Prime Minister Pham Minh Chinh speaking at the Conference. Photo: VOV

At the conference reviewing 10 years of implementing Directive 40 of the 11th Party Central Committee Secretariat on social policy credit, Prime Minister Chinh emphasized that after a decade, social policy credit has become a bright spot and a pillar in the system of policies to reduce poverty and ensure social security, living up to the aspirations of the people, especially the poor and disadvantaged groups. The Prime Minister said Vietnam's social policy credit model is a success and wins international acclaim. 

“The Bank for Social Policies is considered by the World Bank the largest microfinance service provider in Vietnam and one of the largest microfinance banks in Asia, one of few successful and sustainable models in the world. The Bank’s development journey gives valuable experiences and lessons to the Governments of other developing countries."

The Prime Minister asked the Bank for Social Policies to continue to identify social policy credit as an important solution to deliver the country's major  growth policies coupled with social justice.

In the past 10 years, the Bank for Social Policies has mobilized 9.5 billion USD, 2.8 times more than before implementing Directive 40, raising the total social policy credit source to date to nearly 15 billion USD.

Social policy credit capital has been deployed to 100% of communes, wards and towns nationwide, to over 21 million poor households and other policy beneficiaries. This capital source has helped Vietnam achieve the goal of multidimensional, inclusive, and sustainable poverty reduction, from 14.2% in 2011 to 2.93% at the end of last year, according to the UN multidimensional poverty standard.