Farmers in Yen Thuong commune and policy loans

5/6/2019 - 2:56:14 PM

(HBO) – Yen Thuong is a remote and poor commune in Cao Phong district with its economy mainly relying on agricultural production. Through practical programmes over the past years, the district branch of the Vietnam Bank for Social Policies (VBSP) has improved the quality of credit trust activities and brought preferential credit capital to the people, thus promptly helping poor households and beneficiary families develop production, improve lives and sustainably reduce poverty in the commune.

District’s credit officers inspect the use of loans by Bui Van Tien in Moi village, Yen Thuong commune.

At present, Yen Thuong commune has 13 saving and loan groups with 492 households still in debt. The commune launched 11 policy credit programmes with loans worth over 20 billion VND. Of which, loans for poor households topped 9.2 billion VND, benefiting 296 families. Meanwhile, 126 near-poor households recorded outstanding loans of more than 4.6 billion VND, and 50 others borrowed upwards 1.7 billion VND for production and trade.

In general, borrowers used loans to the right purpose and effectively, mostly for cattle farming, sugar cane and citrus cultivation. They generally paid principles and interests on time. The commune also raised over 411 million VND in saving deposits.

In order to re-invest capital and make it easier for poor households and policy beneficiaries to access State preferential loans, the district VBSP branch raised public awareness of new credit programmes, enhanced loan inspection and actively informed borrowers about due debt payment. Along with outstanding loan growth, the branch also paid attention to improving credit quality and actively collecting debts so that the commune recorded neither overdue debts nor accumulated interest rates.

Chairman of the communal People’s Committee Bui Van Dat said preferential loans for local poor households and policy beneficiaries have proved effective, contributing to socio-economic development and improving material and spiritual lives. As of the late 2018, average income per capita in the locality hit 16.5 million VND, the rate of poor and near-poor households reached 38.67 percent and 29.42 percent, respectively.

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