Mr. Bui Van Nam's family, Bai Trang hamlet from Dong Lai commune (Tan Lac) has escaped poverty thanks to the effective use of the preferrential capital.
Muong 2, the name about ten years ago makes people imagine a remote countryside, with difficult roads in Dong Lai commune (Tan Lac). Recently, this countryside has changed with the convenient roads and the people's lives are increasingly improving. After the merger, Muong 2 was called Bai Trang hamlet. The "transformation” of Muong 2 today is marked by the preferential loans from the Bank for Social Policies.
Mr. Bui Van Thai's family was previously the poor household having economic difficulties. Even though they have a few hectares of land, they have no capital to invest in economic development. Since receiving the policy loan, Mr. Thai has invested in growing longans and pomelos. Thanks to that, the economy has gradually improved. Later, his family continued to borrow more capital for near-poor households, most recently the capital for households that have just escaping poverty. "These are very valuable capital for my family. With the support and facilitation of the Bank for Social Policies, the family has capital for continuous, uninterrupted production. Thanks to that, the economy gradually stabilizes and income increases”, Mr. Thai says.
Together in Bai Trang hamlet, Mr. Bui Van Nam's family also officially escaped poverty, with a journey of more than 10 years accompanied by the policy credit. Mr. Nam recalled that when the economy was still difficult, thanks to policy capital, his family invested in raising buffalos and cows. Every year, the number of buffaloes and cows increased, and his family began to accumulate money. The accumulated money was used both to make ends meet and to invest in farming, so the economy improved markedly. "The preferential loan from the Bank for Social Policies means a lot to my family, because the loan procedures are simple and the interest rate is low. Currently, my family has escaped poverty but we still wish to receive the preferential loan to expand livestock farming and achieve higher economic efficiency,” Mr. Nam says. It is known that Dong Lai is a commune that has reached the new rural destination, however, the people's need to access the preferential loans is still high. By the end of October 2023, the total outstanding debt of the commune's policy credit programs reached nearly 34 billion VND, the loan turnover in the past 10 months was more than 8 billion VND, lending to over 200 turns of the households.
In addition to Dong Lai commune, in recent years, the policy capital has "covered” all villages and hamlets in Tan Lac district. This is an important driving force for the hunger eradication and poverty reduction, especially in the areas of the ethnic minorities and mountainous ones. Mr. Nguyen Tuan Ngoc, the Director of the District’s Transaction Office of the Bank for Social Policies, says: In recent years, the unit has well implemented the loan programs for the poor and the near-poor households, and the households who has just got rit of poverty, as well as the new policy credit programs. In which, the priority is always given to the capital sources for the poor households and the households in the areas of the ethnic minorities. In 2023, the unit is assigned 3.3 billion VND to lend to the households in the areas of the ethnic minorities and mountainous ones according to Decree No. 28/2022/ND-CP of the Government. Accordingly, the district’s Bank for Social Policies has proactively coordinated with the district’s Ethnic Department right from identifying the beneficiaries. In November, it is expected to lend for housing support to over 40 households and more than 1.4 billion VND for job change loans. This is an important source of capital to help the households in the areas of ethnic minorities and mountainous people stabilize their lives and escape poverty sustainably.
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