Additionally, this credit source has supported students from disadvantaged backgrounds by providing them with educational loans.
In late November 2024, resident Nguyen Van Thuong in Tan Thanh Tay Commune of Cu Chi outlying district, along with his wife, each morning consistently take care of the herd of cows that are nearing sale. They also drop by the cage in their backyard where they raise the group of wild boars.
Mr. Thuong explained that the poverty reduction support fund was the primary income source that enabled his family to overcome financial hardship and rise above the city's near-poverty line.
Mr. Thuong recounted his family's journey in overcoming challenges, stating that his family was once classified as a near-poor household in their community. They were eligible for a loan of VND100 million from poverty alleviation program, along with an additional VND20 million for clean water treatment and environmental sanitation initiatives to enhance their economic situation. He spent the loan on buying breeding cattle and wild boars, as well as improving their animal housing facilities.
Furthermore, he benefited from training in animal husbandry techniques provided by the vocational training support fund for rural workers.
Up to now, Mr. Thuong's family has a herd of 5 cows and 7 breeding wild boars, bringing in a relatively stable income.
Elsewhere in HCMC, resident Tran Phuong Nam of Tan Thoi Nhat Ward of District 12 has expanded her sewing facility after receiving social policy credit. This expansion enabled her to process backpacks and handbags, providing stable employment for 12 individuals.
Her family has operated a sewing workshop for several years, yet they possess only 5 to 6 sewing machines, insufficient to fulfill large orders. With the assistance of a city loan aimed at promoting job creation, she was able to invest in additional sewing machines and employ more workers to handle larger orders, thereby enhancing her income stability.
Ms. Nam stated that not only has her family's income become more stable, but it also provides more job opportunities for workers, contributing to the stabilization of their lives.
Director Giang Manh Hung of the office of Vietnam Bank for Social Policies' HCMC branch in District 12 said that from the beginning of 2024 to the end of October, the unit has disbursed loans to 3,618 customers who are poor households, near-poor households and other policy households with an amount of VND249,671 billion.
In 2024, preferential credit sources helped create and maintain 2,802 jobs. Additionally, 204 students were able to continue their education, and 91 poor households as well as 90 near-poor households gained capital for production and business, allowing them to stabilize their lives and escape poverty.
This social policy credit aims to improve and enhance the quality of life for people in the district and throughout Ho Chi Minh City.
From 2020 to June 30, 2024, the Cu Chi District office of the Social Policy Bank, led by Director Le Hung, has disbursed over VND 1,237 billion in loans to 26,989 households.
Director Tran Van Tien of the Ho Chi Minh City Social Policy Bank announced that the bank has promptly disbursed preferential credit to meet the capital needs of the city's poor people, workers, and other policy beneficiaries. As of the first nine months of 2024, the social policy credit network has expanded to 4,874 savings and loan groups across wards.
The Social Policy Bank in Ho Chi Minh City is collaborating with relevant departments, agencies, and units to propose an additional loan capital estimate for 2025 and the period 2026-2030 to the municipal People's Committee. This proposal aims to expand the beneficiaries under the city's poverty reduction support loan program to include households with average living standards, poor, near-poor, and newly escaped-poverty students.
