Motivation to help young people start a business

Youth Union member Lu Van Duc, Cang 2 village, Na Tau commune (Dien Bien Phu city) used preferential loans to develop a natural honey beekeeping model.

Nearly 5 years ago, through the program "Accompanying young people to establish a career", Mr. Lu Van Duc, Cang 2 village, Na Tau commune (Dien Bien Phu city) was given a loan through the Social Policy Bank by the Provincial Youth Union and the Commune Youth Union. With a loan of 50 million VND, Mr. Duc invested in a model of growing plum trees and raising wild bees. Fortunately, when he encountered difficulties in capital to start a business, the Youth Union organizations created conditions for Mr. Duc to access preferential loans. With the enthusiasm of youth, he worked hard to learn and research the techniques of growing and caring for plum trees as well as raising bees so that the model could develop and bring in a stable income like today.

Mr. Duc shared: “Although I had the advantage of a large land fund, I did not know what to do to develop the economy in the past. Because I had no investment capital, the land was only used to grow bamboo shoots, but the economic efficiency was very low. After visiting economic models owned by young people in some neighboring provinces and receiving support from the Bank for Social Policies with a loan of 50 million VND, I used it to raise bees naturally. Because natural honey is expensive and favored by the market, my family's income has gradually stabilized in recent years. When economic conditions have improved, my family continues to expand the scale to bring in higher income.”

With the enthusiasm of youth and the desire to get rich, but difficult family circumstances are the biggest obstacle for young man Vi Van Tha, Loi village, Muong Loi commune (Dien Bien district). The real opportunity came when the district's Social Policy Bank created conditions for him to borrow 50 million VND from preferential loans. From that initial capital, young man Vi A Tha invested in buying breeding cows, building barns and preparing food for the herd to develop the economy from commercial cattle farming. With his industrious nature, willingness to learn as well as accumulate experience from training courses and apply it to his model, his family's herd of cows always grows healthily. Every year, Mr. Tha's family usually sells 3 beef cows, earning nearly 100 million VND.

Thanks to preferential loans from the Bank for Social Policies, in recent times, the whole province has developed many economic models of young people.

Mr. Tha expressed: “Through the Youth Union’s savings and loan group, my family was considered for a loan of 50 million VND. Thanks to the preferential loan, I invested in building a concentrated cow breeding model to increase my family’s income. I would like to thank the Youth Union and the Bank for Social Policies for helping me have the economic development model I have today; from there, I have risen to become rich right in my hometown.”

Currently, in Muong Loi commune, there are more than 300 families of young people who have access to and borrowed preferential loans from the district's Social Policy Bank. Through that loan source, young people have the opportunity to develop their economy and get rich legitimately. Ms. Lo Thi Pin, Secretary of the Muong Loi Commune Youth Union, shared: "In order to use the loan capital effectively, the Muong Loi Commune Youth Union has coordinated with the district's Social Policy Bank to deploy documents and preferential programs of the bank to young people. When lending, we, together with the Savings and Loan Group, review in a public and transparent manner so that the loan capital reaches the right subjects and is used for the right purposes...".

By the end of July 2024, the Youth Union system in the whole province was managing more than 1,200 billion VND of entrusted loans (an increase of 125 billion compared to 2023); through 551 savings and loan groups with 19,737 borrowing households. From this capital source, young households have organized production, increased income and created jobs for more than 40,000 local workers. The preferential credit capital of social policy has supported the models of young union members to successfully develop the economy, helping thousands of young people have the opportunity to demonstrate their creativity and enrich themselves; creating effects and spreading among young union members in the whole province. Promoting these positive results, in recent times, the Standing Committee of the Provincial Youth Union has strengthened the propaganda and dissemination of preferential credit policies according to Resolution No. 11/NQ-CP and Resolution No. 181/NQ-CP of the Government for young union members. Direct the Commune-level Youth Union to coordinate well with the Bank for Social Policies to review beneficiaries, evaluate loans, complete documents for timely disbursement, ensure compliance with regulations, publicity and transparency according to Decree No. 28/ND-CP dated April 26, 2022 of the Government; ensure loans to the right subjects, use capital for the right purpose.

As the models develop, young people are willing to share their experiences to get rich together in their homeland.

Mr. Dang Thanh Huy, Secretary of the Provincial Youth Union, said: The Provincial Youth Union Standing Committee has directed the Youth Union at all levels to actively coordinate with the Bank for Social Policies to effectively implement social credit programs. Propaganda to raise awareness and sense of responsibility of members in repaying debts, paying interest, and using them for the right purposes; regularly inspect and monitor loans due. Coordinate with local Social Policy Banks to urge the collection of overdue debts, debt that is due, and irrecoverable debts... Direct the Youth Union at all levels to step up propaganda and mobilize young people to promote the spirit of youth vanguard, build and replicate typical production and business models to help each other escape poverty and become rich legitimately... From there, the Youth Union organization becomes a bridge for young people and people to access preferential credit, helping to improve living conditions, create jobs, and contribute to supporting economic and social recovery and development.

Based on the results achieved, in the coming time, the Youth Union organizations in the province will continue to coordinate with the Social Policy Bank and the entrusted organizations and unions to provide guidance on the management of the entrusted program for the Youth Union and union officials. At the same time, coordinate with the government and relevant agencies to effectively integrate local socio-economic development programs and projects... with the borrowing of social policy credit capital to improve the efficiency of preferential loan use among the Youth Union.

Source: https://baodienbienphu.com.vn/tin-tuc/Ngan-hang-csxh/217604/dong-luc-giup-thanh-nien-khoi-nghiep