Getting rich from VBSP’s inclusive finance

(VBSP News) 13 years ago, the Mong people in Thuy Loa commune (Na Hang district) resettled in Tien Toc hamlet, Binh An commune, Lam Binh district (Tuyen Quang province). Thanks to having invested in raising buffaloes and planting sugarcane, the life of people there is becoming better.

Mr. Trang A Bao and his wife take care of the family's buffaloes

Tien Toc is a small valley, surrounded by high mountains. In fact, there are many millionaires in Tien Toc thanks to raising buffaloes. Trang A Bao village leader was excited to talk about the new life of people in the village. The village has 53 households. There is a family of Mr. Giang A Lang who is regarded as “buffalo king”. Currently, his family has 150 buffaloes, earning more than VND 200 million annually from selling commercial buffaloes.

Trang A Bao village leader also chose to build his career from raising buffalo. On average, he raises 4 herds of buffaloes every year (4 to 5 buffaloes each herd), deducting the costs, he gains VND 20-30 million each herd. Therefore, from raising buffalo, he gains about over VND 100 million every year.

In order to promote the raising buffalo movement in Tien Toc, VBSP provided capital to more than 30 households in the village, a household got from VND 30-50 million. Typically, the family of Mr. Trang A May used the loan of VND 50 million to invest in raising buffalo and escaped from poverty in 2017. Currently, his family is one of the better-off households in the village. Up to now, there are 33 households participating in raising buffalo. Every year, there are some households gaining from VND 30 - 50 million, the others gain from VND 100 - 200 million.

In addition to investing in raising buffalo, the people of Tien Toc also grow sugarcane. In 2013, the People's Committee of Binh An commune planted nearly 1 ha of sugarcane in Tien Toc. Commune officials also guided people how to place sugarcane seeds, how to fertilize, prevent pests and diseases, etc. Many households got high income right after the first year of growing sugarcane such as the family of Mr. Trang A Nhay and Trang A Mang who collect VND 40-50 million each sugarcane crop. The sugarcane area has currently increased to 17 ha, its output has reached more than 1,000 tons per year. Mr. Trang A Thang said that growing sugarcane brings the most stable income. Therefore, he continued to invest in intensive farming to increase productivity and boost his family’s income.

Thanks to effective ways of raising buffalo and growing sugarcane, the Mong people in Toc Tien gradually reduce poverty and become rich.

vbsp.org.vn