Provincial Social Policy Bank accelerates towards completion

Binh Duong Social Policy Bank has proactively aligned with resolutions and flexibly implemented resource mobilization strategies. By promptly disbursing policy credit funds, it has provided financial resources to support citizens and businesses in developing production and business activities.

"Bright spot" in social welfare policy system

Over the past 10 months, with the support of departments, agencies, Party committees, local authorities and under the drastic guidance of the Board of Directors, Binh Duong Social Policy Bank has achieved impressive growth in capital mobilization and outstanding loans. As of October 30, 2024, the total policy capital stood at more than VND5,227.644 billion, of which entrusted funds from local sources reached VND 2,256.083 billion. The total outstanding loan balance was VND 5,091.065 billion, benefiting over 85,451 poor households and other policy-targeted groups, achieving 85.3% of the assigned target.

Disbursing loans for clients is under programs at a communal transaction point

Particularly, in the last 10 months, the bank focused on specific groups and increased the disbursement of credit funds to programs supporting poor households, those just  escaping poverty, students with difficult circumstances, production households in disadvantaged areas and programs under the Prime Minister’s Decision No. 22/2023/QĐ-TTg supporting employment and reintegration for those who have completed imprisonment.

According to Vo Van Duc, Director of Binh Duong Social Policy Bank, the impressive results were achieved through close adherence to the Board of Directors' resolutions, which guided comprehensive operational efforts. The bank promptly disbursed funds to meet the production and business needs of poor households and other policy beneficiaries. The bank continued affirming its role in providing policy credit, contributing to sustainable poverty reduction, ensuring social welfare and promoting the province's socio-economic development.

Leaving no one behind

With less than two months left until the end of 2024, the working atmosphere at the Binh Duong Social Policy Bank is highly focused and urgent as employees strive to meet the set targets. The unit aims at achieving a total outstanding loan balance of VND 5,227.644 billion, reflecting a 13.16% credit growth compared to 2023.

To achieve this 13.16% growth, the bank has required the local transaction offices to continue advising Party committees and local authorities to transfer entrusted funds to the Social Policy Bank, increasing resources to support disadvantaged and policy-targeted groups; coordinate with local Fatherland Front Committees to sign cooperation agreements, mobilizing resources to assist the poor and ensure social welfare; collaborate with entrusted mass organizations and associations to review loan demands under credit programs, tailoring them to local realities; effectively monitor and inspect activities at the grassroots level, ensuring transparency at transaction points…

The bank has also worked closely with relevant units to advise provincial Party Committee, People's Council and People's Committee on implementing the Party Secretariat’s Directive No. 40-CT/TW and Conclusion No. 06-KL/TW, the Prime Minister’s Decision No. 1630/KH-TTg and provincial Party Committee, People's Committee’s guiding documents on strengthening the Party's leadership over social policy credit while speeding up the disbursement progress of the social housing loan program, ensuring 100% completion of the outstanding loan plan; reaching 100% of the plan mobilizing deposits from organizations and individuals.

Moreover, the bank has proactively coordinated with local authorities, entrusted socio-political organizations and relevant units to ensure the effective implementation of policy credit programs, ensuring timely disbursement to right beneficiaries, aiming at fulfilling all planned objectives.

Reported by Tuong Vy-Translated by Kim Tin