The effective and timely implementation of the preferential credit programme at the Vietnam Bank for Social Policies (VBSP) has helped many households from ethnic minority groups in poor areas of Da Bac district overcome difficulties and improve their income.
Thanks to soft loan
from the VBSP, Vi Thi Nham's family in Bao village, Giap Dat commune of Da Bac
has developed their goat farm.
Previously, the family of Vi Thi Nham from the Tay ethnic minority group in Bao
village, Gap Dat commune of Da Bac, had to struggle with poverty. In late 2017,
hit by natural disaster, Nham’s family had to move to a new place, but poverty
still followed her family. Amid the hardest time, Nham’s family received 50
million VND (2,055 USD) as soft loans from the VBSP’s branch in Da Bac.
Nham said that the loan was significant to her family during that difficult
time. With the capital, her family bought goats and cows for breeding, taking
advantages of local forested hills which provide abundant food sources for cattle.
Currently, her family has focused on raising goats because the cattle reproduce
quickly and are easy to sell.
"Since receiving the loan, my family's income has improved, enabling us to
escape from poverty and become a near-poor household," stated Nham.
For the family of Dinh Cong Son from the Muong ethnic minority group in Sang Bo
village, Vay Nua commune, the capital has been a lifebuoy for them to rise from
poverty. Son said that his family previously lived on farming with a modest
income. He recognised the potential of fish farming, but faced difficulties in
capital. He then submitted a request for borrowing loans from the VBSP to
develop his fish farm. After an initial success, he continued to borrow
additional 70 million VND from to bank to expand the farm.
To date, Son’s family has not only escaped from poverty but is getting rich by
earning hundreds of million VND each year. "Our success is greatly due to the
soft loans provided by the VBSP,” stated Son.
Da Bac, a poor district with many difficulties, is home to a large number of
ethnic minority people with a high demand for soft loans. To meet the demand,
the Transaction Office of the BVSP branch in Da Bac has made efforts to
mobilise capital and promptly deploy credit programmes.
Nguyen Binh Nam, Director of the Da Bac branch of the VBSP, said that since the
beginning of this year, the bank has provided more than 97 billion VND to more
than 2,000 local households. To date, total outstanding loan of the credit
programmes in the district is more than 565 billion VND, with an average loan
for each households reaching 55 million VND.
In the time to come, along with mobilising more capital to provide to local
poor households, the bank will continue to implement the credit programme for
ethnic-minority-inhabited and mountainous areas, Nam added.
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