Using capital from the Bank for Social Policies to invest in livestock and cinnamon planting, Lao Cai farmers have become well-off.

Thanks to preferential capital from the Social Policy Bank, many farmer members in Bao Thang district, Lao Cai province have the conditions to develop their economy , increase their income and escape poverty.

Preferential loans create momentum for economic development

Mr. Dang Van Ha, in Khe Tam village, Pho Lu town, was previously a poor household with an unstable income. His family relied on a few fields, raised chickens and ducks, and in their free time, went to the forest to collect firewood and bamboo shoots. Many sleepless nights, he wanted to escape poverty, but Mr. Ha was helpless because he had no capital and did not know what to plant or raise. Then, fortunately in 2008, he was able to access preferential capital from the Social Policy Bank, which is for poor households. Thanks to the advice of the local government, Mr. Ha invested in planting forests, raising buffaloes for breeding, and raising chickens and ducks to improve his family's life.

By 2018, his family had escaped poverty and built a spacious house with many household amenities. Mr. Ha continued to boldly borrow an additional 100 million VND from the Social Policy Bank from the near-poor capital source and continued to invest in afforestation and expand the scale of economic development. After a year, in 2019, his family has escaped near-poor households.

Thanks to a loan from the district's Social Policy Bank, Mr. Ha invested in growing cinnamon, raising livestock and successfully escaped poverty. Photo: TH

Currently, his family has 6 hectares of forest, including 2 hectares of cinnamon trees that are 10 years old. On average, each year, selling thinned branches, cinnamon leaves and planted forest wood also brings his family nearly 100 million VND. With 2 buffaloes that give birth each year, he sells 2 calves for 40 million VND. In addition, he also grows 5 sao of wet rice, each year he harvests nearly 2 tons, worth 20 million VND. Thanks to methodical investment and mastery of techniques, on average each year, Mr. Ha's family's economic development model brings in 100 million VND after deducting expenses.

Sharing with Dan Viet, Mr. Ha said that the capital to support startups, production and business development from the Social Policy Bank with long loan terms and preferential interest rates was the motivation for Mr. Ha and his wife to boldly invest in production development. Now his family has paid off all the loans. All the children are properly educated and the eldest daughter is also in her fourth year of the Pedagogical University.

Similar to Mr. Ha's family, many households in Bao Thang district, Lao Cai have access to preferential capital from the Social Policy Bank for economic development, stable and prosperous life. Photo: TH

Similar to Mr. Ha's family, Mrs. Ly Thi Hoa's family in Khe Tam village, Pho Lu town (Bao Thang district, Lao Cai) is one of the households with difficult economic conditions. In 2018, after accessing poor capital from the Social Policy Bank, Mrs. Hoa's family was empowered. This capital is a resource for the family to invest in developing livestock and afforestation.

Determined to escape poverty, in 2018, Ms. Hoa's family boldly borrowed 30 million VND from the Social Policy Bank, combined with the savings, and invested in afforestation and mixed livestock farming. Currently, Ms. Hoa's family has nearly ten hectares of forest, of which more than 5 hectares of cinnamon trees from 3 to 10 years old have yielded income from pruning cinnamon branches and leaves, the rest are bodhi, tung and miscellaneous wood.

With 2 sao of ponds raising fish including grass carp and common carp, mainly for family use. With a herd of nearly ten goats, each year her family sells 6-7 goats. Besides, she also raises chickens to improve the family's daily life.

Sharing with us, Ms. Hoa said: Policy credit capital has created conditions for her family to develop stable production, so the family economy has improved in recent years. In 2022, my family continued to borrow 100 million VND in near-poor capital to expand production scale. Thanks to timely and quick loans from the District Policy Bank, my family has had the conditions to build houses, invest in economic development and has now escaped near-poverty. Ms. Hoa's family's total income averages from 70 - 80 million VND/year.

Thanks to preferential loans from the Social Policy Bank, many households have not only escaped poverty, but their lives have gradually stabilized, and they have the conditions to become rich. Photo: TH

Effectiveness of loan capital from Social Policy Bank

The family of Mr. Dang Van Ha and Mrs. Ly Thi Hoa are just two of many households in difficult circumstances after receiving preferential loans from the Bank for Investment and Production Policies and Economic Development in Bao Thang District, Lao Cai. Through capital sources, along with the help of local authorities, many households have gone from poor to rich.

Sharing about the effectiveness of preferential loans from the Social Policy Bank, Ms. Ban Thi Nhan, Secretary of the Khe Tam village Party cell, Pho Lu town, said: The whole village has 56 households, of which nearly 90% are Dao ethnic people. Through this capital source, many households in the village have focused on investing in developing the hill and forest economy and raising livestock and poultry, contributing to sustainable poverty reduction in the locality. Up to now, the whole village has only 7 poor households.

Thanks to capital from the Social Policy Bank, many households in Bao Thang district, Lao Cai have escaped poverty, have food and savings, and built decent houses. Photo: Thanh Nga

Ms. Do Thi Huong, Deputy Director of the Transaction Office of the Social Policy Bank of Bao Thang District, Lao Cai said: Currently, social policy credit capital is available in 14 communes and towns in Bao Thang District, there are no villages, hamlets, or residential groups without social policy credit.

Since Directive No. 40-CT/TW, with the attention of Party committees at all levels, local authorities, and the harmonious coordination between the Social Policy Bank and entrusted socio-political organizations, policy credit capital has become closer to the people, thereby improving the quality of credit in the area.

In reality, preferential credit capital from the Social Policy Bank has contributed to effectively implementing the goals and tasks of sustainable poverty reduction, building new rural areas, preventing and repelling the evil of "black credit", consolidating and enhancing people's trust in the State's policies. It is worth mentioning that thanks to the capital from the Policy Bank, many families have risen out of poverty, the quality of life of the people has improved significantly, contributing positively to the local poverty reduction work.

Source: https://danviet.vn/dung-von-ngan-hang-csxh-dau-tu-chan-nuoi-trong-que-nong-dan-lao-cai-vuon-len-kha-gia-20241108133053187.htm