Farmers increase income thanks to people's credit funds

Ms. Phan Thi Ha (left), Director of Binh Chau People's Credit Fund, learns about the longan growing model of Ms. Le Thi Kieu in Phu Quy hamlet, Hoa Hiep commune, Xuyen Moc district.

Many effective economic models

Thanks to loans from the People's Credit Fund, many farmers in Ba Ria-Vung Tau have had the opportunity to invest in production and escape poverty sustainably. Ms. Le Thi Kieu (Phu Quy Hamlet, Hoa Hiep Commune, Xuyen Moc District) once encountered difficulties when cultivating a 3-hectare longan garden. In 2021, she received a loan of 100 million VND from the People's Credit Fund of Binh Chau to install an irrigation system and buy fertilizer. Thanks to that, taking care of the longan garden is more convenient. Each year, she earns more than 200 million VND in profit.

Similarly, Mr. Nguyen Van Thuy (Phuoc Binh quarter, Long Hai town, Long Dat district) borrowed capital from Long Dien People's Credit Fund three times with a total amount of 1.5 billion VND to expand his fishing gear business, creating jobs for many local workers.

The Binh Chau People's Credit Fund (Xuyen Moc district) and the Long Dien People's Credit Fund (Long Dat district) are among the People's Credit Funds that are operating quite effectively. The Binh Chau People's Credit Fund currently has 1,507 members, the Long Dien People's Credit Fund has 1,323 members, with a total operating capital of up to 182 billion VND. The People's Credit Funds mainly focus on lending for exploitation, processing, and trading of seafood.

There are currently 7 People's Credit Funds operating in the province with 7,132 members, 82 employees, and a total operating capital of over 575 billion VND. Of which, Long Dien, Phuoc Hai, Binh Chau, and Hoa Binh People's Credit Funds operate quite stably and effectively, with high growth rates, and have been commended and rewarded by all levels and sectors.

Continued capital support

With flexible mechanisms, close to the people, and reasonable interest rates, the People's Credit Funds have contributed to pushing back black credit and promoting sustainable rural economic development. For reputable members who regularly use the People's Credit Fund's capital, borrowing capital is even more convenient.

Ms. Huynh Ngoc Dung, Vice President of Long Hai Town Farmers' Association, said that thanks to the credit fund with flexible loan mechanism and reasonable interest rates, the production and business of farmer members are quite favorable, increasing income and improving life.

In addition to credit investment, with a synchronous and modern information technology infrastructure in the direction of digital transformation, some QTDND have expanded their services such as: acting as an insurance agent; providing remittance services via Western Union; receiving entrusted deposits for loans; making payments via CfeBank on smartphones, facilitating members in transactions.

According to Ms. Nguyen Thi Loan, Vice President of the Provincial Cooperative Union, the activities of the People's Credit Fund in localities have proven to be an effective collective economic model, supported by a large number of cooperative members and people, contributing to poverty reduction, especially helping to significantly limit the situation of usury in rural areas. This is considered one of the open directions to solve capital difficulties, promote socio-economic development, and improve people's lives.

Article and photos: DINH HUNG

Source: https://baobariavungtau.com.vn/kinh-te/202505/nong-dan-tang-thu-nhap-nho-quy-tin-dung-nhan-dan-1042090/