Prime Minister Nguyễn Xuân Phúc speaks at the meeting. — VNA/VNS Photo

HÀ NỘI — Prime Minister Nguyễn Xuân Phúc has said the Vietnam Bank for Social Policies (VBSP) plays a significant role in the country’s poverty alleviation efforts.

Addressing a meeting of Government members on Wednesday in Hà Nội on a draft decision revising regulations for the settlement of debts facing risks at the VBSP and a draft resolution on financial regulations for the Vietnam Oil and Gas Group (PetroVietnam), the PM stressed that policies on poverty reduction contributed to bringing down the rate of poor households to 2.7 per cent from more than 30 per cent in 2000.

The Government leader also said that poverty reduction is a requirement for sustainable development, demonstrating Việt Nam’s orientation towards socialism. Appropriate amendments to policies are therefore needed to help the VBSP fulfil tasks assigned by the Party and State.

The PM ordered the VBSP to improve the quality and efficiency of its operation and pay due regard to the impact of COVID-19 on people’s lives.

More groups of people have been recently made eligible for loans from the bank, he said.

The revision of the regulation for the settlement of debts facing risks at the VBSP is greatly needed, and Government members expressed a high level of consensus on the issue, voicing a hope that amendments will facilitate poverty reduction and the bank’s operations.

The PM asked that the Ministry of Finance, the State Bank of Việt Nam, and the VBSP submit a draft decision for consideration, paying attention to businesses and people facing risks posed by COVID-19.

PetroVietnam, meanwhile, contributed VNĐ83 trillion (US$3.48 billion) to the State budget last year.

The PM highlighted the role of the oil and gas sector in the country’s development, not only in terms of economics but also in defence and security.

He called for the best conditions possible for the long-term development of the sector.

The finance ministry is tasked with completing regulations in line with laws on the management of State capital at enterprises and on the oil and gas industry, as well as current accounting mechanisms, ensuring PetroVietnam’s effective, safe, and sustainable development. — VNS