Nganam Town Social Policy Credit Program Impact
- LONG BINH, Vietnam (AP) — Preferential loan programs are driving economic progress in Nganam Town, enabling families to escape poverty and bolstering the local economy, according to local...
- Damn Bay, a resident of Tanbin village in Longbin, used a 70 million VND loan (Vietnamese Dong) obtained in 2022 to improve his family's land and lift himself...
- Nguyen Ti Ni, also from Tanjung village in Longbin, faced similar challenges before receiving a preferential loan for production, business development, and fruit tree cultivation.
Table of Contents
- Nganam Town’s Social Policy Bank Fuels Economic Growth with Loans
- Nganam Town’s Social Policy Bank: Fueling Economic Growth and Poverty reduction
- What is the Nganam Town Social policy Bank?
- What is the Main Goal of the social Policy Bank?
- How Does the Bank Help Families Thrive?
- Can you provide examples of how loans have helped?
- How does the local government support the Social Policy Bank’s initiatives?
- What is the impact of policy credit in Nganam Town?
- What is the bank’s performance?
- How Many People Have Benefited From These Loans?
- What are some Specific benefits of these loans?
- What is the bank doing to Improve Credit Quality?
- What are the key financial figures as of April 25, 2025?
- How many households are utilizing policy credit capital?
- What is the role of policy credit capital in local economic development?
- What are the future plans for the Nganam Town Social Policy bank?
LONG BINH, Vietnam (AP) — Preferential loan programs are driving economic progress in Nganam Town, enabling families to escape poverty and bolstering the local economy, according to local officials.
Loans Help Families Thrive
Damn Bay, a resident of Tanbin village in Longbin, used a 70 million VND loan (Vietnamese Dong) obtained in 2022 to improve his family’s land and lift himself out of poverty. “Thanks to the preferential loans of social policy banks, our family has secured the capital needed for business operation, and the economy is more stable than before,” Bay said. ”We have invested capital to successfully shift in fruit cultivation, crop cultivation, and fish farming.”
Nguyen Ti Ni, also from Tanjung village in Longbin, faced similar challenges before receiving a preferential loan for production, business development, and fruit tree cultivation. In 2022,Ni received a 70 million VND loan from the Social Policy Bank,in line with government policy to promote socio-economic development in minority and mountainous areas. Ni successfully integrated vegetable and fruit tree cultivation, securing a stable income. “Thanks to the preferential loans of the Social Policy Bank, our family has secured the capital for business operation, and the economy is much more stable than before,” Ni stated. The family is now increasing income by improving land for Kasaba and Guava cultivation and plans to repay the loan as promised.
Local Government Support
Nganam Town’s Classical Committee has focused on leading social policy credit activities, implementing effective solutions to help households develop production and business.The Village social Policy bank works with local governments and social organizations to approve loan applications and monitor capital use.
Policy Credit Impact
According to the Vice Chairman of the Ten Tong Hoa Comrade – Longbin Social committee,the Longbin Social Commission has effectively organized and implemented policy credit capital in the region. In the first four months of 2025, more than 8 billion VND was loaned, with the region’s unpaid policy credit balance exceeding 52 billion VND. More than 1,000 households borrowed capital, allowing about 70% of local households to access capital.
the official added that the city’s policy credit capital has substantially reduced poverty, contributing to the construction of an advanced New Rural Village in the area.
Bank Performance
As of the end of the first quarter of 2025, the total unpaid credit balance of the Ngam-eup Social Policy Bank Trading Office exceeded 572 billion VND, with more than 12,000 households utilizing policy credit capital, approximately 60% of the village’s households. Policy credit capital has supported more than 8,000 households through investment in production and business.Additionally, loans have assisted more than 130 students from challenging backgrounds and over 3,000 households, including impoverished families and those recently out of poverty.
These efforts contribute to lasting poverty reduction,reduce the gap between rich and poor,suppress illegal lending practices,and secure social security in the community.
Looking Ahead
Nguyen Viethin Nga NAM, head of the Social Policy Bank, said the department is actively improving credit quality.The bank will evaluate the results of association,union,and savings loans,review debt maturity,and continue to lend. As of April 25, 2025, more than 70 billion VND had been borrowed. The 12,000 households using policy credit capital represent about 60% of households eligible for capital throughout the village.
