Co Le Town People's Credit Fund enhances its position, ready to welcome new opportunities

After more than 4 years of restructuring, up to now, the People's Credit Fund (QTDND) of Co Le town (Truc Ninh) has gradually restored its inherent position, strengthened customers' trust; is a strong arm supporting members and people in the area to develop the economy and get rich on their homeland.

Staff of the People's Credit Fund of Co Le town (right) regularly monitor the use of the Fund's capital at member customer households.

Comrade Vu Minh Khoa, Director of the People's Credit Fund of Co Le town shared: “At the end of 2019, our Fund faced countless difficulties. The total outstanding debt was only over 14 billion VND, the deposit balance was over 20 billion VND, bad debt was at a very high level along with accumulated losses. Potential customers of the Fund have switched to other credit channels, the trust of people in the operating area and customers in the Fund has dropped to the lowest level”. In that context, the new officers and employees who took over the Fund encouraged each other to make efforts to overcome difficulties, focusing on rebuilding the system of internal regulations and rules in a transparent, clear, easy-to-know, easy-to-do, easy-to-implement direction, ensuring compliance with State regulations. At the same time, closely following the practical requirements of the locality, always taking the satisfaction of people, customers and members as the working motto; taking the level of task completion as a measure of the quality and working capacity of each officer and employee. In addition, the Fund always takes advantage of the attention and direct guidance of the State Bank of Vietnam (SBV) provincial branch, the Inspection and Supervision Department of the SBV provincial branch, the Cooperative Bank of Vietnam and the Cooperative Bank Nam Dinh branch to "hold hands and guide" to help with both professional expertise and quickly handle existing problems. The QTDND of Co Le town was able to borrow 5 billion VND from the QTDND System Safety Assurance Fund with preferential interest rates. Having this source of funding at the most difficult time, the QTDND of Co Le town was given more strength and new motivation to fundamentally solve difficulties and challenges.

After more than 4 years of consolidation and restructuring, with the efforts of the staff and employees and the attention, support and facilitation of leaders at all levels, up to now, the People's Credit Fund of Co Le town has operated stably, safely and effectively. By the end of May 2024, the total assets of the Fund reached 84.3 billion VND. The total outstanding loan balance to customers was 40.2 billion VND with more than 1,000 members, the total customer deposits reached 72.9 billion VND. Particularly for loans from the Preservation Fund, the People's Credit Fund of Co Le has deployed 11 loans with an outstanding balance of 4.5 billion VND. The Fund has no more bad debts, overdue debts, and the safety limit indicators according to the regulations of the State Bank have been strictly implemented. The Fund has restored its position and trust of the people and is highly appreciated by members, and the State Bank branch in the province has approved to upgrade the rating level. Mr. Bui Xuan Dien in Dong Ha residential group, a loyal customer of the Fund, said: “My loan group currently has 70 members, of which more than 50% of members are currently borrowing capital from the Fund. The total outstanding debt of the group at the Fund is currently over 7 billion VND. The Fund regularly pays attention to creating favorable conditions for procedures, quick and convenient access to capital, so the ornamental tree growing profession of the members is very developed”. Currently, Mr. Dien is borrowing 230 million VND from the Fund to invest in planting 1 hectare of La Han pine trees. With timely capital, he does not have to worry much about the cost of seeds and fertilizers, his garden with 300 La Han pine trees is growing well.

In the coming time, the QTDND of Co Le town will continue to closely follow the direction and tasks of the banking sector in 2024, closely monitor market developments and development trends of industries related to the fields that the Fund is lending to have effective investment solutions, avoiding risks. Continue to balance capital sources and capital use, focus on managing the balance of terms between liabilities and assets to manage liquidity, ensuring effective capital use. Improve the capacity of staff in terms of analysis, closely follow fluctuations in the currency market, proactively propose interest rate policies, lending policies, and member attraction policies that are close to the actual requirements of the locality and are not passive to market developments. Credit growth goes hand in hand with ensuring credit quality and safety through improving credit assessment and appraisal capacity, regularly checking and supervising customers' use of loans and debt repayment, reviewing and perfecting credit procedures in a transparent, clear, easy-to-implement and easy-to-check manner. Strictly implement credit procedures to collect complete information about borrowers, speed up the processing time of member requests on the basis of strict compliance with legal regulations, and resolutely not loosen conditions to ensure safety in operations. All officers and employees of the Fund follow the motto "Accompanying every family - Cooperating for development, building life values".

Article and photos: Duc Toan

Source: https://baonamdinh.vn/kinh-te/202407/quy-tin-dung-nhan-dan-thi-tran-co-lenang-cao-vi-the-san-sang-don-co-hoi-moi-4dc6843/