Legal issues on bank credit and social security policy housing programs

VIETNAM NATIONAL UNIVERSITY, HANOI SCHOOL OF LAW NGUYỄN THU HUYỀN NGÂN LEGAL ISSUES ON BANK CREDIT AND SOCIAL SECURITY POLICY: HOUSING PROGRAMS GRADUATION PAPER MAJOR: BUSINESS LAW Hệ đào tạo: Chính quy Khóa học: QH – 2013 LKD Supervisor: ThS Khuất Quang Phát Hà Nội, 2017 CONTENTS Introduction Chapter 12 GENERAL THEORETICAL ISSUES ON CREDIT AND SOCIAL SECURITY POLICY ON HOUSING PROGRAMS FOR THE POOR 12 1.1 Definition of Social Security 12 1.1.1 International Definition 12 1.1.2 National Definition 13 1.2 Definition of Bank Credit 17 1.2.1 The definition of Bank Credit 17 1.2.2 Bank Credit’s Features 19 1.2.3 Bank Credit’s classification 20 1.2.4 Features of the lending activity 21 1.3 Relationship between Bank Credit and Social Security Policy 21 Chapter 26 PRACTICAL EXPERIENCES 26 2.1 Legal Content on Housing for the poor 26 2.1.1 Preferential housing policies 26 2.1.2 Preference loans for purchase, lease, lease-purchase of social houses; New construction or renovation or repair of houses for accommodation 30 2.1.3 Borrowing investment capital for the construction of social houses 32 2.1.4 Procedures for purchase, rent, rent-purchase social house 33 2.2 Social Security Policy in Vietnam – Actual state 39 2.2.1 Inadequation in supply and demand 40 2.2.2 Inadequation in legal provisions and policy 40 2.2.3 Law’s Violations 43 2.2.4 Others 44 2.3 Reasons for difficulties and inadequation 45 2.3.1 Objective reasons 46 2.3.2 Subjectives Reasons 46 Chapter 49 RESOLUTIONS TO IMPROVE CREDIT AND SOCIAL SECURITY POLICY 49 ON HOUSING PROGRAMS FOR THE POOR 49 3.1 Orientation to complete the law: 49 3.2 Policy recommendations: 50 CONCLUSION 52 REFERENCES 53 Legal Issues on Bank Credit and Social Security Policy: Housing programs INTRODUCTION The urgency of the subject: Economic security is a universal human problem, encompassing the ways in which an individual or a family provides for some assurance of income when an individual is either too old or too disabled to work, when a family breadwinner dies, or when a worker faces involuntary unemployment (in more modern times) All societies throughout human history have had to come to terms with this problem in some way The various strategies for addressing this problem rely on a mix of individual and collective efforts Some strategies are mostly individual (such as accruing savings and investments); others are more collective (such as relying on help from family, fraternal organizations and unions, religious groups, charities, and social welfare programs); and some strategies are a mix of both (such as the use of various forms of insurance to reduce economic risk) Social insurance provides a method for addressing the problem of economic security in the context of modern industrial societies The concept of social insurance is that individuals contribute to a central fund managed by governments, and this fund is then used to provide income to individuals when they become unable to support themselves through their own labors The need for social insurance became manifest with the coming of the Industrial Revolution All peoples throughout all of human history have faced the uncertainties brought on by enemployment, illness, disability, death and old age In the realm of economics, these inevitable facets of life are said to be threats to one’s economic security.To support all humanity in the time of need, Social Security was invented For the time being, Social Security system in Vietnam is playing a more important role in the development and stabilization of the economic and society The distribution of Social Security is the distribution in a more benefit way for the low-income individuals Social Security contributes to reduce the gap between the rich and the poor, guarantee the equity in society Social Security is one of the social policy that needs the Government to pay attention to and to promote for the development of human races, improvement of life’s quality The Government is cordinating the Credit policy and Social Security policy to giving a hand to the individuals living in low-income and poverty Research situation of the subject: Housing programs for the poor with the affection of Credit and Social Security Policy is now a hot topic of many developed countries In Vietnam, this is a topic of national interest and is getting really urgent Therefore, beside many relating decrees and regulations, there begins to have more researchs and studies on this subject, included: books, dissertations, journals on specialized magazines Below are some of the books and subject related to this study:  International Researchs: “Guidelines on social housing: Principles and examples” by United Nations, published in 2006 “The builders: Houses, people, neighborhoods, governments, money” by Martin Mayer, published in 1978  Local Researchs: “Commercial Housing Development Policy in Ho Chi Minh city: Theory and Practice” edited by Duong Thi Binh Minh and other authors; “Resolution for Capital for building and developing urban housing in Vietnam nowadays”, Nguyen Khac Tra, 2009, PhD Thesis on Economics Science, Finance – Accountant Academy; “Social