Vietnam Bank for Social Policies – Yen Bai province branch contributes to creating jobs for rural workers

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Vietnam Bank for Social Policies – Yen Bai province branch contributes to creating jobs for rural workers

Wednesday, March 29, 2023

YBO - Over the past years, the loan programme for employment under the Vietnam Bank for Social Policies (VBSP) – Yen Bai province branch has made important contributions to maintaining, expanding and creating jobs for thousands of workers in Yen Bai.

People receive loans at the transaction office of the Bank for Social Policies of Yen Binh district at the transaction point of Thinh Hung commune.

The bank has fully, promptly and publicly implemented policies related to the loan programme in 173 commune and ward transaction points in the province; while coordinating with related sectors in appraising economic development projects, and those creating jobs for handicraft and service industries.

Capital from the local budget is prioritised for strong and specific industries of each locality, contributing to creating jobs for workers and replicating household economic development models.

By the end of 2022, the total outstanding balance of the programme reached more than 424 billion VND (18 million USD), accounting for 10.2% of the total preferential credit balance, with 7,658 customers. Of the total, loans to support job creation, maintenance and expansion under Resolution No. 11/NQ-CP has benefited 2,276 employees with an amount of 150 billion VND, equal to 100% of the assigned plan.

Le Van Linh from Thinh Hung commune, Yen Binh district said: "As a freelancer, my life faced many difficulties because of an income decrease due to the COVID-19 pandemic. With a loan worth 30 million VND from the loan programme for job generation according to Resolution No.11, my family has invested in planting more than 1.5 hectares of forest and taking care of the existing forest area. This capital is really a fulcrum to help labourers like us restore production and settle down.”

The loan programme has proved itself as one of the important channels to support people in economic development, sustainable poverty reduction, and job generation. However, the capital allocated by the Vietnam Bank for Social Policies to the branch in recent years has just basically met the borrowing needs of the poor, near-poor households, those have freshly escaped from poverty, and policy beneficiaries with special difficult circumstances.

In 2023, in addition to the annual preferential credit programmes, the province will continue to direct the implementation of the programmes in accordance with Resolution No.11, in which the loan programme for job creation, maintenance and expansion according to this resolution is about 150 billion VND. The outstanding balance of the programme by the end of 2023 will reach 300 billion VND.

Van Thong

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