coordination Council chaired the 5th Conference of the Council with the theme "Double-digit economic growth - The Red River Delta pioneers entering a new era" to discuss 2 reports on the implementation of tasks in 2024 and the 2025 plan of the Council; Announcement of the Hanoi Capital Planning for the period 2021-2030, vision to 2050 and Adjustment of the Hanoi Capital Master Plan to 2045, vision to 2065. Also attending were leaders of central ministries, branches, and localities in the Region. The Government's loan policy to support job creation, maintain and expand employment and credit for students in difficult circumstances is a humane policy that has been effectively implemented by the Vietnam Bank for Social Policies (VBSP) for many years. Over time, the above capital sources have become increasingly effective in real life. From preferential loans, many families have jobs and stable incomes; Many students from disadvantaged families have reduced financial pressure, pursuing their dreams of studying, establishing a career, and creating high-quality human resources in the country. Decree 168, which officially took effect at the beginning of the year, has increased the fines for many violations of the law on road traffic order and safety. Decree 168 increases the fines for carrying children over 6 years old in the front of a motorbike. A 54-year-old woman went to a private clinic for an injection to treat neck and shoulder pain, but unexpectedly became paralyzed in both legs, and then lost sensation in her entire body. In late 2024 and early 2025, the North will have less rain than many years ago. Weather forecast for the Lunar New Year of At Ty, Hanoi and the northern provinces are likely to be cold and dry. Information from the Border Guard Command of Ba Ria - Vung Tau province said that on January 13, the unit had just received 25 nylon packages with a total weight of about 25 kg, suspected to be drugs, drifting to the coast of Con Dao, discovered and handed over by people. General news of the Ethnic and Development Newspaper. This afternoon's news on January 13, 2025, has the following notable information: The Mong ethnic group's Gau Tao Festival is bustling. "Muong La Apple" fruit picking festival. To Tung farmers are excited about the bumper VietGAP rice crop. Along with other news in ethnic minority and mountainous areas. In the early morning of January 14, Prime Minister of the Russian Federation Mikhail Vladimirovich Mishustin arrived in Hanoi, starting an official visit to Vietnam from January 14-15, at the invitation of Prime Minister Pham Minh Chinh. On the evening of January 13, at the Government Headquarters, Prime Minister Pham Minh Chinh and his wife hosted a party hosted by the Vietnamese Government to welcome the Diplomatic Corps, on the occasion of the New Year 2025 and to prepare for the traditional Tet At Ty 2025. On the afternoon of January 13, Prime Minister Pham Minh Chinh, Head of the Government's Steering Committee on "summarizing the implementation of Resolution No. 18-NQ/TW of the 12th Central Committee on continuing to innovate and reorganize the apparatus of the political system to be streamlined, operate effectively and efficiently" chaired the 10th meeting of the Steering Committee. General news of the Ethnic and Development Newspaper. This afternoon's news on January 13, 2025, has the following notable information: The Mong ethnic group's Gau Tao Festival is bustling. "Muong La Apple" fruit picking festival. To Tung farmers are excited about the bumper VietGAP rice crop. Along with other current news in ethnic minority and mountainous areas. On the morning of January 13, in Hanoi, the Politburo and the Party Central Committee Secretariat held a national conference on breakthroughs in science and technology development, innovation and national digital transformation. The conference was held in person from the Central bridge at Dien Hong Hall, National Assembly House, combined with online access to 15,345 bridges, with 978,532 delegates attending. General Secretary To Lam attended and delivered a speech at the Central bridge.

People of Hung Cuong commune, Hung Yen city receive preferential loans from the Vietnam Bank for Social Policies right at the commune transaction point.

Helping the young generation access knowledge

Ms. Nguyen Thi Tinh, Hai Yen village, Hai Thang commune, Tien Lu district (Hung Yen) was worried when in 2017, she had 2 children studying at university at the same time. The monthly cost for 2 children of about 10 million VND was a huge pressure for a farming family like hers. Knowing the economic situation of the family, the credit officer of the district Social Policy Bank approached her and guided her through the procedures to get preferential loans from the credit program for students with difficult circumstances. With the loan amount of more than 100 million VND, on the one hand, she paid for her children's university tuition, and on the other hand, she created a comprehensive economic farm model.

Despite the cold winds in mid-December, Ms. Tinh still works on the farm. Sometimes she chops cabbage, sometimes she goes to the barn to collect goose eggs to sell to traders. The 45-year-old woman, with a plump figure and a simple appearance, boasts: Thanks to the loan from the Social Policy Bank, her family has been able to raise 3 well-behaved grown daughters, 2 of whom are in college. Currently, her eldest daughter has graduated and has a stable job in Hanoi. “The capital is very meaningful in difficult times, helping my children not to drop out of school. When they know that their parents have to borrow money, the children are more motivated to study, create a sense of saving, and find a job after graduation to repay the loan on time.”

After 20 years of implementing credit policies for students, nearly 4 million students in difficult circumstances nationwide have received preferential loans worth more than VND 80,000 billion. As of December 31, 2024, the total outstanding balance of the program reached VND 20,249 billion, with 360,637 borrowers.

