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Staff from the Chợ Mới branch of the Social Policy Bank conduct regular transactions in Yên Bình commune. |
In Yen Binh commune, a remote and isolated area of the province, the people have proactively transformed the structure of crops and livestock, building suitable economic models such as growing star anise and cinnamon, raising livestock, processing peeled wood, and producing star anise and cinnamon essential oils.
Previously, due to a lack of capital, most models were implemented on a small scale, resulting in low efficiency. With access to preferential credit from the Vietnam Bank for Social Policies (VBSP), many households have boldly expanded production, invested in seeds, supplies, and machinery for processing, thereby increasing their income and improving their living standards.
Ms. Nguyen Thi Luan, from Khuon Chang village, Yen Binh commune, said: "Previously, my family produced on a small scale and lacked capital, so we didn't dare to invest. Thanks to a loan from the Social Policy Bank, I established a cooperative for processing star anise and cinnamon essential oils, expanded the area for growing star anise combined with livestock farming, contributing to job creation and helping to stabilize my family's economy."
The effectiveness of policy credit is also clearly demonstrated in Cho Moi commune. Preferential loan programs have created additional resources for people to develop production, create jobs, and increase income. Mr. Hoang Van Hiep, from Hamlet 9, Cho Moi commune, shared: "Loans from the Social Policy Bank have interest rates and loan terms that suit the production cycle, creating conditions for my family to invest in livestock farming and stabilize our lives."
Along with expanding the scale of credit, the Vietnam Bank for Social Policies (VBSP) focuses on improving credit quality while strengthening inspection and supervision. To date, the total overdue and non-performing loans amount to VND 1.629 billion, representing a low percentage of the total outstanding loans.
Of this, overdue debt amounted to VND 0.269 billion with 8 customers, accounting for 0.05%; and frozen debt totaled VND 1.360 billion with 30 customers, accounting for 0.25% of the total outstanding debt. This result reflects the effectiveness of loan capital management, the debt repayment awareness of the people, and the role of savings and loan groups.
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A household in Cho Moi commune is using preferential loans to develop livestock farming. |
The Vietnam Bank for Social Policies (NHCSXH) strictly implements directives on credit operations, regularly reviews loan needs, adjusts growth plans, and ensures the completion of assigned targets. At the same time, the unit strengthens coordination with entrusted socio -political organizations in disseminating information, conducting inspections, monitoring, and guiding people to use capital for the right purposes, for the right beneficiaries, and effectively.
According to Ms. Pham Thi Hien, Director of the Cho Moi branch of the Vietnam Bank for Social Policies (VBSP), policy credit funds have made a practical contribution to supporting ethnic minority communities in economic development, sustainable poverty reduction, and strengthening people's trust in the policies and guidelines of the Party and the State. In the coming time, the unit will continue to prioritize capital for disadvantaged areas, while improving management quality to ensure the effective use of funds.
In reality, thanks to policy-based credit, many households have gradually changed their production mindset, shifting from self-sufficiency to market-oriented production, proactively applying technological advancements, increasing income, and improving their quality of life.
As a specialized credit channel of the Government, the Vietnam Bank for Social Policies (VBSP) continues to affirm its role as a reliable support and partner for ethnic minority communities in the sustainable poverty reduction and socio-economic development in remote areas of Thai Nguyen province.
Source: https://baothainguyen.vn/xa-hoi/202601/dong-hanh-phat-trien-kinh-te-ben-vung-5805230/
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