(HBO) – Yen Thuong is a remote and poor commune in Cao Phong district with its economy mainly relying on agricultural production. Through practical programmes over the past years, the district branch of the Vietnam Bank for Social Policies (VBSP) has improved the quality of credit trust activities and brought preferential credit capital to the people, thus promptly helping poor households and beneficiary families develop production, improve lives and sustainably reduce poverty in the commune.
District’s
credit officers inspect the use of loans by Bui Van Tien in Moi village, Yen
Thuong commune.
At
present, Yen Thuong commune has 13 saving and loan groups with 492 households still
in debt. The commune launched 11 policy credit programmes with loans worth over
20 billion VND. Of which, loans for poor households topped 9.2 billion VND,
benefiting 296 families. Meanwhile, 126 near-poor households recorded outstanding
loans of more than 4.6 billion VND, and 50 others borrowed upwards 1.7 billion
VND for production and trade.
In
general, borrowers used loans to the right purpose and effectively, mostly for
cattle farming, sugar cane and citrus cultivation. They generally paid
principles and interests on time. The commune also raised over 411 million VND
in saving deposits.
In
order to re-invest capital and make it easier for poor households and policy
beneficiaries to access State preferential loans, the district VBSP branch raised
public awareness of new credit programmes, enhanced loan inspection and
actively informed borrowers about due debt payment. Along with outstanding loan
growth, the branch also paid attention to improving credit quality and actively
collecting debts so that the commune recorded neither overdue debts nor
accumulated interest rates.
Chairman
of the communal People’s Committee Bui Van Dat said preferential loans for
local poor households and policy beneficiaries have proved effective,
contributing to socio-economic development and improving material and spiritual
lives. As of the late 2018, average income per capita in the locality hit 16.5
million VND, the rate of poor and near-poor households reached 38.67 percent
and 29.42 percent, respectively.
In the first quarter of 2024, the credit institutions in the province have actively deployed the legal documents of the State and the State Bank relating to currency, credit and interest rates. At the same time, they have promoted the capital mobilization, focusing on the solutions to expand the credit investment along with strengthening the credit quality management, lending to priority programs to promptly meet the capital needs for export - business and consumer demand during Tet in 2024.
Outside the key economic region of Hoa Binh, yet Lac Son district has utilised its potential and strengths regarding labour, land, and transportation connectivity to attract investment to the locality, contributing to promoting socio-economic development.
In a move to expedite the execution and disbursement of the 2024 capital plan for ODA projects, aiming for a disbursement rate of over 90% of the allocated funding, the Hoa Binh People's Committee issued Document No. 483/UBND-KTN on April 3, 2024, regarding such efforts.
Nguyen Van Thap from Kim Duc hamlet, Vinh Tien commune, Kim Boi district, has built the brand of Hoa Qua Son for local fruits. His efforts have brought about income for his family and generated job opportunities for locals, helping hundreds of households escape from poverty.
The Hoa Binh administration was entrusted by the Prime Minister with a budget of 3.43 trillion VND (142.91 million USD) for investment in 2024. The provincial People's Council approved nearly 3.76 trillion VND, which has been meticulously allocated to projects, achieving 100% of the assigned capital plan.
Hoa Binh province has mobilised all resources to propel local agricultural products to make inroads into foreign markets, towards lifting the export turnover of key agricultural products to 137.8 million USD by 2030, accounting for 3.4% of the locality’s total export value of goods.
The locality aims to export farm produce to the US, the European Union, the UK, China, Japan, and the Republic of Korea.
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