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| Ms. Phan Thi Ha (left), Director of Binh Chau People's Credit Fund, learns about the longan cultivation 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 farming households in Ba Ria-Vung Tau have been able to invest in production and rise out of poverty sustainably. Ms. Le Thi Kieu (Phu Quy hamlet, Hoa Hiep commune, Xuyen Moc district) once faced difficulties cultivating her 3-hectare longan orchard. In 2021, she received a loan of 100 million VND from the Binh Chau People's Credit Fund to install an irrigation system and buy fertilizer. As a result, caring for her longan orchard became much easier. Each year, she earns a profit of over 200 million VND.
Similarly, Mr. Nguyen Van Thuy (Phuoc Binh neighborhood, Long Hai town, Long Dat district) has borrowed capital from Long Dien People's Credit Fund three times, totaling 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, and the Long Dien People's Credit Fund has 1,323 members, with a total operating capital of up to 182 billion VND. These People's Credit Funds mainly focus on lending for the exploitation, processing, and trading of aquatic products.
| Currently, there are 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. Among them, the 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 various levels and sectors. |
Continue providing financial support.
With flexible mechanisms, close proximity to the people, and reasonable interest rates, People's Credit Funds have contributed to combating illegal lending and promoting sustainable rural economic development. For reputable members who regularly use the People's Credit Fund's capital, borrowing is even more convenient.
Ms. Huynh Ngoc Dung, Vice President of the Farmers' Association of Long Hai Town, said that thanks to the credit fund with its flexible lending mechanism and reasonable interest rates, the production and business activities of farmer members have been quite favorable, increasing their income and improving their lives.
Besides credit investment, with a synchronized and modern information technology infrastructure oriented towards digital transformation, some People's Credit Funds have expanded their services such as: acting as insurance agents; providing remittance services via Western Union; accepting entrusted deposits for lending; and facilitating payments via CfeBank on smartphones, creating convenience for members in transactions.
According to Ms. Nguyen Thi Loan, Vice President of the Provincial Cooperative Union, the activities of People's Credit Funds 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, and especially helping to significantly reduce usurious lending in rural areas. This is considered one of the ways to solve difficulties in capital, promote socio-economic development, and improve the lives of people.
Text and photos: Dinh Hung
Source: https://baobariavungtau.com.vn/kinh-te/202505/nong-dan-tang-thu-nhap-nho-quy-tin-dung-nhan-dan-1042090/
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