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Updated: 2025-01-08 13:35:25

The effectiveness of the job creation lending program

Job creation lending is one of the policy credit programs that has been effectively implemented by VBSP Hau Giang Provincial Branch. The loan capital has enabled local people to develop their economies, create jobs and generate their income.

hau giang

Mr. Nguyen Van Tuan integrated services of fishing and cooking into his model

Effective loan capital

Mr. Tang Van Huynh (in Area 6, Ward IV, Vi Thanh City) shared: “Previously, I worked as a construction contractor. After the COVID-19 pandemic, I stopped working in construction for two years. I then shifted to trading scrap materials. In 2024, I received a loan of VND 50 million from VBSP’s job creation lending program, which provided me with additional capital to expand my scrap collection operations. This also allowed me to create regular employment for two workers with a monthly income ranging from VND 5 million to 7 million. Thanks to the loan, I now have stable source of income and cover my children’s education”.

Mr. Nguyen Van Tuan (Hamlet 7, Vi Trung Commune, Vi Thuy District) shared: “My family is developing a garden-pond-livestock (VAC) economic model. Currently, I have raised softshell turtles, frogs, snakes, chickens, giant gourami, perch and grown pomelos and jackfruits. Taking loans from VBSP Vi Thuy District, I was able to dig three additional ponds for perch farming. From the softshell turtles, I earn a net profit of about 300,000 VND per day after expenses. The loan has greatly contributed to stabilizing my family’s life. I have plan to combine our current model with fishing and cooking services to increase income and create jobs for rural workers”.

Ms. Vo Hong Tuoi - Head of the Savings and Credit Group under the Women’s Union in Area 6, Ward IV, Vi Thanh City, stated: Currently, our group manages a total outstanding loan balance of over VND 3 billion. The credit programs of VBSP have helped members develop production, create new jobs and achieve stable incomes, enabling poor households to sustainably get out of poverty. In the coming time, our group will continue identifying members’ needs to propose increased loan amounts, helping members further develop their family economies”.

Continuing to improve local people's incomes

Ms. Tran Ngoc Trang - Director of VBSP Chau Thanh District said that in 2024, funds from the job creation lending program created jobs for over 600 workers. To ensure the effectiveness of these funds, VBSP worked closely with local authorities and entrusted mass organizations to enhance inspection, supervision and support for borrowers. This included providing production experience and technical knowledge to help borrowers effectively use the funds, increase income, improve living standards and safeguard the State's capital.

As of December 25, 2024, the total outstanding loans for the job creation program in Chau Thanh District reached VND 105.4 billion with 1,832 households borrowing loans. Mr. Tran Ba Thuc - Deputy Director of VBSP Chau Thanh District noted that the program had helped address local unemployment, enabling many households to receive preferential loans for production and business activities, contributing to the district's economic development goals.

Mr. Nguyen Van Vu - Director of VBSP Chau Thanh A District highlighted that in 2024, the job creation lending program provided jobs for nearly 1,000 workers in the district. Over 650 customers accessed loans, supporting the revival of traditional industries, providing capital for businesses and households to expand production and attracting labor for local economic activities. These efforts contributed to achieving the national target program for sustainable poverty reduction and building new rural areas.

To enhance the program's effectiveness, VBSP Chau Thanh A District plans to collaborate more closely with relevant agencies to improve the quality of policy credit activities. This includes integrating agricultural, industrial and fishery extension programs with loans from the National Employment Fund. It also involves strengthening cooperation with entrusted mass organizations to boost communication, monitoring, debt recovery and the operational quality of Savings and Credit Groups.

As of December 24, 2024, the total outstanding loans for credit programs across Hau Giang province reached VND 4,441 billion with 101,000 borrowers. Specifically, the outstanding loans for the job creation program amounted to VND 947 billion with 19,116 borrowers.

Tran Xoan

PHOTO ARTICLES

LENDING INTEREST RATE

Poor Households

Lending to poor households 6,6%/year
Lending to poor households in 64 poor districts as stipulated by the Government Resolution No.30a in 2008 3,3%/year

Near Poor Households

Lending to near poor households 7,92%/year

Students

Lending to disadvantaged students 6,6%/year

People in need of loans for job creation

Lending to business establishments owned by war invalids and handicapped persons 3,3%/year
Others...

DEPOSIT INTEREST RATE

Term Deposit Rate
Overnight 3,04%/year
1 week 3,23%/year
2 week 3,5%/year
Others...