Housing, experiences from developed countries”, Vietnam Construction Review; “Social Housing for low income individuals in urban areas”, by Le Quan, 2011, Architectual Planning Magazine, Hanoi Architectural University; LL.M Le Thi Hoai Thu, School of Law, Vietnam National University, Social Security Law in Vietnam – Current Situation and Some Recommendations, Social Insurance Journal No / 2004 There have been many studies, researchs and policies that involved housing for the poor both domestically and internationally Among them, most of the problems are about investment on real estate concerning Social Security and Housing programs for LowIncome households  International: The International Labour Organization (ILO) defined the traditional contingencies covered by social security as including: - Survival beyond a prescribed age, to be covered by old age pensions; - The loss of support suffered by a widowed person or child as the result of the death of the breadwinner (survivor’s benefit); - Responsibility for the maintenance of children (family benefit) - The treatment of any morbid condition (including pregnancy), whatever its cause (medical care); - A suspension of earnings due to an inability to obtain suitable employment for protected persons who are capable of, and available for, work (unemployment benefits); - A suspension of earnings due to an incapacity for work resulting from a morbid condition (sickness leave benefit); - A permanent or persistent inability to engage in any gainful activity (disability benefits); - The costs and losses involved in medical care, sickness leave, invalidity and death of the breadwinner due to an occupational accident or disease (employment injuries) These are the sectors of social security in some nations The ILO has also identified different funding approaches by which social security benefits are provided These include social insurance, social assistance, employer mandates and demogrand or social allowance schemes (International Labour Office, 1958) Social Insurance is an occupationally based approach which is funded by the regular contributions paid by workers and employers On the other hand, social assistance pays benefits from general revenues Its distinctive feature is the income or means test, which is used to determine eligibility Employer liability schemes are based on statutes that require employers to provide benefits to employees who encounter specific contigencies Finally, demogrant schemes or social allowances pay benefits from general revenues to all who meet specified contingencies without any consideration of income They cover all persons who fall into a designated population and contingency group There also have been some researchs on housing concerned credit policy One of them is “Housing programs for Low-Income Households” by Edgar O Olsen Meanwhile, the world has cared much about the Social Security policy and how other investments can affect that The investors usually only cares about profits and benefits that they can enjoy from their investment but not about the affection it can develop toward the surroundings, which is the society, human, and also environment The credit policy is an effective way to diminish those bad affection  Domestical: In our country, the problems of Social Security have been mentioned for a long time The spirit for community life has been shown since ancient time through many idioms and proverbs Nowadays, Social Security is still one of the top concerned issues in the policy of the Party, the Government and Society As can be seen from Resolution No 80, Decision No 852 and Acts of the Party about Social Security, the researchs on developing and completing the system of Social Security Policy in Vietnam have become more and more important As a result, series of policies and legal documents on Social Security have been published The structure of Social Security in Vietnam is different from other countries, consists of: Social Insurance Health Insurance Unemployment Insurance Social Relief Social Assistance and Incentives Comparing with other models of systems in the world, our Social Security system has a particular part, which is the Social Incentives This policy aims to offset, reward the sacrifice and the credit of people who had done great things in the Revolution and had worked hard for the country The Government has published many legal documents on Social Security and other pratical Social Security Policies that point to the Poor Especially, there are many credit policies on housing that navigate toward Social Security For example, if the investors invest on social housing, there will be preferential treament by Article 58 in Law on Housing 2014 (paragraph point c: “Concessional loans granted by a bank for social policies or a credit institution operating in Vietnam; preferential loans regarding the social housing construction for lease with lower interest rate and longer terms in loan agreement than the social housing construction for lease purchase or sale;”) Likewise, in article 49 paragraph and 4, the Government will have incentive policies on social housing with households living in poverty or near poverty in rural areas and