With the goal of “Assistance, assistance and support for members in economic development”, Duy Thanh People’s Credit Fund (QTDND) (Thieu Hoa) has become a trusted address for people to transact, deposit money as well as borrow capital for economic development investment. Thereby, it has contributed significantly to poverty reduction in localities.
Mr. Le Van Hung's family, Sy Nhan village, Thieu Duy commune (Thieu Hoa) received a loan from Duy Thanh People's Credit Fund to effectively develop the economy.
QTDND Duy Thanh operates in the communes of Thieu Duy, Thieu Hop, Thieu Quang and Thieu Hoa town (Thieu Hoa). With the advantage of being close to the people, understanding the needs, business capabilities and finances of each borrower, the loan procedures are always quick and simple but still in accordance with current regulations on interest rates, lending regimes and lending subjects. The Fund has assigned staff in charge of the area to proactively grasp customer information, analyze and evaluate each specific plan and production and business model, thereby determining the capital level and loan term appropriate to the reality. At the same time, handle arising problems well, minimize risks, control bad debts; regularly check the use of loans and advise members to use the capital for the right purpose, remind members to pay principal and interest on time, and limit risks in loans.
The family of Mr. Le Van Hung, Sy Nhan village, Thieu Duy commune is one of the households that effectively uses the loan capital from the fund to develop the economy. Mr. Hung said: “My family is a long-time traditional customer of the fund. Right from the first days of building the farm, Duy Thanh People's Credit Fund has created conditions for my family to borrow capital to build barns, buy breeding animals, and materials for production. From the initial loan of several tens of millions of VND, after many investments and production expansions, I have received additional capital from the fund. My family is currently receiving a loan of 400 million VND from the fund to invest in expanding the rabbit farm. At the same time, we have developed the area for growing chili for export, cucumbers, raising more than 30 pigs and more than 400 rabbits with an income of hundreds of millions of VND/year. As a customer for decades, I find the appraisal, completion of documents, and disbursement of loans to customers of the fund to be quick, timely, and reputable, so I continue to be associated with it.”
As of the end of March 2024, Duy Thanh People's Credit Fund had 2,435 members, with a total operating capital of nearly 127 billion VND, meeting the loan needs of members and the daily payment safety ratio as prescribed; the total outstanding loan balance of the fund is more than 95 billion VND. Outstanding loans are focused on lending to areas such as: Production and service business accounting for 70%; loans for living expenses accounting for 30%. Loans from the fund have promptly met the capital needs for production and business development of members, no longer having to wait for capital, or lack of capital seasonally or at the end of the year as before. From the fund's capital, many members have been proactive, sensitive, and seized opportunities to invest in production and business successfully, bringing high economic efficiency; creating more jobs, increasing family income. Not only focusing on capital investment, Duy Thanh People's Credit Fund also actively implements interest rate support programs deployed by the State Bank. Inspection and control work is also carried out regularly and promptly by the fund, establishing a strict management system, limiting risks, ensuring safe and effective operations. Since then, the fund has been highly appreciated by authorities at all levels and the State Bank of Thanh Hoa province for its rapid, stable and effective development, creating trust among local people.
Mr. Nguyen Khac Khuyen, Chairman of the Board of Directors of Duy Thanh People's Credit Fund, said: "To ensure the goal of stable development, during its operation, the fund always closely follows the socio-economic development orientation of localities, on that basis implementing appropriate business solutions. The fund always focuses on resolving member loans with the criteria of safe, effective and safe lending, creating favorable conditions for members to borrow capital to develop their business. The fund is continuing to promote the implementation of many modern and practical banking products and services to effectively meet the needs of members and people in the area such as: providing payment services, 24/7 electronic money transfer services; proactively grasping the situation, socio-economic developments and the market to adjust business plans and targets accordingly, ensuring safety and efficiency".
Article and photos: Luong Khanh
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