Lao Cai not only successfully implemented national targets but also focused on the poverty reduction program, thanks to which the province's socio-economic development has made significant strides. The economic growth rate has been continuously maintained at a high level, and the economic structure has shifted in a positive direction. One of the most impressive figures is that the poverty rate in Lao Cai has decreased by an average of 4.91% in the period 2014-2023. By the end of 2023, the poverty rate will be 14.94% and the near-poor rate will be 10.25% (according to the new multidimensional poverty standard).

Customers are guided through procedures at the Policy Bank.

Lao Cai province always pays attention to directing the mobilization and concentration of financial resources to meet the borrowing needs of the poor and other policy beneficiaries.

Over the years, capital sources in the province have continuously increased. In particular, since the Secretariat issued Directive No. 40-CT/TW on strengthening the Party's leadership over social policy credit, Lao Cai province has balanced the capital entrusted through the Social Policy Bank with an amount of 351 billion VND to supplement the loan capital, meeting the needs of the poor and other policy beneficiaries, contributing to the implementation of annual targets on rapid and sustainable poverty reduction, job creation, new rural construction, and ensuring social security in the area. Thereby, many poor and near-poor households have had the conditions to develop production, improve their lives, and at the same time contribute to promoting the local economy.

Economic models funded by loans from the Policy Bank have helped people escape poverty.

Directive 40 has helped strengthen the Party's leadership in social policy credit activities. The province has also closely coordinated with the Social Policy Bank and mass organizations to bring preferential loans to disadvantaged groups, creating opportunities for thousands of households to escape poverty. Coordinate with agricultural, industrial and forestry extension agencies to organize training courses on cultivation, animal husbandry, and small-scale industry techniques for households after receiving loans, in order to equip them with new knowledge and techniques for them to apply in production and business. Build and integrate models, programs and projects for socio-economic development and sustainable poverty reduction with the use of social policy credit capital to consolidate, promote and expand cooperatives and cooperative groups, assign socio-political organizations (Women's Union, Ho Chi Minh Communist Youth Union, Farmers' Association, etc.) to develop start-up projects.

Social policy credit activities in the province over the past 10 years have helped 239,000 poor households and other policy beneficiaries to borrow capital, contributing to helping 71,000 households overcome the poverty line; creating jobs for 46,000 workers; helping 101 workers to borrow capital to work abroad for a limited period; more than 3,800 students in difficult circumstances to borrow capital to study; building more than 80,000 clean water and rural environmental sanitation works, etc.

In the period of 2021-2025, to integrate resources as well as diversify approaches and approaches to capital sources for people, Lao Cai province issued Plan No. 284/KH-UBND dated August 15, 2022 to implement the National Target Program on socio-economic development of ethnic minority and mountainous areas. In which, implementing Project 9: Investing in the development of ethnic minority groups with very few people and ethnic groups with many difficulties. Supporting production development to implement value chain linkage projects and community livelihood models in villages where Bo Y ethnic people live; supporting production development models for ethnic minorities with many difficulties in the form of budget authorization from policy banks for preferential loans.

With the achieved results, Directive 40 has truly created a turning point, contributing significantly to the province's hunger eradication, poverty reduction and sustainable development./.