Phu Tho Prioritises Policy Credit for Employment and Social Housing

On July 23, Phan Trong Tan, Member of the Standing Board of the Provincial Party Committee, Vice Chairman of the Provincial People’s Committee and Head of the Provincial Representative Board of the Vietnam Bank for Social Policies (VBSP), chaired a meeting to review the performance of the provincial VBSP branch in the second quarter of 2026 and discuss key tasks for the third quarter.

Vice Chairman of the Provincial People’s Committee Phan Trong Tan addresses the meeting.

The meeting was attended by Tran Viet Cuong, Member of the Standing Board of the Provincial Party Committee and Director of the Department of Home Affairs; Nguyen Hai, Member of the Standing Board of the Provincial Party Committee and Director of the Department of Ethnic and Religious Affairs; representatives of provincial departments and agencies; and members of the Provincial Representative Board of the VBSP.

During the first six months of 2026, the Provincial Representative Board of the VBSP proactively advised the Provincial Party Committee, the Provincial People’s Council and the Provincial People’s Committee on the issuance of a range of important policies, mechanisms and directives relating to policy credit. Representative boards at both provincial and commune levels maintained regular meetings in accordance with regulations to review implementation results and identify priorities for subsequent periods.

A representative of the provincial VBSP branch presents the bank’s key achievements during the first half of 2026.

As of June 30, 2026, the total funding resources managed by the provincial VBSP branch had reached VND 20.226 trillion, an increase of VND 1.619 trillion, or 8.69%, compared with the beginning of the year. Outstanding loans under policy credit programmes totalled VND 20.223 trillion, up VND 537 billion from the previous quarter, VND 1.602 trillion (8.61%) from the end of 2025, and VND 765 billion, equivalent to 193.3% of the increase recorded during the same period last year.

Delegates attend the meeting.

During the second quarter, the branch disbursed VND 1.758 trillion in loans to 24,312 poor households and other policy beneficiaries. Cumulative lending during the first six months reached VND 3.784 trillion, benefiting 55,454 borrowers.

The policy credit programmes helped create employment for 6,201 workers during the second quarter and 11,736 workers during the first half of the year. In addition, loans supported 274 beneficiaries in purchasing, leasing-to-purchase, constructing, renovating or repairing social housing, assisted 34 workers to take up overseas employment under contract, and enabled 44 students to finance their education.

The branch also promptly implemented several newly issued Party and State policy credit programmes, including a lending programme for people recovering from drug addiction and the implementation of the Government’s updated classification of ethnic minority and mountainous villages and communes, including disadvantaged villages and Areas I, II and III for the 2026–2030 period.

Through the effective use of policy credit, these programmes have contributed to job creation, improved living standards, sustainable poverty reduction, new-style rural development, political and social stability, and socio-economic development, while strengthening public confidence in the Party, the State and local authorities.

A representative of the Department of Finance speaks at the meeting.

During the discussion session, representatives of provincial departments, agencies and members of the Representative Board reviewed challenges encountered during implementation and proposed measures to further improve the effectiveness of policy credit programmes. By the end of the third quarter of 2026, the branch aims to achieve more than 80% of its deposit growth target from individuals and economic organisations, substantially complete its assigned credit growth plan, continue improving credit quality, and maintain the overdue debt ratio below 0.07% of total outstanding loans.

Concluding the meeting, Vice Chairman Phan Trong Tan commended the Provincial Representative Board of the VBSP for its proactive policy advice and effective implementation of assigned tasks during the first half of the year.

Looking ahead to the third quarter and the remainder of 2026, he called on the Representative Board to continue effectively implementing Party and State policies on social policy credit. He emphasised the need to diversify funding sources and increase the amount of local budget capital entrusted to the VBSP in order to better meet the borrowing needs of poor households and other eligible beneficiaries.

Mr. Tan stressed that policy credit resources should be strongly prioritised for essential programmes, particularly employment generation loans, social housing loans, and financial support for people who have completed prison sentences and are reintegrating into society.

Overview of the meeting.

He also urged the branch to strengthen both remote supervision and regular as well as ad hoc inspections, closely monitor policy credit operations following the recent administrative restructuring of communes, villages and residential groups, and ensure the effective operation of savings and loan groups, commune transaction points and lending activities.

The Vice Chairman further highlighted the importance of expanding communication and public awareness efforts so that Party and State preferential credit policies are widely understood by government agencies, organisations and local communities. Strengthening public understanding and support, he said, will help maximise the effectiveness of policy credit in contributing to the successful implementation of the province’s socio-economic development goals.

Duc Anh