Hai Duong Farmers Change Their Lives Thanks to Preferential Credit

Thanks to policy credit from the Vietnam Bank for Social Policies (VBSP), many farming households in Minh Hoa commune, Kinh Mon town (Hai Duong province) have successfully invested in efficient agricultural models. Especially, the softshell turtle and fish farming models have generated high incomes for local farmers.

Farmers in Minh Hoa commune, Kinh Mon town have invested in softshell turtle farming - a local specialty

Investing in Softshell Turtle Farming with VBSP Loans, Earning Annually VND 100 Million

One of the top agricultural entrepreneurs in Minh Hoa commune, Ms. Vu Thi Tai - a farmer and member of the local farmer association in Zone 733 currently maintains five plots of softshell turtle ponds and one plot of fish farming, generating hundreds of millions of VND per year.  Ms. Tai shared: “When we first moved to Zone 733, my family faced many difficulties, the biggest of which was lack of capital. Luckily, we heard about the policy loans from VBSP, so I boldly borrowed VND 50 million for a 5-year term to begin aquaculture”. Each year, the model has yielded profits of over VND 100 million annually after costs.

“This is the third year I’ve taken out a policy loan. Since borrowing, I’ve paid the monthly interest on time. Thanks to this funding, our economy has been improved”, she said.

Like Ms. Tai, many other households in Minh Hoa have improved their lives thanks to policy loans. Mr. Nguyen Van Quang (from Noi village, Minh Hoa commune) decided to start a business at nearly 70 years old. Mr. Quang shared: “I accessed to VBSP loan program last year. I borrowed VND 100 million for two years to farm”. With the loan, he built barns, bought breeding pigs and now raises six sows. He also planted 5 plots of garlic and 1 plot of onions, totaling over 2,000 m². In 2024, he harvested 4 tons of garlic and 300 kg of onions, earning over VND 50 million. Although his pig farming was affected by storm Yagi, which damaged the barn, VBSP supported him by extending interest relief until January 2025.

“In addition, I borrowed another VND 20 million to build a clean water system and toilet for my family. Our living conditions have significantly improved thanks to these supportive policies”, said Mr. Quang.

Helping Members Access Policy Loans Timely

Community-based Savings and Credit Groups in Minh Hoa commune have been instrumental in guiding residents to access preferential credit. Mr. Bui Van An, leader of the Savings and Credit Group in Ngoai village, shared: “My group supports outreach and assistance to residents in Ngoai village. Currently, we have 52 households taking loans from VBSP: 40 for safe water and sanitation, 8 for job creation, 3 for post-poor households and 1 poor household”.

The group regularly conducts direct outreach in residential areas, through village meetings and on platforms like Zalo, Facebook. Interested households are supported with information and in conducting loan transactions. “We serve the people wholeheartedly. Throughout our work, we always strive to support residents in managing their loans effectively”, Mr. An added.

To date, all participating households have made timely payments, with no overdue or bad debts reported. Policy loans have helped many families improve their livelihoods. For example, Ms. Hoang Minh Sang’s household with a diversified livestock and crop model and Ms. Vu Thi Tai’s aquaculture model.

Minh Hoa commune currently has five Savings and Credit Groups managed by the local Farmer’s Union. As of now, 295 households are taking loans with total outstanding loans of approximately VND 9.9 billion. Ms. Do Thi Yen, Chairwoman of Minh Hoa Farmers’ Union, said: “As the authorized representative of VBSP in Kinh Mon town, our union promptly implements policy credit programs and effectively manages preferential capital”.

Policy loans have enabled members to invest confidently, increase productivity, improve product quality and restructure their agricultural production. Borrowers in the union-managed groups strictly comply with monthly interest and principal payments.

In the coming period, the Farmers’ Union will continue to coordinate with VBSP Kinh Mon to strengthen propaganda, promote credit policies and monitor the performance of Savings and Credit groups.

Kieu Tam