Similarly, after her son was admitted to the University of Electricity, Ms. Nguyen Thi Tho's family in Lac Dao commune, Van Lam district (Hung Yen) was both happy and worried because they did not know where to get a large sum of money to pay for their son's tuition. The couple's worries were relieved when the local Savings and Loan Group guided and helped the family access student loans from the district's Social Policy Bank. This helped her family feel secure in sending their son to university. Ms. Tho confided: "My husband and I do not have a high income, just enough to cover the family's daily living expenses. Without the support from the loan, it would be difficult for my son to get a bachelor's degree and have a stable job like today."

According to the Hung Yen Provincial Branch of the Vietnam Bank for Social Policies, the outstanding loan program for students in difficult circumstances as of December 31, 2024 reached more than VND 234.6 billion with 4,536 students receiving loans.

The program's loan capital has helped students in difficult circumstances pursue their study dreams, not having to drop out of school because they don't have money to pay tuition; contributing to training high-quality human resources for the country and locality; after completing their studies, students have jobs and are aware of paying off their debts with their families, so the credit quality of the program is good.

Ms. Tho and her husband were very happy when the staff of Tien Lu District Social Policy Bank came to visit and ask about their children's academic achievements after borrowing money to go to university.

Awaken the desire to get rich

Also aiming to improve human resources to serve the locality and the country in the era of national development, as a unit of the Social Policy Bank system, Hung Yen Provincial Branch always proactively implements the direction of superiors to promote preferential credit programs to support job creation, maintain and expand jobs for many customers. In which, focusing on veterans, demobilized soldiers returning to the locality; rural female workers over 40 years old (the age that production enterprises no longer accept) to borrow capital.

Data shows that by early January 2025, in Hung Yen, 20,226 customers had received loans totaling more than VND 1,303 billion. The capital has "breathed life and strength" to help many veteran and farmer association members have a more prosperous economic life.

Veteran Do Manh Diep, Tan Hung village, Hung Cuong commune, Hung Yen city, was able to borrow 100 million VND from the Vietnam Bank for Social Policies. With his own capital, he invested in buying 12 cows (sows and commercial) for raising. The value of the herd of cows is about 370 million VND, a large asset, helping his family improve their income in the coming time. Therefore, during the cold days, he always takes good care of the cows, always wrapping straw and blankets to keep them warm and preparing fresh food for them.

Exuding the bravery and bravery of Uncle Ho's soldiers, Mr. Diep said that with the advantage of fertile alluvial land, after leaving the army, he also raised 2 cows. Struggling to find a way to develop the herd, he was guaranteed by the Commune Veterans Association to get a loan from the Social Policy Bank. With the capital firmly in hand, Mr. Diep "shedded" the old mindset of doing small business, instead thinking big and doing big. Not only raising cows, he is opening an animal feed dealership, serving the rapidly increasing livestock demand in the commune, in line with the development trend of the country in the era of development.

Veteran Do Manh Diep, Tan Hung village, Hung Cuong commune, Hung Yen city received a loan from the Vietnam Bank for Social Policies to raise cows.

In Hung Cuong commune, Hung Yen city, 113 veteran associations like Mr. Diep have received preferential loans, totaling 6.8 billion VND. When there is a "cheap" capital flow, it has created a strong motivation, encouraging veterans to get rich.

Mr. Pham Van Dinh, Vice President of the Veterans Association of Hung Cuong Commune, shared that all members used capital for the right purpose, opening effective farm models. The models all brought in profits of 200 to 300 million VND/year, so the members were very excited, sharing the same aspiration to get rich and change their lives with policy capital.

In the face of the country's development trend, Mr. Dinh hopes that the government needs to increase preferential capital for demobilized soldiers. "The members all expressed a burning desire to get rich in their homeland, but the capital has only met about 30% of the demand. If more capital is added, it will help create more jobs and income for members, contributing to promoting the development of household and local economies."

The 13th National Party Congress continues to identify “Developing human resources, especially high-quality human resources”; Forming a skilled workforce, contributing to improving national competitiveness. With the responsibility of being the “extended arm” of the Government to implement social policy credit programs, the Vietnam Bank for Social Policies has implemented many preferential loan programs nationwide.

Talking about the significance of preferential loan programs in the area, Mr. Vu Hai Chieu, Deputy Director of the Hung Yen Provincial Branch of the Vietnam Bank for Social Policies, assessed that preferential credit policies have a great impact on the local economy and society, contributing to poverty reduction, creating equality in education, and creating quality human resources for the country's economic and social development.

The viewpoint of the Social Policy Bank is to create the most favorable conditions for households that meet the prescribed conditions to access preferential credit. The program is very popular, has the consensus of local Party committees and authorities, practically contributes to ensuring social security, creating high-quality human resources to serve the country in the new era, the era of national development.

Implementing the loan program to support job creation, maintenance and expansion according to Decree No. 61/2015/ND-CP of the Government and Decree No. 74/2019/ND-CP on amending and supplementing a number of articles of Decree No. 61/2015/ND-CP, up to now, the total outstanding loan balance nationwide has reached 109,195 trillion VND with more than 2 million borrowers. Through the program, many typical examples of good economic performance have appeared, not only in urban areas but also in rural areas, difficult areas, remote areas, thereby contributing to the implementation of the National Target Program on sustainable poverty reduction, new rural construction, supporting youth start-ups, women start-ups...

The Board of Directors of the Vietnam Bank for Social Policies holds a regular meeting in the fourth quarter of 2024

Source: https://baodantoc.vn/ngan-hang-chinh-sach-xa-hoi-tao-nguon-nhan-luc-chat-luong-tu-von-vay-uu-dai-1736823082560.htm