Effective credit for socio-economic recovery and development in Binh Dinh province

In 2023, thousands of households in Binh Dinh received loans with the total amount of VND 969 billion according to Resolution No. 11/NQ-CP of the Government on the Economic Recovery and Development Program. Policy credit activities were proactively deployed by VBSP Binh Dinh province to the right beneficiaries.

VBSP Phu My District created favorable conditions for local people to access to preferential loans at Commune Transaction Points

Mr. Le Van Duc's family (in Hiep Ha, Van Canh town, Van Canh district) was a particularly disadvantaged ethnic minority household. In 2015, with the guidance from the Youth Union of Van Canh town, Mr. Duc took a loan of VND 8 million from VBSP Van Canh district to plant 0.5 hectares of acacia. The following year, through the Savings and Credit Group, he borrowed another VND 30 million and continued to plant another 1.5 hectares of acacia. He and his wife also improved hilly land to plant more bananas to earn more money. Because of their hard-working, Mr. Duc’s family paid off their bank debt.

He decisively continued to take a loan of VND 100 million to expand the acacia area and raising more cows. Currently, Mr. Duc's family owns 5 hectares of planted forest, a herd of 12 cows. His family economy is much better than before. He and his wife have built a spacious house and take good care of their children for schooling. "Today's results are thanks to policy credit capital and the attention of the government and local associations" Mr. Duc affirmed.

More than 5 years ago, Ms. Kieu Thi Vy's family (in Nhuan An street, Hoai Huong ward, Hoai Nhon town) was one of the poor households in the locality. She took care of her terminally ill husband and elderly mother by herself. Thanks to the guide of Ward Women's Union, Ms. Vy took a loan of VND 100 million from VBSP Hoai Nhon Town and completed the procedures to send her first son to export labor to Japan. Mrs. Vy said that her son’s job had been stable with high income, and every month, he had sent money for her living; so that she had been able to take better care of her husband's treatment, renovate the house and set up a stall at the market. In 2021, her family got out of poverty and the economy was gradually improved.

Policy credit activities bring positive effects that are highly appreciated by local governments. Therefore, many localities have allocated capital to associations and unions to build many investment models for economic development; organize training, transfer technical advances, and help people utilize their loans. Thanks to that, thousands of households got benefits from social policy credit policies in the spirit of Resolution No. 11/NQ-CP.

In 2023, the branch disbursed VND 969 billion to near-poor households, poor households and other policy beneficiaries with preferential interest rates to invest in economic development. Policy credit sources was transferred to the right beneficiaries, ensuring the purposes and requirements of the Socio-Economic Recovery and Development Program. Most households effectively utilized their loans and paid their debts on time.

Mr. Doan Trung Thanh, Director of VBSP Binh Dinh province said. “In 2024, the branch will continue to simplify procedures, actively guide to customers and ensure that beneficiaries easily access to policy credit. The branch will also proactively coordinate with local authorities and associations to support local people utilize their loan, create livelihoods and develop the economy."

Pham Tien Sy