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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.

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.

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.

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