Long Hung A People's Credit Fund:
Updated date: 04/26/2025 05:15:42
DTO - Long Hung A People's Credit Fund (QTD ND) (Long Hung A commune, Lap Vo district) has gone through 30 years of construction and development, from a small Credit Fund (QTD), now becoming a bright spot in the province's QTD system and a solid financial support for members in the area of operation.
Chairman of the Board of Directors of Long Hung A People's Credit Fund Nguyen Ngoc An (8th from left) received the title "Outstanding Member Credit Fund 2023"
OVERCOME CHALLENGES, BUILD TRUST
QTD ND Long Hung A was established on November 15, 1995, according to Decision No. 09/QD/NHDT of the State Bank of Vietnam, Dong Thap Province Branch, with the mission of providing deposit services, lending capital for production, contributing to repelling usury in rural areas. The initial charter capital was only 132 million VND, the scope of operation was limited to Long Hung A commune. By 2003, the Fund expanded to Long Hung B commune, increasing the charter capital to 235 million VND. These are two purely agricultural communes, people's lives are still difficult, income mainly depends on small-scale agricultural production.
In the early years of operation, Long Hung A Farmers' Union could not avoid difficulties and challenges, and sometimes fell into crisis. During the period of 1995 - 2000, the Fund had to rectify its operations according to the requirements of the State Bank. The extraordinary congress on September 6, 2000 elected a new Board of Directors consisting of 5 members, laying the "foundation" for the Fund's reconstruction. At that time, Directive 57/CT-TW dated October 10, 2000 of the Central Committee on "Consolidating, perfecting and developing the Farmers' Union system" became the "compass" for the recovery process. In 2008, the Union continued to face difficulties due to subjective factors. However, with perseverance, solidarity and support from all levels, Long Hung A Farmers' Union gradually overcame the crisis, stabilized and developed.
Mr. Nguyen Ngoc An - Chairman of the Board of Directors of Long Hung A People's Credit Fund, shared: “We consider members as owners, and People's Credit Fund as our home. All activities of People's Credit Fund are transparent and public; we take trust as the most important thing; all members are equal, supportive and loving. There is no mechanism of asking and giving; employees and members transact without distance.”
Staff of Long Hung A People's Credit Fund
INNOVATION AND DEVELOPMENT FOR THE COMMUNITY
Since 2019, QTD ND Long Hung A has promoted restructuring and modernizing its operations according to the State Bank's policy. The unit is a pioneer in applying many new technologies such as 24/7 money transfer, QR code, accounting software, Zalo OA, SMS banking... This creates maximum convenience for members in transactions. The scale of the Fund's operations is constantly growing, in the period 2020 - 2024, the capital mobilization rate from members is always high, over 69% (exceeding the State Bank's standard of 60%). Abundant capital, meeting the borrowing needs of members, especially in the agricultural sector.
QTD ND Long Hung A does not try to provide more services at low cost for members for business efficiency. The Fund distributes profits harmoniously among stakeholders, takes care of workers' lives, and actively participates in community activities such as: visiting families with meritorious services, supporting the poor, and sponsoring scholarships. Every year, the Fund organizes visits to families with meritorious services, supports poor members, sponsors scholarships for students who overcome difficulties... with a total amount of hundreds of millions of VND.
The efforts of QTD ND Long Hung A are recognized by impressive numbers and titles: For 8 consecutive years (2017 - 2024), QTD ND Long Hung A was ranked A by the State Bank; The Fund was honored to receive 15 Certificates of Merit from the Provincial People's Committee, the Provincial Cooperative Union; 3 times achieved the title of "Typical Small and Medium Enterprise"; was recognized by the Vietnam Cooperative Bank as the Unit with the best system linkage in 2023; The grassroots trade union received 4 Certificates of Merit from the Provincial Labor Federation and 2 Certificates of Merit from the Vietnam General Confederation of Labor; QTD Party Cell has been recognized for many consecutive years for excellent performance of its tasks. Mr. Nguyen Van Thien - Director of QTD ND Long Hung A, confided: "To maintain our position, we constantly learn, improve our qualifications, improve technology, and innovate our service methods. The most important thing is to keep our reputation with the people".
Customers come to make transactions at Long Hung A People's Credit Fund (Long Hung A commune, Lap Vo district)
“MODERN - SUSTAINABLE - HUMAN” STRATEGY
In the context of fierce competition from commercial banks and increasing demands from members, Long Hung A People's Credit Fund has determined the development strategy of "Modern - Sustainable - Humane". The Fund will implement the new Law on Credit Institutions, improve management capacity, invest in human resources and facilities.
Mr. Nguyen Van Thien - Director of Long Hung A People's Credit Fund, said that in the coming time, Long Hung A People's Credit Fund will continue to implement the new Law on Credit Institutions in 2024, improve management capacity, train specialized human resources and invest more in facilities in the direction of digital banking and green credit. At the same time, QTD still adheres to the philosophy of operating for members, not chasing short-term profits, maintaining the mission of "Bringing capital to the right people, at the right time", especially farmers, small traders, and people in remote areas - those who have difficulty accessing formal credit.
Representatives of Long Hung A People's Credit Fund visited and gave gifts to members in difficult circumstances.
“We are steadfast in our mission of serving members, especially farmers, small traders, and people in remote areas,” emphasized Director of Long Hung A Farmers' Union Nguyen Van Thien.
Over the past 30 years, Long Hung A People's Credit Fund has not only been closely associated with the people, but also affirmed an effective, humane and trustworthy cooperative economic model; contributed to the locality in overcoming the situation of usury; well implemented the National Target Programs: hunger eradication and poverty reduction; new rural construction and the provincial agricultural restructuring project.
MONEY
Source: https://baodongthap.vn/kinh-te/30-nam-cung-hop-tac-cung-phat-trien-131016.aspx
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