Total outstanding policy loans from the Vietnam Bank for Social Policies (VBSP) has reached nearly VND351 trillion ($13.9 billion), heard a conference chaired by Prime Minister Pham Minh Chinh on August 14, the Government News has reported.

The conference was held to review 10 years carrying out Directive No. 40-CT/TW of the 11th Party Central Committee’s Secretariat on enhancing the Party’s leadership over social policy credit.

The loans have helped more than 3.1 million households escape poverty, and over 4.2 million laborers have jobs.

Social policy credit contributed to lowering the poverty rate from 14.2% to 4.25% in the 2011-2015 period, and from 9.88% to 2.23% during 2016-2021 period.

Total capital for the VBSP's social policy credit has so far surpassed VND373 trillion ($14.76 billion).

Addressing the meeting, PM Chinh stressed that social policy credit has become a pillar in the system of policies on poverty reduction and social security.  

The Government leader pointed out six orientations to strengthening the Party’s leadership over social policy credit that comprises the completion of a decree on the organization and operation of the VBSP as well as legal frameworks and regulations to focus resources and improve capital structure for the bank in a stable and sustainable fashion.

He asked for favorable conditions for the VBSP to access ODA funds and expand its capital mobilization forms, and perfect policies regarding credit, labor, and wages that help the bank effectively carry out this policy.

Localities need to prioritize entrusted loans for the settlement of employment and affordable housing projects, he said, instructing relevant ministries and agencies to design a social credit package worth VND30 trillion ($1.19 billion) for building and renovation of houses.