individuals living in low income, poverty or near poverty in the urban areas Moreover, the policies on housing support shall be carried out as support in preferential loans provided by banks for social policies, which is a credit policy of the Government The Government in Vietnam has also deployed the Preferential Loans VND 30,000 billion supporting individuals living in low income or poverty for social housing Through all the information and relating documents, it can be clearly seen that housing programs for the poor is having the attention of all society However, we haven’t paid enough attention to the legal issues on Credit and Social Security Policy side Therefore, despite many documents, researchs, studies, journals, there still be much that need complete and adjust Purposes and missions of the study:  Purposes of the study: By analysing the regulations of Vietnam and theories from other developed country about credit and social securities policy on housing programs for the poor, and by appraising the practical application of the regulations, the author would propose the regulations’ weaknesses and difficulties, concurrently propose the resolutions to improve the law, overcome the entanglements and difficulties in the process of performing the policy  Missions of the study: First, generalize and analyze the general theoretical issues about the relationship between Social Security and Credit policy and their impact on housing programs for the poor Second, systemalize and analyze the current regulations on credit and social security relating to housing programs for the poor Third, analyze and asses how the regulations are being performed currently Finally, propose certain resolutions to improve the law and the policy Object and scope of the study:  Object of the study: the study concentrates onthe regulations of Vietnam and theories formed in developed countries that adjust credit and social security policy on housing programs for the poor and pratical application of these regulations and theories  Scope of the study: the study concentrates on clarifying the legal issues and regulations in Vietnam that adjust the credit and social security policy on housing programs for the poor, as well as the theories provided by other developed countries on this matter, not on researching the whole legal issues on credit and social security policy Research methods and Methodology:  Methodology: the study is operated based on the methodology of dialectical materialism and historical materialism  Some specific research methods: the study use some specific research methods, including: methods of analysis, synthesis, generalization, interpretive and inductive methods; comparative, 10 allowancesand other expenses is calculated depending on the salary The types of subsidy is prescribed irrationally 2.2.1 Inadequation in supply and demand: As reported by General Statistic Office (GSO), in 2014, there are approximately 18,315 appartment built for social service However, in the same year, the propotion of the poor in the population is about 8.4% which means there are about 7.6 million people in Vietnam considered as being poor Compare the two number, it can easily be seen that the amount of social project on housing for the poor is still not enough The supply is too litlle compared to the actual demand of the citizens Moreover, according to the Vice Chairman of HCMC Real Estate Association, Nguyen Van Duc, private entreprises are too focused on the mid and high-end real estate market in big cities, such as Hanoi, Ho Chi Minh, common in the segment of VND billion to VND billion With such price, citizens with the salary ranging from VND 10 million/month to VND 15 million/month will not have a chance to buy house, not considering those earning less Additionally, according to many statistics in Ho Chi Minh city until October, 2016, approximately 476.000 families haven’t had a house or lived with their parents, relatives However, the number of appartments serving for Social Security is about 48.000 from 51 projects Therein, just about 12 of them has been completed with 4.000 appartments Thus, it can be easily seen that the supply doesn’t meet the demand at all And, not just in Ho Chi Minh city, the situation is not better at all in Hanoi Capital 2.2.2 Inadequation in legal provisions and policy: In Vietnam, law have just begun to adjust provisions on social housing Therefore, the regulations on social housing are really 40 inceptive Many regulations are overlapping, opposing and heterogeneous This leads to many inadequations in social housing First, there have been lots of decrees, archives and circulars that instruct on buying or renting social house However, these regulations are at the moment not so thorough There haven’t been any regulations on proving the income status in the loan application file The low- income individuals demandin of housing and borrowing credit from the banks have to guarantee the conditions in the regulations of National Bank and other credit organizations about minimum capital and proof of income These regulations create many difficulties for the low – income individuals as the ability to repay of them cannot be guaranteed