PM lauds bank’s contributions to poverty reduction
Prime Minister Nguyen Xuan Phuc has applauded significant contributions of the Vietnam Bank for Social Policies (VBSP) to the country’s poverty reduction and socio-economic development while attending a Lunar New Year meeting of the bank on February 11 or the seventh day of the first lunar month.
PM Nguyen Xuan Phuc speaks at the Lunar New Year meeting of the Vietnam Bank for Social Policies. (Photo: VNA)
Hanoi (VNA) – Prime Minister NguyenXuan Phuc has applauded significant contributions of the Vietnam Bank forSocial Policies (VBSP) to the country’s poverty reduction and socio-economicdevelopment while attending a Lunar New Year meeting of the bank on February 11or the seventh day of the first lunar month.
The leader stressed the goal of building the socialist-oriented market economy setby the Party and the State, with special attention paid to social welfarerelated issues.
The VBSP works as an important channel to fulfil the goal, he said, noting thatthe bank’s branches have successfully implemented incentives of the Party andthe State towards the poor.
The PM also lauded the bank’s efforts to ensure that bad debts account for amere 0.78 percent of its total outstanding loan balance, the lowest ratio inthe banking sector.
Thanks to efforts by the bank and the entire political system, funding of theParty and State has come to remote and far-flung areas and needy people, hesaid.
Reiterating the country’s target of inclusive growth with no one left behind,PM Phuc said more efforts should be made to ensure sustainable povertyreduction and drive back black credit.
On this occasion, he asked relevant agencies such as the Ministry of Financeand the Government’s Office to consider allocating charter capital to the bankannually to match the new situation.
Localities should pay more attention to policy credit and VBSP’s activities, aswell as support to the poor.
After 16 years of operation, VBSP has given loans to more than 34.1 millionpoor households and social policy beneficiaries, helping over 5.1 millionhouseholds escape from poverty and generate jobs for more than 3.6 millionlabourers.
The loans have also enabled over 3.6 million disadvantaged students to go toschool and helped built over 11.3 clean water and environmental hygienefacilities in rural areas and nearly 105,000 houses in the Mekong Delta. -VNA
The Vietnam Bank for Social Policies (VBSP) said it had a total credit balance of nearly 166.43 trillion VND (7.3 billion USD) as of June 30, 2017, up 5.8 percent compared with the end of last year.
The application of digital technologies in providing banking services has proven effective, not only bringing better experience to urban customers but also helping banks introduce their services to low-income households.
How to ensure financial sustainability and long-term financial services for the poor at the same time remains a headache for both policy makers and financial service suppliers.
The number of low-income households is growing in ethnic minority areas, with the poverty reduction tempo in these communities also lower than the national, according to Minister-Chairman of the Government’s Committee for Ethnic Minority Affairs Do Van Chien.
The outcomes of Party General Secretary To Lam's visit will serve as a driving force and source of inspiration for the two countries to inherit, promote, and elevate their Comprehensive Strategic Partnership, contributing to the national construction and development cause in each country, and to peace, cooperation, and development in the region and the world.
Prime Minister Pham Minh Chinh on August 9 inspected the construction site of the new Phong Chau bridge, and surveyed a planned route for the Lao Cai – Hanoi – Hai Phong railway section running through the northern province of Phu Tho.
Across print, broadcast, and online platforms, Angolan media portrayed State President Luong Cuong's visit as a warm and historic occasion, strengthening bilateral ties and boosting Vietnam’s presence in Africa through the AU.
The 500kV Lao Cai – Vinh Yen power transmission line has a total investment of over 7.41 trillion VND (282.5 million USD), and a total length of 229.5 km, passing through 31 communes in the two provinces, and comprising 468 transmission tower foundations.
The visits reflected the elevated position of Vietnam’s foreign policy in the new era—aimed at not only advancing ties with key regional partners like Egypt and Angola but also delivering a strategic message about Vietnam’s commitment to deepening relations with African nations as a whole.
At their talks and meetings, President Cuong and Angola’s top leaders affirmed that the close brotherhood and traditional friendship are a valuable shared asset and a solid foundation for the two nations to advance into a new phase of development.
The ruling People’s Movement for the Liberation of Angola (MPLA) attaches great importance to the friendship, solidarity, and comradeship with the Communist Party of Vietnam, and voiced her Party’s wish to further deepen and expand relations between the two sides for the benefit of the Vietnamese and Angolan people.
Vietnam pledges to do its utmost to build an ASEAN of solidarity, consensus, and unity in diversity, and to foster a fast and sustainable development path for ASEAN, grounded in science, technology, and innovation, said Prime Minister Pham Minh Chinh.
Party General Secretary To Lam called on the criminal police force to accelerate the application of science, technology, artificial intelligence, and digital transformation in criminal investigation tasks such as crime prevention, detection, tracking and verification, ensuring that no area remains out of their reach.
Many Koreans living, studying, and working in Hanoi see the upcoming state visit to the Republic of Korea (RoK) by Party General Secretary To Lam as an opportunity to generate strong synergy in economic cooperation, people-to-people exchanges, and cultural understanding.
The achievements of the five decades of Vietnam–Angola cooperation provide a strong and enduring foundation, as well as momentum for the two sides to consolidate, expand, and bring their partnership into a new phase of development.
Prime Minister Pham Minh Chinh stressed that the emulation and commendation work is a vital driver, fostering patriotism, dedication, and collective momentum in the run-up to the 11th National Patriotic Emulation Congress, Party congresses at all levels, and the 14th National Party Congress.
Emphasising the need for sustainable, long-term collaboration, National Assembly Chairman Tran Thanh Man called on Japanese investors not only to bring in capital but also to share expertise and modern technology, especially in areas such as green transformation, the circular economy, and advanced corporate governance.
President Luong Cuong's activities during his state visit to Angola, the celebration of the financial sector's 80th traditional day, and the Foreign Ministry's flag-hoisting ceremony marking the 58th founding anniversary of ASEAN are among news highlights on August 8.
Vietnamese Ambassador to Thailand Pham Viet Hung praised the Thai Ministry of Foreign Affairs’ meaningful initiative, noting that the ASEAN Family Run was not only a sporting activity but also an opportunity for diplomats and their families to show unity, connection, and solidarity within the ASEAN family.
Politburo member, Prime Minister Pham Minh Chinh on August 8 attended the first congress of the Party Organisation of Tay Ho ward of Hanoi for the 2025–2030 term, during which he called for fresh momentum to turn the ward into a model that takes the lead in all fields.
The size of the economy increased from over 5 billion USD in 1986 to over 476 billion USD by 2024, making Vietnam the fourth-largest economy in Southeast Asia and the 34th largest in the world.
The ASEAN flag-hoisting ceremony is observed by the 10 ASEAN member countries on August 8 every year, aiming to spread and promote the ASEAN identity and affirm the determination to unite and cooperate for the common aspiration of long-term peace and prosperity of Southeast Asian countries under the common roof of the ASEAN Community.
Vice Chairman of the municipal People’s Committee Nguyen Manh Cuong highlighted ASEAN’s nearly six decades of development, during which the region transformed from division to harmony, from confrontation to cooperation, and from poverty to dynamic growth, becoming a global bright spot for regional cooperation.
Thirty years ago, on July 28, 1995, Vietnam’s accession to ASEAN marked a historic strategic decision, opening a new chapter in the country’s integration process and beginning its strong rise.
PM Nguyen Xuan Phuc speaks at the Lunar New Year meeting of the Vietnam Bank for Social Policies. (Photo: VNA) 
