On the afternoon of January 31, Mr. Nguyen Duc Lenh, Deputy Director of the State Bank (SBV) Ho Chi Minh City branch, said that in 2023, policy credit programs were implemented well in Ho Chi Minh City. The credit outstanding of Ho Chi Minh City Bank for Social Policies was VND10,330 billion (US$422,264,418) which was given to poor and vulnerable residents in HCMC in 2023.
According to Deputy Director Lenh, this is the highest growth rate in the last 5 years. Of the amount of VND10,330 billion, VND 7,348 billion was the outstanding loan for the job creation program - the highest proportion - accounting for 77.1 percent of the total outstanding loan of the Ho Chi Minh City Bank for Social Policies while people borrowed VND2,982 billion for buying social housing, accounting for 22.9 percent of the bank’s total outstanding loans.
Policies and solutions to support the poor, ensure social security and improve the growth quality of the Government, State Bank and the municipal People's Committee with increasing loan capital and loan levels for the implementation of policy credit programs in difficult economic conditions - the main factor affecting policy credit growth in Ho Chi Minh City.
Particularly, local capital entrusted for lending in 2023 increased by 77 percent compared to the previous year, creating conditions for policy credit programs in Ho Chi Minh City to grow. Thereby, it has been supporting and helping many poor and disadvantaged people in Ho Chi Minh City to have capital for production and business, creating sustainable livelihoods and jobs for the above-mentioned people, generating income to improve their lives; thereby, they can escape poverty and achieve stability.
At the same time, it also contributes to the goal achievement of the hunger eradication and poverty reduction program, ensuring social security and sustainable economic growth.
In addition to loan programs for job creation and social housing loans, other credit programs such as loans to support poverty reduction, student loans, loans for clean water and rural environmental sanitation have been also implemented.