Also, there are no regulations on the time limit for evaluation, approval of loan profiles in commercial banks towards the low – income individuals buying social house For example, there are decrees, archives and circulars that instruct on how to the procedures to get credit from the banks for buying or renting social houses However, there are still not a trustworthy ways to prove that the candidates really meet the requirements This is due to that all the management belongs to the investors The banks have no way but to rely on the investors to control the borrowers Second, regulations have been overlapping each other and even opposing This has created many difficulties in management for social housing For instance, there are Government’s regulations that the investors shall make up 20% of the projects’ stretch for social housing if the projects are in the type city or However, it is opposing to the regulations in Hanoi that with the stretch of more 41 than 10ha, the amount of area for social housing shall be 25% no matter where the projects are These regulations are heterogeneous This leads to the neglect of the investors towards these regulations These regulations are a bit too harsh, because there are some entrepises that have “cut” about 20% of their projects for schooling now have to continute cutting 20% more for the social housing and still need to pay 100% the cost of the land use rights This definitely makes the cost of the land increase Therefore, the entreprises find no other ways but to raise the houses’ price Third, there are many regulations that instruct how to register for a social housing project, how to buy social houses or how to register for borrowing credit to buy social houses All of these procedures are so cumbrous, which makes it difficult for the entreprises or the individuals to get what they really want These procedures usually takes so much time of the entreprises that the projects could not start on time, therefore, leads to the inadequation in supply and demand of social houses For example, there are some projects that have to wait for more than two years to get the permit to operate The cumbrous procedures also create the hesistance in the citizens to register for a social house or to borrow some money in the bank for buying social house These inadequations have led to the constant change in the banks’ procedures, regulations and financial conditions to let the low – income individuals borrow the money to buy houses Finally, the low – income individuals also have to borrow money from the banks However, it is difficult for the low – income individuals to complete the loans profile They have to meet the loan conditions according to the current law provisions on lending of the credit institutions Therein, the low – income individuals have to 42 prove their ability to repay, which is a difficult condition for them Besides, the banks are not interested in this category due to the high risk factor from the low – income individuals in repayment 2.2.3 Law’s Violations: Social housing support policy have been always trying to actualize the poor’s dream of a sedentary life However, to get to this dream, there’s still a long way to go and there are lots of inadequation that make it so hard for the citizens to grab it The entreprises, who are the investors of social house’s projects, are still mainly for benefit However, the price of social house is usually not so high, therefore, violations easily happens from the greed of the investors They usually have to find another way to seek profit, one of that “another way” is to profit from the policy Low – income individuals have to go through many procedures and processes of approval When the low – income individuals have to go through that much of a way, many others have taken advantage of this opportunity They, who can be called the rich, have borrowed the identify of a low – income individual to grab that chance, buying houses with the favor that should be for the real low – income one The Rice City Social House is a big example In the list of approved objects, there were three relativesthe Vice General Manager of BIC Vietnam Joint Stock Company, the investor of the project For the profit, many entreprises have tried to sell as much appartments as possible with no awareness of whether the identity of those candidates are suitable or not Entreprises even use the capital for other goals but not the goals of building social houses or try to sell social appartments with the price of commercial appartments The unauthorized transference (transfering before the statue of 43 limitations: usually years) or registration two times to buy social house can easily be seen in social house project Moreover, after many procedures and processes of approval, the low – income ones even have to borrow from the bank Each bank have its own policy on lending money for the poor Based on creditworthiness, there will be: unsecured loan: loan without collateral or mortages, or guarantees of others, only relies on the credibility of the borrowers to decide on the loan; and secured loan: loan based on loan guarantees such as collateral, mortages or guarantees of others Some banks have