Over a thousand youth union members are entitled to preferential loans for economic development

(VBSP News) In the first seven months of 2021, Vinh Long province has been employing the entrusted loans by VBSP to over 1,000 youth union members for economic development. Entrusted fund prioritizes young people to invest in developing models of fish farms, flower cultivation, vegetable farms, cattle herding and poultry, etc.

Entrusted funds help many young people implement economic development models

Provincial party committee secretary of Vinh Long - Mrs. Nguyen Huynh Thu shared that the entrusted fund with preferential interest rates has been approached to more than a thousand union members. This is the loan program cooperation between the province and VBSP branch to assist youth union members to have more preferential capital to enhance production and business, gradually escaping poverty and legitimate enrichment. 

As of July 31, 2021, VBSP branch in Vinh Long province is managing 215 Savings and credit groups with a total balance of nearly VND 200 billion. The mobilization of savings deposits was also of interest to the delegations, with the total amount reaching more than VND10 billion. There is an increase of VND821 million compared to the beginning of the year, accounting for 8.12% of the total savings deposit balance. Thereby, it creates the initial motivation for many young people with start-up ideas to develop business models in the local area, contributing the power to spread the start-up movement among youth union members.

Entrusted fund prioritizes young people to invest in developing models of fish farms, flower cultivation, vegetable farms, cattle herding and poultry, etc. Many models have proven effective, creating jobs and stable incomes for dozens of workers in the local area. Promoting the results achieved, in the following time, Vinh Long province will continue to coordinate closely with VBSP to propose a budget for youth union members to develop business, gradually create jobs and replicate effective business models.

"I believe that, with the enthusiasm of youth and the support from preferential credit of VBSP, it will contribute to helping the youth unions of the province to ignite the spirit of career, economic development, employment settlement in order to achieve the common goal of the committees and authorities at all levels on sustainable poverty reduction, ensure social security and new rural development" Ms. Thu affirmed.

Xuan Phuc