Nguyen Viet Chin noted the important role of policy credit capital in promoting local economic development. The Nganam Town Social Policy Bank Trading Office is promoting its role, executing internal solidarity, and working closely with local authorities to achieve specific goals. These include ensuring access to capital for registered models, impoverished households, and those newly out of poverty. The organizational structure of the board of directors, associations, unions, and savings loans is being improved to meet organizational requirements. Credit quality remains stable and classified as high level.
The Nganam Town Social Policy Bank will continue to cooperate with the government, institutions, and unions to develop production, business, and support households needing additional loans for sustainable economic development.
The Nganam Town Social Policy bank is a financial institution in Nganam Town, Vietnam, that provides preferential loans to local households.These loans aim to stimulate economic progress, reduce poverty, and improve the overall quality of life for residents.
The primary goal is to drive economic progress by providing access to capital. This helps families escape poverty and strengthens the local economy.
How Does the Bank Help Families Thrive?
The bank offers preferential loans to families to support their businesses and improve their living conditions. This has led to notable positive changes for manny residents.
Provides Capital for Businesses: Loans offer families the necessary capital to start or expand businesses.
Supports Various Industries: Capital supports various industries,including fruit cultivation,crop cultivation,and fish farming.
Improves Economic Stability: Loans enable more stable household economies.
Can you provide examples of how loans have helped?
Yes. Two residents, Damn Bay and Nguyen Ti Ni, are examples of how the loans have positively impacted families:
Damn Bay: Received a 70 million VND loan in 2022 to improve his family’s land. He successfully shifted to fruit, crop, and fish farming, thus improving his family’s economic status.
Nguyen Ti Ni: Also received a 70 million VND loan in 2022 for business development and fruit tree cultivation. She integrated vegetable and fruit tree cultivation to secure a stable income.
Nganam Town’s Classical Committee works with the bank to implement effective solutions for local households. The Village social Policy Bank collaborates with local governments and social organizations to approve loan applications and monitor capital use.
What is the impact of policy credit in Nganam Town?
Policy credit capital has had a significant impact on the region:
Poverty Reduction: Substantially reduced poverty rates.
Capital Access: Approximately 70% of local households can access capital for investment.
Economic Growth: Contributes to the construction of the advanced New Rural Village.
What is the bank’s performance?
The bank has shown substantial performance in the first quarter of 2025:
Unpaid Credit balance: The total unpaid credit balance exceeded 572 billion VND.
Household Reach: Over 12,000 households use policy credit capital, representing about 60% of the village’s population.
Support for Businesses: Policy credit capital has supported over 8,000 households through investment in production and business.
How Many People Have Benefited From These Loans?
loans have assisted a significant number of people in the community:
Businesses: Over 8,000 households
Students: Assisted over 130 students
impoverished Families: Helped over 3,000 households
What are some Specific benefits of these loans?
There are multiple advantages that these loans offer:
Reduced Poverty: Contribute to lasting poverty reduction.
Reduced Inequality: Help reduce the gap between rich and poor.
Suppression of Illegal Lending: Discourage illegal lending practices.
Social security: Secure social security within the community.
What is the bank doing to Improve Credit Quality?
The Social Policy Bank is actively improving credit quality:
Credit Quality: The department actively improves credit quality.
Evaluation: Evaluate the results of association, union, and savings loans.
Debt Review: Review debt maturity and continue to lend.
What are the key financial figures as of April 25, 2025?
As of April 25, 2025, the amount borrowed exceeded 70 billion VND. In the first four months of 2025, more than 8 billion VND was loaned, with the region’s unpaid policy credit balance exceeding 52 billion VND.
How many households are utilizing policy credit capital?
12,000 households are actively using policy credit capital, which represents about 60% of households eligible for capital throughout the village.
What is the role of policy credit capital in local economic development?
Policy credit capital is important in promoting local economic development:
Promoting Growth: This capital promotes local economic development.
Partnership: works with local authorities to achieve goals.
The Nganam Town Social Policy Bank plans to continue its efforts for enduring economic development:
Cooperation: It will continue to cooperate with the government, institutions, and unions.
* development: It will support production, business, and households needing additional loans.