already been in contact with the investors from the beginning of the project They lend the money by the unsecured loan method The banks just need them to follow the procedures, to prove the identity, their financial verification, and the proof of having bought the project’s house from the investors With this method, the bank doesn’t know if the borrower is qualified or not, this thing is known by only the investor Some other banks, who have not been in contact with the investors, will still let the buyer borrow their money However, they will use secured loan method Land use rights (LURs) certificate will be handed over to secured the loan This is when things went wrong Usually, when the individual haven’t paid all the money to buy the house, they don’t get the LURs certificate Therefore, they will have to borrow other’s LURs certificate to borrow money from the bank The bank cannot check if the LURs certificate is really the borrower’s or not but still let them borrow money to buy another house This might be a kind of violation 2.2.4 Others: 44 First of all, the quality of the social house in Vietnam is not really concerned As written above, the entreprises’ awareness is still mainly about profit and benefit With the price they get from selling social house, the quality sometimes is not guaranteed The water ìniltration phenomenon or cracks can easily be seen in social house project after just a few years of operation Second, the bank credit is also get the citizens worried Though, the Government have concerned about the bank co – operating with the project of social housing However, it can easily be seen that the objects to get this favor have the low ability to repay, therefore, there will be an increase in bank’s risk factor in credit as well as, the bank’s NPL ratio and low profitability If the approval processes and examinations aren’t good, the banks let the non – performing loan happen, they will have to bear the consequences themselves Therefore, only eligible cases of income will be considered by the banks It will be difficult for the low – income individuals to repay the original capital and the interest within 10 – 15 years according to the regulations Due to conflict of interest, the banks would not let the poor borrow their money Besides, the credit officer of the banks is also not interested in lending money to the poor because they don’t have the qualified ability to repay Additionally, in Vietnam, there is this VND 30,000 billion credit package for the poor Many banks have co – operated with this However, they just took part in for fame but would not let the low – income individuals borrow their money The Government having assigned the function of providing fund support to the commercial banks is inconsequential and conflict with the functions, duties of the commercial banks – operating for profit 2.3 Reasons for difficulties and inadequation: 45 2.3.1 Objective reasons: First of all, the ability to legislate of the staff advisors, officers who implement laws and policies on social house and loans for social housing towards the low – income individuals in national management agencies is still kind of insufficient This is what makes the regulations incomplete, overlapping, unclear and inconsonant, which leads to difficulties in implementation the laws and policies Therefore, buying social house and loans for social housing becomes complex In fact, the quality of law’s provisions and policies in Vietnam is so poor, which has put the low – income individuals into a difficult situation though the goal of those policies and provisions is good The state management agencies have always performed executive, it is easy to understand that their skills and abilities on legislation are inadequate Recently, the VND 30.000 billion credit package policy has shown many inadequations Although the policy is a loan support for the low – income individuals, it must be performed as commercial loan meaning that the borrower has to guarantee their ability to repay and has to have property The policy, at that moment, is not a loan support for the poor anymore Secondly, there is no interconnection mechanism among agencies that relates to construction and implementation of laws on loans for social housing, buying social house That leads to the overlapping in the law provisions Therefore, it is difficult to perform the law, creates multiple vulnerabilities in our system and also this leads to the poor management 2.3.2 Subjectives Reasons: Initially, the author sees that the management from agencies is loose, not really often and constant The clearest iss the loosen and 46 lack of comprehensiveness in the examination, management and monitoring mechanism in the publishment of the legal documents These legal documents of the agencies overlapping each other makes the executive lack of practicality and feasibility Second isthe lack of transparency in the procedures of examination, evaluation and approval of buying social house profile or loaning profile This opacity comes from the investors when the thing they care most about is profit Therefore, they want to sell as many houses as they can and not care about the accuracy and authencity of the