Mr. Nguyen Van Nin's family, in hamlet 8, Kien Thanh commune (Dak R'lap), previously had difficult economic conditions. After getting a loan from the People's Union Fund, the family economy has completely changed.
Mr. Nin said that in the past, he was facilitated by the Farmers' Association of Kien Thanh Commune to lend VND 50 million from the People's Cooperative Fund. This capital has helped his family to apply science and invest in fertilizers in agricultural production.
Up to now, his family has 5 hectares of coffee, the yield is 4 tons/ha/crop; 1 ha of pepper reaches 5 tons/ha/crop. The family's fruit trees, passion fruit, etc. have high yields.
From 2008 to now, each year his family has an income of over 800 million VND. Mr. Nin's family also creates jobs for many local workers.
Currently, all districts and cities have established People's Cooperative Funds. Funds from this fund are growing. In 2010, the total resources of the Provincial People's Union Fund was less than 600 million VND, but now it has reached more than 60 billion VND.
In which, the central fund trusts over 10 billion dong, the provincial fund is over 22 billion dong, the district fund is nearly 28 billion dong.
The People's Cooperative Regulation has facilitated more than 1.800 farmer members to borrow funds, of which 228 cases have been loaned to implement economic development projects.
The management of capital from the People's Cooperative Fund has always been focused by the units. Mr. Nguyen Tu, Vice Chairman of Dak R'lap District Farmers' Association, said that the unit regularly propagates to farmer members about the purpose and meaning of support capital.
Since then, farmers have made good use of loan capital, and actively participated in contributing to the fund's construction, making the fund's source increase rapidly.
The unit manages loans strictly, lending to the right subjects and for the right production purposes. As a result, the efficiency of loans has been improved, bringing practical value to farmers.
"Farmers who have access to loans from the People's Cooperative Fund have applied scientific and technical advances to production, changed the structure of crops and livestock appropriately, and developed the economy effectively," Tu said.
According to the Provincial Farmers' Association, the People's Cooperative Fund has promoted economic efficiency, contributed to exploiting the potential and strengths of each locality, creating stable jobs, improving incomes and living standards for members and farmers.
Thanks to this fund, many establishments have established groups of associations with the same purpose of producing according to the scale of goods; building economic models of collectives, clubs, cooperative groups, cooperatives..., bringing high economic value.
Mr. Ho Gam, TUV, Chairman of Dak Nong Province Farmers' Association, assessed: The People's Cooperative Fund contributes to helping farmers have capital to develop production and business, create jobs, raise incomes, get rich and reduce poverty sustainably.
This fund contributes to economic, political, security and social stability, especially in rural areas. The People's Cooperative Fund has become one of the "channels" to help farmers access capital effectively.
“The fund has been helping to gather and attract farmers to organize the association more and more effectively. Through this source, the organization of associations at all levels has been strongly consolidated, the position of farmers' associations in the political system has been raised," said Mr. Gam.
