Motivation to help young people start a business

Lu Van Duc, a member of the Youth Union from Cang 2 village, Na Tau commune ( Dien Bien Phu city), has used preferential loan capital to develop a natural honey bee farming model.

Nearly five years ago, through the "Supporting Young People in Establishing Themselves and Their Careers" program, Mr. Lu Van Duc, from Cang 2 village, Na Tau commune (Dien Bien Phu city), received a loan from the Social Policy Bank through the Provincial Youth Union and the commune's Youth Union. With a loan of 50 million VND, Mr. Duc invested in a model of planting plum trees and raising wild bees. Fortunately, when facing difficulties in securing capital to start his business, the Youth Union organizations facilitated his access to preferential loans. With the enthusiasm of youth, he diligently learned and researched the techniques of planting and caring for plum trees as well as raising bees, enabling the model to develop and generate a stable income as it does today.

Anh Duc shared: “Although I had the advantage of a large land area, I didn't know what to do to develop the economy before. Because I lacked investment capital, the land was only used to grow bamboo for shoots, but the economic efficiency was very low. After visiting economic models run by young people in some neighboring provinces and receiving a 50 million VND loan from the Social Policy Bank, I used it to raise bees naturally. Because natural honey is expensive and popular in the market, my family's income has gradually stabilized in recent years. With improved economic conditions, my family continues to expand the scale to generate higher income.”

With youthful enthusiasm and a burning desire to get rich, but facing difficult family circumstances as the biggest obstacle for young man Vi Van Tha from Loi village, Muong Loi commune (Dien Bien district), a real opportunity arose when he received a 50 million VND preferential loan from the District Social Bank. With this initial capital, young Vi A Tha invested in buying breeding cows, building barns, and preparing feed for his herd to develop his economy through commercial cattle farming. Thanks to his diligence, willingness to learn, and experience gained from training courses and applied to his model, his family's cattle herd thrives. Each year, Mr. Tha's family sells 3 beef cows, earning nearly 100 million VND.

Thanks to preferential loans from the Social Policy Bank, the province has developed many economic models for young people in recent years.

Mr. Tha expressed: “Through the Youth Union's savings and loan group, my family was approved for a loan of 50 million VND. Thanks to this preferential loan, I invested in building a concentrated cattle farming model to increase my family's income. Thank you to the Youth Union and the Social Policy Bank for helping me achieve this economic development model; from there, I can rise to legitimate wealth right here in my hometown.”

Currently, in Muong Loi commune, more than 300 families of Youth Union members have access to and received preferential loans from the District Social Bank. Through these loans, young people have had the opportunity to develop their economy and legitimately become wealthy. Ms. Lo Thi Pin, Secretary of the Muong Loi Commune Youth Union, shared: “To ensure the effective use of loan capital, the Muong Loi Commune Youth Union has coordinated with the District Social Bank to disseminate the bank's documents and preferential programs to young people. When granting loans, we, together with the Savings and Loan Group, conduct a transparent and open review to ensure that the loan capital reaches the right recipients and is used for the right purposes...”

By the end of July 2024, the provincial Youth Union system was managing over 1.2 trillion VND in entrusted loan capital (an increase of 125 billion VND compared to 2023); through 551 savings and loan groups with 19,737 borrowing households. From this capital, young people's households have organized production, increased income, and created jobs for over 40,000 local workers. Preferential social credit capital has supported successful economic development models by Youth Union members, giving thousands of young people the opportunity to demonstrate their creativity and enrich themselves; creating a ripple effect among Youth Union members throughout the province. Building on these positive results, the Provincial Youth Union Standing Committee has recently strengthened the dissemination of preferential credit policies according to Government Resolutions No. 11/NQ-CP and No. 181/NQ-CP to Youth Union members. Direct the commune-level Youth Union to coordinate effectively with the Social Policy Bank to review eligible beneficiaries, assess loan applications, and complete dossiers for timely disbursement, ensuring compliance with regulations, transparency, and openness as stipulated in Government Decree No. 28/ND-CP dated April 26, 2022; ensuring loans are granted to the correct beneficiaries and capital is used for the intended purpose.

As these models develop, young people are ready to share their experiences and work together to create wealth in their homeland.

According to Mr. Dang Thanh Huy, Secretary of the Provincial Youth Union: The Standing Committee of the Provincial Youth Union has directed Youth Unions at all levels to actively coordinate with the Social Policy Bank to effectively implement social policy credit programs. They have promoted awareness and responsibility among members regarding loan repayment, interest payments, and proper use of funds; and regularly inspected and monitored loans due. They have also coordinated with local Social Policy Banks to urge the recovery of overdue debts, frozen debts, and uncollectible debts. Furthermore, they have directed Youth Unions at all levels to strengthen propaganda and mobilization efforts to encourage young people to demonstrate their pioneering spirit, build and replicate exemplary production and business models to help each other overcome poverty and achieve legitimate wealth. From there, the Youth Union becomes a bridge connecting young people and citizens with preferential credit, helping to improve living conditions, create jobs, and contribute to the recovery and development of the socio-economic sector.

Building on the achievements already made, in the coming period, the Youth Union organizations in the province will continue to coordinate with the Social Policy Bank and other entrusted organizations and associations to provide guidance on managing entrusted programs for Youth Union and association officials. At the same time, they will coordinate with the government and relevant agencies to effectively integrate local socio-economic development programs and projects with social policy credit lending activities to improve the efficiency of preferential loan utilization among young people.

Source: https://baodienbienphu.com.vn/tin-tuc/Ngan-hang-csxh/217604/dong-luc-giup-thanh-nien-khoi-nghiep