examination, evaluation and approval of the profile Thirdly, the credit institutions, mostly commercial banks, not totally appropriate social issues because profit is more of their concern Lending money to the poor doesn’t help increase much of their profit On contrary, that might increase the bank’s risk factor or NPL ratio etc The banks not only lend money to the poor, they also have the responsibility to retrieve the debt from those people, who has less ability to repay There is now a conflict in the policies and other subjects’ tasks and purposes It derives from the state’s too much intervention in the lending conditions and principles and bad creating capital policy.Generally, the law and policy have not encouranged the commercial banks toperform social security Finally is the awareness of the citizens When the low – income individuals struggle through many things to get a house for a living, there are still others who seek profit from the vulnerabilities of the law and policy system Also, the low – income individuals also afraid to carry out all those procedures made by the law, because they might not understand those procedures or don’t have the time to acknowledge them Or else, the hesistant when they have to prove 47 their financial ability or when they know they cannot pay the debt are also the troubles in this issue CONCLUSION OF CHAPTER Social housing, loans for social housing or loans for buying social houses have the legal content in financial, credit aspect and also social security aspect Law on this issue have recently taken form, so the law system on social housing, loans for social housing or loans for buying social houses in Vietnam still has certain inadequations on the condition, principle, procedure aspects These inadequations have their certain reasons, therein, the ability and skill in legislating of advisor staffs, the policy formulation and implementation staffs is the most important reason 48 Chapter RESOLUTIONS TO IMPROVE CREDIT AND SOCIAL SECURITY POLICY ON HOUSING PROGRAMS FOR THE POOR 3.1 Orientation to complete the law: First of all, there needs to be a synchronization systems of law documents and guidelines on law documents The Government shall continue to accelerate the construction and review progress of legal documentations The regulations needs to be more precise, rigid and stricter to handle those violating the law etc The legislator needs to concern more about the examination, evaluation and the approval processes, which are now creating many violations on registration Easily seen, letting the investor implement both the project and the approval processes is unreasonable There might need to be a separate management agency to implement the examination, evaluation and approval processes Therefore, for the time being, these following should be done: Clearly define the authority of the state management agencies on publishing the legal documents relating to this issue; Improve the quality of legal documents based on the redefinition of the lending conditions and loan object conditions; Specify the regulations on loan profile, loan procedures and statute of limitations to evaluate loan profile; Create regulations on safety in lending activities; preferential interest rates and the period to apply that interest rate etc Secondly, the regulations need to match each other, instead of overlapping each other as it is now Also, the law provisions must be in line with international provisions and consistent with the socio – economic conditions in Vietnam 49 3.2 Policy recommendations: Firstly, The Social Security in Vietnam has not paid attention to all the members of society which needs to be the principle of Social Security law Besides, though the policy has pointed to poverty reduction, the reduction has no sustainable and there is a high rish of relapse into poverty The gap between the rich and the poor; and the discrimination; the implementation of creating jobs; the rate of unemployment tend to rise To resolve these problems, the Government needs to harmonize the economic policy and the social security policy Secondly, there is now a conflict in the policies and other subjects’ tasks and purposes It derives from the state’s too much intervention in the lending conditions and principles and bad creating capital policy The low – income individuals’ need of capital for housing will increase continuously Therefore, the Government need determine to encourage every economic sectors to take part in the investment of developing housing, as well as, create the mechanisms for entreprises to mobilize capital from citizens in a rational way Besides, it needs to speed up the mobilization of capital sources under the provisions of the Housing Law to support the beneficiaries of social housing policies At the same time, the Government needs to have the policy that encourage the participation of credit institutions, which have the favorable conditions for credit institutions lending money towards the low – income individuals buying social houses Thirdly, on credit policy, the Government can enact some policies, which have the incentives for first time home buyers These first time homebuyers shall have preferential