Providing capital to support young people.

Việt Nam•24/01/2024

Understanding the importance of capital, in recent times, youth union and association branches at all levels in the province have become a bridge connecting policy capital to young people. This support has helped to alleviate some of the challenges in the journey of building a foundation and developing the economy for many young people.

Officials from the Provincial Youth Union and the Vietnam Youth Union of the province visited, encouraged, and presented gifts to young people involved in economic development - Photo: Q.D.

During the final days of the transition between the old and new year, despite being busy with many tasks, the delegation of officials from the Provincial Youth Union, the Vietnam Youth Union of the province, and local units still made time to visit, learn about, and support youth-led economic development and sustainable poverty reduction models.

In Huong Hoa district, members of the delegation visited the integrated livestock farming and community tourism model of Youth Union member Ho Huu Thang; the rabbit farming model of Youth Union member Hoang Van Thu; the coffee processing and passion fruit cultivation model of Youth Union member Tran Van Quoc; and the community tourism model of Youth Union member Tran Nguyen Quang Cuong... Seeing the development of each model firsthand, everyone was delighted. This serves as motivation for them to further strengthen their determination and actively overcome difficulties to continue attracting policy capital.

Like most young people in mountainous areas, the aforementioned youth economic development models faced numerous difficulties in establishing themselves and their careers. They lacked almost everything necessary for success. In particular, startup capital was always their biggest concern. In this context, the support of youth organizations at all levels, especially the efforts to provide policy-based funding, helped these model owners overcome these obstacles.

Mr. Ho Huu Thang, residing in Hamlet 1, Khe Sanh town, Huong Hoa district, said: “Without the support of the Youth Union and associations at all levels, as well as many other young entrepreneurs, I would hardly have been confident in my decision to start a business. The policy-based capital facilitated by the Youth Union and associations helped me and my family overcome initial difficulties to successfully build a comprehensive livestock farming model combined with community tourism. The Youth Union and association officials also regularly visit, encourage, and support me.”

Similar to Mr. Ho Huu Thang, Ms. Dinh Thi Thu Thao, residing in Hamlet 1, Khe Sanh town, Huong Hoa district, has also risen to success thanks to the capital provided by youth union and association branches at various levels. In 2018, Ms. Thao built a flower garden model called "Mien Vien Thao" (Garden of Herbs). With the good mindset of someone who studied tourism, Ms. Thao has helped transform the flower garden, which was created on her family's coffee plantation, into a tourist attraction for visitors from near and far.

With the momentum she had built, she decided to expand her business and cater to the dining needs of customers. However, despite her plans, a lack of capital hampered her progress. While struggling to find a solution, Ms. Thao was delighted to receive support from youth organizations and associations, leading her to access a job creation loan. "The 100 million VND loan arrived just when I needed it, and I was overjoyed. From then on, I had more motivation to strive for success," Ms. Thao confided.

Mr. Ho Huu Thang and Ms. Dinh Thi Thu Thao are just two of many young people in Quang Tri who have risen to success thanks to the policy-based capital provided by the Youth Union and associations. Always listening to the thoughts and aspirations of their members, the Youth Union and associations at all levels in the area have deeply understood the difficulties and challenges faced by young people in establishing themselves and their careers. In particular, many young people don't know how to find the capital to overcome these difficulties and challenges in the early stages. Understanding this, the Youth Union and associations' officials have stepped in with all their spirit and responsibility.

To practically support young people in establishing themselves and their careers, youth union and association officials have actively surveyed and assessed the situation and worked with relevant levels, sectors, and units, thereby finding many solutions to bring capital to young people. Many collaborative programs and early commitment agreements have been developed to form and improve the effectiveness of providing capital support for young people to borrow for economic development.

In addition to ensuring that capital reaches the right people and the right target groups, youth union and association officials also regularly visit and encourage borrowers, and inspect and monitor the implementation of the programs. As a result, the effectiveness of policy capital channeled through these channels is maximized.

According to statistics, in 2023 alone, the Standing Committee of the Provincial Youth Union and the Secretariat of the Vietnam Youth Union of the province coordinated with the Provincial Social Policy Bank to commit to providing loan support for 300 youth economic development models with a total budget of 50 billion VND.

Furthermore, the Provincial Youth Union and the Vietnam Youth Union of the province actively directed all levels of youth organizations to coordinate with social banks at all levels to support young people in accessing preferential loan sources to create jobs and develop the economy. This increased the total outstanding loan balance of the social policy bank through the youth organization channel to 535 billion VND by the end of October 2023, representing a 23% growth in outstanding loans.

Leveraging their roles and positions, youth union and association branches at all levels have actively implemented, publicized, and reviewed the loan needs of members and young people under preferential loan programs as stipulated in Resolution No. 11/NQ-CP and social housing loans under Government Decree No. 100/2015/ND-CP. In 2023, 325 youth start-up and entrepreneurship models and projects in the area received preferential loan support totaling 23 billion VND. Loans from the National Employment Fund channeled through the Central Youth Union continued to be well managed with 12 projects and outstanding loans of 1.1 billion VND.

The financial support from youth organizations at all levels has yielded encouraging results. To date, the province has 3 cooperatives, 82 youth economic development clubs, and 492 youth-led economic models generating incomes exceeding 100 million VND per year. In gratitude to the youth organizations at all levels, many model owners have strived to improve their lives, enrich themselves and their hometowns, and help many disadvantaged individuals, especially vulnerable youth.

They have also become role models and sources of inspiration for many other young people, encouraging them to boldly strive, overcome difficulties and challenges to establish themselves, build careers, and have a better life.

Quang Dang

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