(HBO) – The Vietnam Bank of Social Policies (VBSP)’s branch in Ky Son district has effectively implemented preferential credit programmes over the years. This is considered an effective tool in creating jobs and ensuring social welfare for ethnic people in the locality. People’s livelihoods have much improved thanks to preferential credits for economic development.
Family
of Nguyen Thi Hai in Van Tien village, Dan Ha commune (Ky Son district) invests
in poultry farming to bolster household economy.
Since 2017, the policy credit programmes
contributed to the building of 641 new clean water and sanitation works in
rural areas, helping to improve local people’s lives. They also provided loans
for 11 disadvantaged students and created jobs for 111 labourers.
As many as 23 poor and disadvantaged
families received loans to repair and upgrade their houses, thus stabilising
their lives.
As many as 152 households that have escaped
from poverty and near-poverty statuses, remain beneficiaries to preferential
credits toward sustainable poverty reduction.
Nguyen Manh Hung, Director of VBSP
transaction office in Ky Son district, said that the office has carried out 13
social policy credit programmes. As of the end of September, total loans for
nearly 4,980 families exceeded 129 billion VND (5.52 million USD). Overdue loans
in the district amounted to 287 million VND, or 0.22 percent of the total.
With the current mechanism, most of the
programmes are entrusted to socio-political organisations, with loans
accounting for 99.7 percent of the district’s total.
The trusted organisations have devised
programmes and inspected the implementation in affiliates, money-savings-and-borrowing
groups and borrowers. The VBSP’s district branch and trusted organisations
seriously attended periodical meetings, exchanged information and effectively
collaborated in steering and guiding activities of groups handling loans at
commune-level, to further improve model of money-savings-and-borrowing groups.
At transaction points in the communes, there
are signboards which record date of transaction, regulations, information on new
credit programmes, lists of households with loans within maturity date as well
as due and overdue loans.
Appreciating the abundant potential and strengths of his hometown for tourism development, Ha Cong Hung, Deputy Secretary of the youth union of Mai Chau district’s Mai Hich commune, embarked on producing smoked meat with a desire to introduce his homeland's specialty to domestic and international tourists.
Hoa Binh farmers are investing big in their chilli pepper cultivation areas after the first batch of 7.5 tonnes of pickled chilli peppers was shipped to the Republic of Korea (RoK) by Tien Ngan Trade and Investment Co., Ltd last month.
Recognising the role and importance of developing the collective economy, the northern province of Hoa Binh has promptly issued support policies to propel the development of the economy, making important contributions to local socio-economic development.
Prime Minister Pham Minh Chinh attended a groundbreaking ceremony for an electronic printed circuit board (PCB) factory at Da River Left Bank Industrial Park in Hoa Binh province on April 13. The electronic PCB factory is invested by Japan's Meiko Group at a total cost of 200 million USD.
In the first quarter of 2024, the credit institutions in the province have actively deployed the legal documents of the State and the State Bank relating to currency, credit and interest rates. At the same time, they have promoted the capital mobilization, focusing on the solutions to expand the credit investment along with strengthening the credit quality management, lending to priority programs to promptly meet the capital needs for export - business and consumer demand during Tet in 2024.
Outside the key economic region of Hoa Binh, yet Lac Son district has utilised its potential and strengths regarding labour, land, and transportation connectivity to attract investment to the locality, contributing to promoting socio-economic development.