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2.1 million Vietnamese households have escaped from poverty

07:09 | 18/07/2020

For the past five years, over 2.1 million households have escaped from poverty thanks to social policy credit, which is considered an important factor of the national target program for sustainable poverty reduction. 

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21 million vietnamese households have escaped from poverty
General view of the conference. (Photo: VGP)

The above data was released at a national teleconference on July 15, which reviewed five-year implementation of Directive No 40-CT/TW on boosting the Party's leadership over social policy credit, reported by Nhan Dan.

Thanks to social policy credit, the household poverty rate was brought down from 14.2% in 2011 to 4.25% in 2015. The rate fell to 5.23% in 2018 from 9.88% in 2015.

Duong Quyet Thang, General Director of the Vietnam Bank for Social Policies (VBSP), said that since Directive 40 was issued, the awareness about social policy credit has been improved. Therefore, credit has grown 31.3% annually, or 4 times faster than in the pre-directive period.

21 million vietnamese households have escaped from poverty
Nguyen Van Binh, head of the Party Central Committee’s Economic Commission, speaks at the conference. (Photo: VGP)

Nguyen Van Binh, head of the Party Central Committee's Economic Commission, said that the implementation of the social policy credit program has supported rural area building and sustainably poverty reduction.

Significantly, the provision of social policy credit for those affected by Covid-19 is considered one of the important solutions that supported the poor find stable livelihoods.

This has helped improve the people's trust in the Party and the State, achieve growth and development, erase poverty quickly and sustainably, assure social welfare, and guarantee political stability, security and defence.

21 million vietnamese households have escaped from poverty
Standing Committee Secretary Tran Quoc Vuong speaks at the conference. (Photo: Vietnamnet)

"This is the most widely implemented policy, meeting the capital needs of the poor. As a result, from 2014 to 2019, the number of poor households has decreased sharply. This has contributed to prevent the black credit and promote economic restructuring especially in the rural agriculture sector. " Tran Quoc Vuong, Member of the Politburo, Standing Committee of the Secretariat said, informed VnExpress.

Vietnam's social policy credit has been highly appreciated internationally, contributing to turning Vietnam a model of poverty reduction in the world, according to Vietnamnet.

Over the last five years, social policy credit has reached all commune-level localities nationwide. Credit has amounted to VND226.56 trillion (US$9.8 billion), rising more than VND91 trillion (USD 3.9 billion) since the end of 2014.

Loans of some VND336.94 trillion (USD 14.5 billion) have been provided to over 12 million households, over 2.1 million of which have escaped from poverty sustainably.

Credit has also helped to build over 7.3 million of water supply and sanitary facilities in rural areas, along with nearly 142,000 houses for the poor and policy beneficiaries nationwide.

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