Meeting capital needs, contributing to curbing "illegal lending," and working with localities to effectively implement poverty reduction, job creation, and improve the quality of life for the people are the effective and meaningful aspects of People's Credit Funds (PCFs).
Currently, the province has 37 People's Credit Funds with a total charter capital of over 169 billion VND and more than 66,200 participating members. Average revenue reaches over 4 billion VND, and average profit is 850 million VND per People's Credit Fund. The average income of employees reaches 12 million VND per month.
According to Ngo Thanh Tuyen, Chairman of the Provincial Cooperative Union: “The activities of the People's Credit Fund system have somewhat diversified the financial and credit market in rural areas, supporting farmers in developing production and business. This contributes to boosting the economy , increasing investment in agricultural development, expanding trades and services, reducing poverty, creating jobs, and improving the lives of members. The People's Credit Funds also contribute to local efforts in building houses of gratitude and compassion, and donating gifts to families of martyrs, the elderly, and poor but studious children.”
Bau Don People's Credit Fund, located in Truong Mit commune, is one of the exemplary units. During the period 2021-2026, Bau Don People's Credit Fund processed 2,249 loan applications from members, with a total loan amount exceeding 716 billion VND, and an average loan amount of over 318 million VND per loan.
According to Ms. Le Thi Minh Phuc, Director of Bau Don People's Credit Fund: “The unit closely monitors the local business sectors and industries to invest in credit, promptly meeting the capital needs of customers. Bau Don People's Credit Fund is proud not only to affirm its reputation but also to be an effective capital channel, becoming a financial ‘facilitator’ helping people improve their lives and promote socio-economic development in the locality.”
The family of Ms. Pham Thi Loi, residing in Kien Tuong ward, is facing difficult circumstances. The six members of her family rely on the money her son earns from his construction work. Ms. Loi shared: “Through an acquaintance, I learned about the Moc Hoa People's Credit Fund and registered as a member. After joining, I received a loan of 20 million VND, and I save between 500,000 and 1 million VND each month. With the scaffolding, my son can be more independent in his work and has a more stable income.”
Ms. Duong Thi Le My, residing in Kien Tuong ward, also received a loan of 90 million VND from Moc Hoa People's Credit Fund to invest in a 7-seater car for ride-sharing services. Ms. My said: "Moc Hoa People's Credit Fund has preferential interest rates, suitable for the economic circumstances of rural people."
With the advantage of being close to the people and understanding the needs, business capabilities, and financial situation of each member and citizen, the People's Credit Funds have built trust and operated increasingly effectively, always accompanying the people on their journey of development, striving for a stable life, and contributing to building an increasingly prosperous homeland.
Source: https://baotayninh.vn/hieu-qua-quy-tin-dung-nhan-dan-146925.html
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