Cuong Gian People's Credit Fund receives the First Class Labor Medal

On the morning of April 19th, the People's Credit Fund of Cuong Gian commune, Nghi Xuan district, solemnly held a ceremony to celebrate its 70th anniversary and receive the First-Class Labor Medal.

The Cương Gián Inter-communal People's Credit Fund, formerly the Xuân Song Credit Cooperative, was established on March 27, 1956. Its main task at that time was to act as an agent for the bank, mobilizing savings deposits from the people to support the bank in providing loans for production development and serving social activities in accordance with the policies of the Party and the State.

Leaders of the Vietnam Cooperative Bank and leaders of Nghi Xuan district presented the First Class Labor Medal to the Cuong Gian Inter-communal People's Credit Fund.

During the resistance war against the US, from 1965 to 1972, the Xuan Song Credit Cooperative continuously expanded its capital mobilization and lending activities, especially lending for the development of agriculture, fisheries, small-scale handicrafts, salt production, and transportation. This contributed to regulating monetary circulation and developing the local economy , increasing the potential for ensuring local logistics and being ready to support the front lines.

In 1993, the Xuan Song Credit Cooperative transformed its organizational and operational model, establishing the Cuong Gian Inter-communal People's Credit Fund based on the principles of voluntariness, autonomy, and self-responsibility for operational results, with the main objective being mutual assistance among members.

The Vietnam Cooperative Bank presented a certificate of commendation to the Cương Gián Inter-communal People's Credit Fund.

Following the State Bank's policy allowing the expansion of inter-communal operations, the Cuong Gian Inter-Communal People's Credit Fund expanded its operations to Xuan Lien commune in 2011 and Co Dam commune in 2016.

Over its 70-year history of establishment and development, the Cuong Gian Inter-communal People's Credit Fund has continuously grown in terms of quantity, scale, and quality, affirming its positive role in contributing to economic growth and restructuring, achieving poverty reduction goals, preventing usurious lending and illegal credit activities, and supporting the New Rural Development program in the locality.

Leaders of Nghi Xuan district presented certificates of commendation to members of the Cuong Gian inter-communal People's Credit Fund for their outstanding achievements.

To date, the operating capital of the Cuong Gian Inter-communal People's Credit Fund has reached nearly 457 billion VND with 4,516 members. Total outstanding loans amount to nearly 375 billion VND, particularly loans for labor export (at times accounting for 70% of total outstanding loans). The bad debt ratio is low, accounting for only 0.008% of total outstanding loans in 2024. The fund consistently generates profits annually, with each year's profits exceeding the previous year's.

In addition to its business activities, from 2010 to the present, the fund has actively participated in social welfare work such as: supporting the construction of houses for families in extremely difficult circumstances; investing in the construction of schools, renovating health stations, martyrs' memorials, giving savings accounts to poor households and families with meritorious contributions to the revolution, and awarding scholarships and gifts to encourage learning and talent, with a total amount of more than 3.8 billion VND.

With its achievements, the Cuong Gian Inter-communal People's Credit Fund was honored to receive the Third-Class Labor Medal from the President of the Socialist Republic of Vietnam (2007); and the Second-Class Labor Medal (2018).

On the occasion of its 70th anniversary, the Cuong Gian Inter-communal People's Credit Fund received the First-Class Labor Order from the President of the Socialist Republic of Vietnam for its outstanding achievements in its work from 1998 to 2022, contributing to the building of socialism and the defense of the Fatherland.

District Party Secretary Dang Tran Phong delivered a speech at the commemoration ceremony.

Speaking at the ceremony, District Party Secretary Dang Tran Phong acknowledged the achievements of the Cuong Gian Inter-communal People's Credit Fund in the past period; and expressed his hope that the fund would continue to unite, grow safely and sustainably; allocate a portion of its profits to continue doing good social welfare work; and contribute to building Cuong Gian, Xuan Lien, and Co Dam communes into increasingly civilized, prosperous, and beautiful places, worthy of the titles bestowed by the Party and the State.

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