Socio-economic development in Quang Ngai

Over the past 10 years, with the leadership of the Provincial Party Committee, the Provincial People's Committee and the participation of the entire political system, social policy credit has been transferred to all villages in Quang Ngai province, contributing to developing the economy and society.

People apply for loans at VBSP’s transaction point

Support for the poor

Mr. Dinh Cam (in Long Thuong village, Long Mai commune, Minh Long district) said that many years ago, although his family worked hard to grow rice and raise livestock and poultry, his income still was low and his family had to face many difficulties due to the small and fragmented business. In 2019, he was encouraged by the commune Farmers' Association to participate in a poverty reduction training course and was guided through the procedures to take a loan of VND 50 million from the VBSP to grow acacia. Recently, he has sold acacia for wood chip processing factory, and after deducting expenses, he made a profit of about VND 120 million. Thanks to that, he had money to cover his living expenses and send his children to school. Currently, he has had plan to borrow more VND 100 million from VBSP to expand the acacia planting area.

Thanks to the policy credit, Mr. Ho Van Chau (in Ca village, Tra Hiep commune, Tra Bong district) is qualified to participate in labor export. Mr. Chau shared that for a long time, people in his hometown only went farming, they had unstable incomes, so they were always poor. When Mr. Chau grew up, he wondered how to get out of poverty. He watched TV and saw that people going to work abroad had high incomes, so he thought this was the right direction. Then, he registered for a vocational training class and was accepted to work in Japan. However, the cost of the labor export procedures was too high.

“While I was wondering what to do, I was guided by an officer of VBSP Tra Bong district to complete the procedures for a loan for labor export within 36 months. I was very happy to be able to borrow policy capital. After going to Japan to work, I saved VND 20 million each month. After 3 years, I returned home and I was able to pay off the bank loan, build a spacious house and accumulate a little capital to do business. Thanks to that, my family got out of poverty,” Mr. Chau shared.

In Hanh Tin Dong and Hanh Tin Tay commune (Nghia Hanh district), thanks to policy loans, people have been able to implement many models such as growing clean vegetables, growing fruit trees such as royal bananas, durians, green-skinned grapefruits, etc. Therefore, many households have an income of hundreds of millions of VND each year. Thanks to effective business, many households have been able to build new and solid houses. Many families have been supported with student loans, so their children have the conditions to study at universities, colleges, learn a trade and find jobs after graduation. In particular, more than 100 poor households have had the funds to build houses to protect against storms and floods.

Effectiveness of preferential loans

Over the past 10 years, effectively implementing Directive No. 40-CT/TW, preferential loans have been transferred to all villages in the province with nearly 307 thousand poor households and other policy beneficiaries receiving loans totaling more than VND 10.9 trillion. These loans have created conditions for nearly 61.5 thousand households to overcome the poverty; helped 7,073 disadvantaged students to take chances of schooling; more than 46.3 thousand workers have been created jobs from the National Employment Fund; more than 162.6 thousand works of rural safe water and sanitation, 4,528 solid houses for poor households and policy beneficiaries. Policy capital has made an important contribution to reducing the poverty rate in Quang Ngai. By the end of 2023, the province's poverty rate has decreased to 6.13%. Up to now, Ba To, Son Ha and Minh Long districts have escaped from the list of poor districts in the country.

Mr. Tran Duy Cuong - Director of the People's Credit Fund of Quang Ngai province said that after 10 years of implementing Directive 40-CT/TW, it has created consensus and positive response from the entire political system; departments, branches, associations and unions have actively participated, mobilized all financial resources, focused on mobilizing policy capital sources to help people reduce poverty, improve their lives and increase their income.

By June 30, 2024, the capital source of the VBSP Quang Ngai provincial branch reached VND 5,579 billion, an increase of VND 3,267 billion compared to 10 years ago. The total outstanding policy credit reached VND 5,570 billion, an increase of VND 3,264 billion compared to the time before implementing Directive 40-CT/TW.

Officials of VBSP Quang Ngai provincial branch inspect the loan uses of the freshwater fish farming model

To promote the achievements, VBSP Quang Ngai provincial branch continues to implement Directive 40-CT/TW and Conclusion No. 06-KL/TW dated June 10, 2021 of the Secretariat on continuing to implement Directive No. 40-CT/TW of the Secretariat on strengthening the Party's leadership over social policy credit. At the same time, VBSP has focused on mobilizing resources, promptly transferring capital to the right addresses and beneficiaries, contributing to improving the lives of poor households and policy families in Quang Ngai.

Truong Giang