Vinh Phuc promotes the effectiveness of policy credit capital

The family of Mr. Tran Song Nhat, San Diu ethnic group, a near-poor household in Dong Qua village, Dao Tru commune, Tam Dao district, received a loan from the Social Policy Bank (CSXH) under the National Target Program on Socio-Economic Development for Ethnic Minorities and Mountainous Areas for the 2021-2030 period (National Target Program 1719). Mr. Nhat confided that his family had been poor for many years, but thanks to their efforts, his family escaped poverty in 2021 and became a near-poor household. However, the job was unstable and there was no stable job, so family life still faced many difficulties.

From the support capital of Project 1, National Target Program 1719, in 2023, Mr. Nhat was lent 100 million VND by the Social Policy Bank with preferential interest rates to buy 3 breeding female buffaloes. The buffaloes are well cared for and developed by his family. Mr. Nhat hopes that in about 5 years he will be able to repay the loan and strive to escape the near-poor household.

Similarly, Ms. Bui Thi Lan's family is a poor household in Cau Tre village, Ho Son commune, Tam Dao district. Her husband and wife's jobs are unstable and they do not have stable jobs. In 2022, Ms. Lan's family received a loan of 80 million VND from the Tam Dao District Social Policy Bank Transaction Office from the job creation fund. With the capital, Ms. Lan renovated the barn, increased the number of pigs, invested in buying 2 more buffaloes, 2 more cows and developed the business... Thanks to that, Ms. Lan's family had the conditions to invest in expanding the scale of livestock farming, production and business, had a better income, and their life gradually stabilized.

Mr. Do Quang Chinh’s family in Cau Tre village, Ho Son commune also received a loan of 40 million VND from the Tam Dao District Social Policy Bank. Mr. Chinh invested in renovating the barn, buying 3 more cows and 3 breeding pigs. Thanks to that, the family’s economy has been increasingly improved.

According to the report of the Tam Dao District Social Policy Bank Transaction Office, by the end of June 2024, the outstanding loan balance for job creation in the district reached more than 229 billion VND, for more than 3,400 borrowers. In addition, the Tam Dao District Social Policy Bank Transaction Office also provided loans to 27 poor and near-poor households with preferential interest rates. The loan capital has helped many households invest in expanding the scale of cultivation, livestock, production, business, etc., creating stable income and creating jobs on the spot for many workers.

In Lap Thach district, implementing preferential credit policies to support production for poor, near-poor and newly escaped poverty households, in the period of 2021 - 2023, the whole district has 150 poor households receiving loans with a total amount of 13 billion VND; 214 near-poor households receiving loans of 19.8 billion VND; 73 households newly escaped from poverty receiving loans of 6.3 billion VND; more than 1,800 households in difficult circumstances receiving loans to create jobs with an amount of 95.6 billion VND...

By the end of June 2024, the total outstanding loan balance for job creation in Vinh Phuc province reached nearly 2,000 billion VND with nearly 35,000 borrowers; of which, 1,967 billion VND was given to more than 34,600 workers for job creation in the country; nearly 29 billion VND was given to more than 300 workers for temporary employment abroad.

According to Mr. Hoang Anh, Deputy Head of the Ethnic Minorities Committee of Vinh Phuc province, implementing Sub-Project 1, under the National Target Program 1719, Vinh Phuc province has promoted the support of preferential credit loans to develop production, business and services for ethnic minorities and mountainous areas. In 2023 alone, there will be 238 households eligible for preferential credit loans with a budget of more than 25 billion VND. The plan for 2024 is to have 150 households eligible for preferential credit loans. The districts are directing coordination with the Bank for Social Policies to review, make a list and guide households to prepare loan applications. With loans, ethnic minorities have the conditions to rise up and become rich.