Hanoi (VNA) – The Vietnam Bank for Social Policies (VBSP)was awarded the “Labour Hero in RenewalPeriod” title for its contributions to promoting sustainable poverty reduction,new-style rural area building and ensuring social welfare policies in thecountry, at a ceremony on December 21.

Addressing the event, Vice President Dang Thi Ngoc Thinh, who is also Deputy Chairwoman of the Central Emulation andRewards Council, praised the bank for the successful implementationof its development strategy in the 2011-2020 period.

She stressed that the Party and State have always attached important to socialwelfare policies, which are considered both the target and a motivation for thenation’s sustainable development.

The social policy credit is really an innovative solution which suits the conditionsin the country, significantly contributing to successfully implementing the socio-economicdevelopment strategy in 2011-2020, the Vice President said.

According to the Vice President, the bank has timely and effectivelyimplemented social policycredit programmes with improved quality,helping realize the national goal of sustainable poverty reduction and social securityguarantee.

She suggested the bank continue to develop towards autonomy, stability andsustainability, and build its development strategy for the next 10 years.

Vice President Thinh also asked thebank to review, amend, and finalise mechanisms and policies on social policycredit and propose adjustments to relevant laws, in order to effectively mobilize,manage and use resources for social policy credit.

According to VBSP General Director Duong Quyet Thang, the bank’s capital for policy creditactivities has grown at an average 10 percent per year in the last ten years,reaching over 235.6 trillion VND (over 10 billion USD at current exchange rate)by the end of 2020.

The total value of loans undersocial policy credit programmes has increased by 2.5 times from over 89.4trillion VND in 2010 to 226.2 trillion VND by the end of 2020, with 6.5 millionborrowers. The figure include 56.34 trillion VND owed by borrowers who areminority ethnic people or residents in mountainous areas.

The bank’s social policy credit programmes have reached all communes in ethnic minorityand mountainous areas.

Ketut Kusuma, a Senior Financial Sector Specialistfrom the World Bank expressed his impression on achievements made by the bank,saying that the success implementation of social policy credit in Vietnam can helpthe country realise millennium goals ahead of schedule./.