Hailing role of Vietnam Bank for Social Policies in poverty reduction

Prime Minister Nguyen Xuan Phuc has affirmed the significant role played by the Vietnam Bank for Social Policies (VBSP) in the country’s poverty alleviation efforts.

Addressing a meeting of standing Government members on March 3 in Hanoi on a draft decision revising regulations for the settlement of debts facing risks at VBSP and a draft resolution on financial regulations for the Vietnam Oil and Gas Group (PetroVietnam), the PM stressed that policies on poverty reduction, which play a major part in the Party and State’s guidelines, contributed to bringing down the rate of poor households to 2.7 percent from over 30 percent in 2000.

The Government leader also underlined that poverty reduction is a requirement for sustainable development, demonstrating Vietnam’s orientation towards socialism. Appropriate amendments and supplements are therefore needed to help VBSP fulfil tasks assigned by the Party and State.

The PM ordered VBSP to improve the quality and efficiency of its operation and pay due regard to the adverse impact of COVID-19 on people’s lives, to identify support measures.

More groups of people have been recently named as eligible for taking out loans from the bank, he said.

The revision of the regulation for the settlement of debts facing risks at VBSP is greatly needed, and standing Government members expressed a high level of consensus on the issue, voicing a hope that amendments will facilitate poverty reduction and the bank’s effective operations.

The PM required that the Ministry of Finance, the State Bank of Vietnam, and VBSP promptly submit a draft decision for consideration, paying attention to businesses and people facing risks posed by COVID-19.

PetroVietnam, meanwhile, contributed 83 trillion VND (3.48 billion USD) to the State budget last year.

The PM highlighted the role and position of the oil and gas sector in the country’s development, not only in terms of economy but also in defence and security.

He called for the best conditions possible for the long-term development of the sector, in an effort to raise efficiency at PetroVietnam.

The MoF is tasked with completing the regulation in line with laws on the management of State capital at enterprises and on the oil and gas industry, as well as current accounting mechanisms, thereby ensuring PetroVietnam’s effective, safe, and sustainable development./.