credit interest rate This 50 policy can also be applied on the young people The policy to help the first home buyer have appeared in Australia and called the Great Start Grant for a long time This is the amount of support for the first home buyer and lately, the Great Start Grant is even higher, increased to $20.000 from $15.000 To conclude, with the legal documents or with the policy, the most important thing is that there needs to be transparency in performing the law and policy, which has not been given prominence to in Vietnam The transparency will help make all the procedures easier for both the investors and the citizens 51 CONCLUSION For the time being, Social Security system in Vietnam is playing a more important role in the development and stabilization of the economic and society The distribution of Social Security is the distribution in a more benefit way for the low-income individuals Social Security contributes to reduce the gap between the rich and the poor, guarantee the equity in society Social Security is one of the social policy that needs the Government to pay attention to and to promote for the development of human races, improvement of life’s quality The Government is cordinating the Credit policy and Social Security policy to giving a hand to the individuals living in low-income and poverty With the study “Legal issue on Bank Credit and Social Security Policy: Housing programs, the author has taken the first step to research and clarify some of the theoretical and practical legal issue on social housing and buying social house Following is the results of the study: Firstly, the study has given the definitions, as well as the theoretical framework of social security, bank credit and the relationship between those two subjects Secondly, through the definitions and theoretical framework, the authors has clarified the legal content and given some thought about the actual state of the issue The author has drawn out the inadequations in real life and also the reasons for these inadequations Finally, the study has given out some recommendations on the orientation to complete the law and policy, as well as the examples of another country 52 REFERENCES I Vietnamese References Parliament (2014), Housing Law no.65/2014/QH13 Government (2015), Decree no.100/2015/ND-CP development management of social house Government (2015), Decree no.99/2015/ND-CP guidelines for the law on housing Vietnam bank for social policies (2016), Instruction no 2526/NHCS-TDSV 27/7/2016 on preference loans for purchase, lease, lease-purchase social houses; for building, renovating and repairing houses Pham Sy Liem (2009), “The need of a completed Social Housing Policy” Duong Thi Binh Minh (Ed) (2012), “Policy on developing commercial housing in Ho Chi Minh city: Theory and Pratical” Dr Mac Tien Anh (2015), “General concept of Social Security”, Social Insurance Journal No 1, 2, 4/2015 LL.M Le Thi Hoai Thu, School of Law, Vietnam National University, “Social Security Law in Vietnam – Current Situation and Some Recommendations”, Social Insurance Journal No / 2004 II Foreign References: James Midgley and Martin B Tracy, “Challenges to Social Security: An International Exploration”, Page 10 James A Johnson and Carleen H Stoskopf, “Comparative Health Systems: Global Perspective”, Page 153 11 Research Handbook on European Social Security Law, Page 6, 12 Frans Pennings, “The Meaning of International Standards in Social Security”, in Jef van Langedonck (ed.), “The Right to Social Security” (Intersentia 2007) 3; Ulrich becker, Frans Pennings, 53 Tineke Dijkhoff (eds.) (2013), “International Standard – setting and Innovations in Social Security”, Kluwer Law International 13 PhD Chester Arthur Phillips, professor of economics in Darthmouth College and Professor of Banking and Finance in the Amos Tuck School of Administration and Finance (1931), “Bank credit a study of the principles and factors underlying advances made by banks to borrowers” 14 John Attarian, “Social Security: False Consciousness and Crisis”, Page 54 III Website’s References: 15 From The Development of Social Security in America:https://www.ssa.gov/policy/docs/ssb/v70n3/v70n3p1.html 16 From Historical Background and Development of Social Security:https://www.ssa.gov/history/briefhistory3.html 17 https://en.wikipedia.org/wiki/Credit_(finance) 18 http://thongtinphapluatdansu.edu.vn/2008/10/08/1793/ 19 https://www.shs.com.vn/News/2016923/965093/kiem-trasai-pham-tai-du-an-nha-o-xa-hoi-30-pham-van-dong.aspx 20 http://www.tienphong.vn/dia-oc/kiem-chac-tu-nha-o-xahoi-1122539.tpo 54 ... theoretical issues on the credit and social security policy and their relationship on housing programs for the poor, such as: the conceptions, the terms of credit, social security and housing programs. .. Theoretical Issues on Credit and Social Security Policy on Housing Programs for the poor Chapter 2: Pratical experiences Chapter 3: Resolutions to improve credit and social security policy on housing programs. .. ISSUES ON CREDIT AND SOCIAL SECURITY POLICY ON HOUSING PROGRAMS FOR THE POOR 1.1 Definition of Social Security: 1.1.1 International Definition: While several of the provisions to which the concept