Quang Ngai harvests upbeat results via policy credit sources

A report from Quang Ngai Party Committee reads that in the past decade, policy credit sources which are tailored to support needy households and underprivileged people have lent out to over 300,000 needy households and other policy beneficiaries, with total lending volume reaching $442.3 million.

These capital sources came from Vietnam Bank for Social Policies' (VBSP) Quang Ngai Branch.

As of April 30, total policy credit outstanding balance amounted to $231.2 million, up $135 million compared to 2014, growing 140.6 per cent, with more than 107,000 needy households and other policy beneficiaries being the recipients currently.

Policy credit sources have helped almost 61,500 households escape from poverty. Over 7,000 pupils were given loans to continue study, jobs have been created for around 45,700 labourers, and around 420 labourers work abroad under term-contracts.

Lessons from the practice show that it is important to bolster the role and responsibility of management bodies at all level on expediting policy credit activities.

Policy credit sources were also directed into building around 158,600 clean water and environmental hygiene facilities in rural areas, as well as building more than 4,500 houses for needy households and policy beneficiaries.

However, in parallel to achievements, some challenges still exist, such as the amount of policy credit sources lent out to people in several mountainous districts in the province has not sufficiently met actual demands.

There is also a lack of synchronisation in combining policy credit activities with other programmes on agricultural and rural development, and those on job creation, vocational training, science, and tech transfer, leading to part of the borrowers have not been using the capital sources efficiently to get out of poverty in a sustainable manner.

Of note, lending at several programmes has not yet been revised timely to suit market and pricing situation as well as actual economic development scene to efficiently support the borrowers to improve their life. This includes lending to build clean water and environmental sanitation works in rural areas, lending to needy pupils and students, or lending to support job changes, to name but a few.

The attention, support, and guidance from management bodies at diverse levels, and the efficient and synchronous coordination between relevant management bodies and VBSP’s Quang Ngai Branch are significant to the stable and sustainable development of policy credit activities in the province.

Simultaneously, management bodies at all levels must pay due heeds to mobilising diverse resources to embrace the implementation of policy credit projects and programmes closely attached to agricultural and rural development programmes.

Expediting education and vocational training, job creation to ensure social wellbeing, and expediting other national target programmes towards 2030 have contributed to expanding the scope of people accessible to state capital support, who previously could not access these capital sources, VBSP said.

This helps the province enhance the efficiency of the projects and programmes on social and economic development, and sustainable poverty reduction to ensure social wellbeing and build a new style countryside.

This also helps bolster the capacity and operational efficiency of VBSP’s Quang Ngai Branch itself, as well as ensuring continued effective implementation of this specific policy credit management and organisational model.

Quang Ngai’s infrastructure investment focus Quang Ngai province’s planning has clearly outlined a roadmap for investing in a series of important infrastructure projects to promote economic growth, building the province into one of the most well-developed in the entire country.

At the announcement ceremony for Quang Ngai’s provincial planning for the 2021-2030 period, with a vision to 2050, and the commencement of the Hoang Sa-Doc Soi road project on December 24, Quang Ngai People's Committee awarded investment policy decisions to representatives of a number of projects.

Following a challenging 2023, local businesses have returned upbeat results from the first quarter (Q1) of this year, heralding rosier prospects for the rest of 2024.