Lac Tanh People's Credit Fund (QTDND) was established in 2012 with an initial capital of 500 million VND and 30 members. To date, the fund has 770 members with a total capital of 55 billion VND.
Thanks to many diverse programs of activities, always caring and sharing difficulties with members, QTDND Lac Tanh is growing stronger and developing sustainably...
Lower interest rates to share difficulties with members
With the criteria of closely following the operational goal of supporting members and people to borrow capital to develop production. Typically, such as shortening transaction time, reforming and simplifying procedures, diversifying loan types to meet the needs suitable to local characteristics. At the same time, the Fund also regularly pays attention to and checks capital sources to advise members on effective use of capital. Thanks to that, loans are strictly managed, safe, and principal and interest are collected on time. Ms. Le Thi Tuyen - Chairwoman of the Board of Directors of Lac Tanh People's Credit Fund, said: During the Covid-19 epidemic, Lac Tanh People's Credit Fund had many solutions to respond, proactively conduct business activities in a safe and effective manner, sharing difficulties with members. Accordingly, in 2021, the fund has adjusted lending interest rates 4 times. In the fourth quarter of 2021, the loan program "Joining hands to support members of the People's Credit Fund" continued to be implemented with a low interest rate of only 6.5%/year, helping members of the People's Credit Fund have the opportunity to access cheap capital. Thereby sharing the difficulties with members affected by the economic impact of the Covid-19 pandemic. Thanks to that, many member households who started businesses with timely loans from the Fund have escaped poverty and become well-off, and now not only have paid off all their debts but also have money to save. With an initial capital of 500 million VND and 30 members participating, the fund now has 770 members participating with a total capital of 55 billion VND. Of which, loans are 49.2 billion VND, capital mobilization is 48 billion VND, bad debt is 65.5 million VND (accounting for 0.13% of total outstanding debt), production development loans are 45 billion VND, accounting for 91.4% of total outstanding debt, consumer loans are 4.2 billion, accounting for 8.6% of total outstanding debt.
Many households are better off thanks to loans from QTDND
In Lac Tanh, a locality where the majority of people are farmers and have a large area of cultivated land, the demand for loans is very high. The Lac Tanh People's Credit Fund has accompanied farmers a lot whenever they encounter difficulties in capital sources. Many members have promoted their capacity, used capital for the right purpose, bringing high economic efficiency. A typical example is the family of Mr. Nguyen Ngoc Duy in Lac Thuan quarter, one of the members who participated in the Lac Tanh People's Credit Fund from the very beginning and has often received favorable conditions for capital from the fund.
Mr. Duy said that in the past, farmers in the area did not know about the Lac Tanh People's Credit Fund, so they often turned to black credit. When the Lac Tanh People's Credit Fund promoted and approached the people and had loan programs with preferential interest rates and simple procedures, people came to the Fund to borrow capital to invest in production, business, change the structure of crops and livestock, and strive to get rich. The Fund always creates the most favorable conditions for farmers to borrow capital. Mr. Duy added: "For my family, thanks to a part of the loan from the Fund, I invested in over 12 hectares of rubber and 3 hectares of fruit trees. Thanks to that, my family created jobs for 10 local workers, with an average income of 5 million VND/person/month. Every year, after deducting all expenses, my family earns about 1-1.5 billion VND..."
As a regular customer of QTDND Lac Tanh, Mr. Nguyen Van Thanh's family in Lac Tanh borrowed capital from the Fund to purchase machinery and expand the rice milling factory. His family's factory has grown with ST 24 rice and Thao Nguyen rice products available in major supermarkets in provinces such as Binh Thuan, Ninh Thuan, Khanh Hoa, Da Nang... His family earns about 1.5 to 2 billion VND each year. These are two typical households, among dozens of other households that have become better off thanks to capital borrowed from QTDND Lac Tanh...
Despite many difficulties, the activities of the Lac Tanh People's Credit Fund have ensured that the activities are in line with the objectives and implemented in accordance with the provisions of law. With the achievements over many consecutive years, the Lac Tanh People's Credit Fund was honored to receive a certificate of merit from the Provincial People's Committee and the Binh Thuan Provincial Federation of Labor. In 2022, the Chairman of the Board of Directors of the Fund was honored as the typical businessman of the year in Binh Thuan. In the coming time, the Lac Tanh People's Credit Fund will focus on strengthening the inspection and supervision of the Fund's activities, limiting the occurrence of bad debts. Strengthening propaganda work to mobilize and lend capital to members and people. At the same time, paying attention to the interests of members to promote the spirit of building the Fund and developing membership....
Mr. Phan Thanh En - Director of the State Bank of Vietnam, Binh Thuan Branch: In 2024, despite many difficulties in operations, with efforts, QTDND Lac Tanh has achieved encouraging results, credit growth is quite good, bad debt ratio is low, financial capacity, qualifications, management and administration capacity of key staff continue to be consolidated, improved, meeting standards, QTDND operations are gradually diversified. Business activities continue to have stable, safe and effective development, contributing positively to promoting local socio-economic development.
Source: https://baobinhthuan.com.vn/quy-tin-dung-nhan-dan-lac-tanh-nhieu-chuong-trinh-ho-tro-thanh-vien-de-phat-trien-ben-vung-125498.html
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