Enhancing social credit resources for sustainable development

DNHN - Enhancing social credit resources is essential for sustainable development, supporting key social projects, encouraging investment in underdeveloped areas, and combating climate change, thereby promoting social equity.

Recently, Prime Minister Pham Minh Chinh chaired a conference summarizing 10 years of implementing Directive No. 40-CT/TW of the Secretariat of the 11th Central Committee of the Communist Party, issued on November 22, 2014, on strengthening the Party's leadership over social policy credit. This directive was further concretized by the Secretariat through Conclusion No. 06-KL/TW dated June 10, 2021, after five years of implementation. To effectively implement this, the Prime Minister issued Decision No. 401/QD-TTg on March 14, 2016, and Decision No. 1630/QD-TTg on September 28, 2021, identifying four main task groups and specifically assigning them to the Central Ministries, local governments, and the Social Policy Bank.

Over the past 10 years, the preferential credit program has supported more than 21 million households in developing production and business. Notable results include helping over 3.1 million households overcome poverty, creating jobs for more than 4.2 million workers, constructing more than 13.2 million clean water and sanitation projects in rural areas, providing scholarships for over 610,000 students, and supporting more than 193,000 homes for the poor. Additionally, over 1.2 million workers were provided with wage support during the COVID-19 pandemic.

According to Prime Minister Pham Minh Chinh, economic development policies must always be closely linked with social equity and welfare. He asserted that pursuing economic growth should not come at the expense of fairness and social welfare. The spirit of "development for all" must be maintained to ensure that everyone benefits from the country's development, and no one is left behind.

The Prime Minister noted that social policy credit has proven to be an important pillar in the system of poverty reduction policies and social welfare assurance. After more than a decade of effort, this program has become a highlight, a pillar in meeting the needs of the people, especially the vulnerable. The conference also evaluated the achievements and shortcomings, while making recommendations.

Additionally, the Prime Minister assigned the Government Office and the Social Policy Bank to compile opinions and proposals for the Government to consider, continuing to enhance the Party's leadership in the field of social policy credit. Strengthening social credit resources plays a crucial role in promoting sustainable development.

These funds not only support essential infrastructure projects and public services but also help build facilities and improve the quality of life for communities. When banks and financial institutions provide credit under favorable conditions for social projects, they significantly contribute to poverty reduction and increased access to services for vulnerable groups.

Moreover, investing in social credit helps create a stable and fair business environment, thereby promoting sustainable economic development. Projects funded by social credit often have long-term positive impacts on communities, such as developing education, healthcare, and environmental protection. When credit policies and programs are effectively implemented, they not only improve current living standards but also ensure comprehensive and sustainable development for the future.

Furthermore, enhancing social credit resources is necessary to finance sustainable development projects, such as building infrastructure, improving the quality of education, and healthcare. These projects not only generate direct economic benefits but also contribute to enhancing the quality of life and ensuring social equity.

Social credit resources help encourage investment in underdeveloped areas, reducing disparities between regions. This not only creates job opportunities and fosters local economic development but also promotes balanced development, contributing to the overall sustainability of the economy.

Enhancing social credit allows for investment in technology solutions and resilient infrastructure systems against climate change. This helps communities adapt and mitigate the negative impacts of extreme weather events, ensuring long-term sustainable development.

Social credit plays an important role in supporting social enterprises and startups. These businesses often face difficulties in accessing capital from traditional financial sources. Financial support from social credit helps them overcome challenging periods and develop innovative solutions, contributing to the sustainable development of the economy.

Thus, enhancing social credit resources helps promote poverty reduction programs and improve living conditions for vulnerable groups. This not only enhances social equity but also contributes to the comprehensive development of society, creating a solid foundation for sustainable development in the future.

Phan Chinh