Urgently providing loans for socio-economic recovery and development
Updated : 5/12/2022 2:40:44 PM (GMT+0700)

Implementing the Government's Resolution 11/NQ-CP dated January 30th, 2022 on the Socio-Economic Development and Recovery Program, in the spirit of urgently bringing the resolution to life, the Bank for Social Policies in Phu Yen branch (Phu Yen VBSP) has been focusing on disbursing funds to support beneficiary groups to overcome difficulties after the pandemic.

Mr Nguyen Ngoc Cuong in ward 9, Tuy Hoa city receiving capital from the social housing loan program at Phu Yen Bank for Social Policy

The couple of Nguyen Ngoc Cuong and Ly Ngoc Nha Phuong (living in Phuoc Hau 3 quarter, ward 9, Tuy Hoa city), working as teachers, are eligible for loans from the social housing loan program under Resolution 11/NQ-CP. After opening the foundation to build a house, they completed the loan procedure and was disbursed VND 500 million. Mr. Cuong let known: There are 4 people in my family, have been living in a rented house for a long time. Through friends who have borrowed capital for social housing before, I learned the procedure and applied for a loan to realize my dream of having a home. We have appreciated the source of capital because of its reasonable interest rate, long loan term, monthly payment of interest and principal, which is suitable for our income. Specifically, with a loan of VND 500 million for a period of 200 months, my family pays VND 4.5 million each month for both principal and interest.

It is known that on April 27th, as soon as it was allowed to disburse funds according to Resolution 11/NQ-CP of the Government, Phu Yen Bank for Social Policy and its affiliated transaction offices in the province actively guided households meeting the conditions and having the need to borrow capital to make a loan application. Accumulated up to now, there have been 9 households in the province that have received loans from the social housing loan program with a total amount of nearly VND 2.1 billion (in the 1st disbursement); 29 turns of households borrowed money from the program for students with difficulties to buy computers and online learning equipment with VND 284 million and 180 employees borrowed from the loan program to support job creation with VND 8.5 billion.

Implementing Resolution 11/NQ-CP of the Government, the VBSP system is assigned to implement preferential credit programs in the two years of 2022-2023, including loans to support job creation, job maintenance and expansion; social housing loans; loans for students with difficulties to buy computers, online learning equipment and to cover study expenses; loans for implementing the National Target Program on socio-economic development in ethnic minority and mountainous areas; providing loans to non-public preschool and primary schools that must stop operating for at least 1 month according to the requirements of epidemic prevention and control.

In Phu Yen province, according to the review results, the total demand for loans for policy credit programs under Resolution 11/NQ-CP in the province is VND 1,241 billion, with VND 605 billion in 2022. In April 2022, VBSP Phu Yen has been allocated VND 215 billion to lend to support job creation, job maintenance and expansion (VND 40 billion); loans for social housing (VND 70 billion) and loans for students with difficult families to buy computers and online learning equipment (VND 105 billion).

According to Mr Ho Van Thuc, Director of Phu Yen Bank for Social Policy, the branch has actively advised the Provincial People's Committee to direct departments, branches and localities to focus on reviewing the capital needs of the people, especially those severely affected by the COVID-19 pandemic; at the same time, deploying for professional departments and affiliated transaction offices to coordinate with localities and entrusted socio-political organizations at the grassroots level to continue propagating and disseminating policies and objectives, meaning, and regulations of the programs for people to grasp and apply for making loans when in need.

“The lending process is carried out from the grassroots level, through public comment, to the right beneficiaries, ensuring the capital used for the right purposes. This timely support will help poor households and other policy beneficiaries overcome difficulties caused by the COVID-19 pandemic, contributing to economic recovery and development in the spirit of Resolution 11/CP-CP”, said Mr Thuc.

Source: Phu Yen Newspaper

Translated by TRINH THUY

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