(HBO) – Over the past years, preferential loans provided by the Vietnam Bank for Social Policies (VBSP) have assisted farmers in Da Bac district in household economic development, thus helping to create jobs, raise income and improve living standards of rural residents.
Thanks to soft loans of the VBSP, residents in Tam hamlet of
Cao Son commune (Da Bac district, Hoa Binh province) have developed animal
husbandry.
To facilitate locals’ access to preferential
credit, the VBSP branch in the district has actively coordinated with sectors
and organisations to boost communications to help people learn about lending
programmes and loan sources.
There are 244 savings and borrowing groups with
9,509 members across Da Bac at present. On average, every commune has 12
groups, each with 40 members. At those groups’ regular meetings, the VBSP’s
credit staff inform participants about capital growth, the rates of poor,
near-poor and policy beneficiary households eligible for borrowing, as well as
lending and loan disbursement procedures.
The bank has held meetings with local
authorities, organisations, and management boards of savings and borrowing
groups. At the same time, it has also provided training to help cadres and
residents further understand the VBSP’s activities and the Party and State’s
new preferential credit policies.
At present, the VBSP Da Bac branch is
implementing 14 preferential credit programmes with total outstanding loans
topping 354 billion VND (15.2 million USD) for 9,500 households. More than 99
percent of the credit is supplied in the form of entrusted loans via four
socio-political organisations. Aside from promoting verification to disburse
loans in a timely manner, the branch has also worked closely with associations,
organisations, and savings and borrowing groups to encourage people to use the
capital for right purposes effectively.
As a result, credit quality has been improved,
and the rate of overdue debts reduced to only 0.03 percent of total outstanding
loans. Almost 5.4 billion VND has also been deposited in savings accounts via
the bank’s communal transaction offices in Da Bac.
In 2019, 3,437 clients borrowed from the VBSP.
Preferential loans helped create jobs for 110 labourers, build 918 water supply
facilities and sanitary works in rural areas, and construct 133 houses for poor
families. They also served as a source of support for local students to enroll
in universities, colleges and vocational schools, and for 1,469 disadvantaged
ethnic minority households to develop production and business activities./.
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.
