Cuong Gian People's Credit Fund received the First Class Labor Medal

On the morning of April 19, the People's Credit Fund of Cuong Gian commune, Nghi Xuan district solemnly held a ceremony to celebrate its 70th anniversary and receive the First Class Labor Medal.

Cuong Gian Inter-Commune People's Credit Fund, formerly Xuan Song Credit Cooperative, was established on March 27, 1956. Its main task at that time was to act as an agent for the bank to mobilize savings deposits from the people to support the bank in lending capital for production development, serving social activities according to the policies of the Party and the State.

Leaders of the Vietnam Cooperative Bank and Nghi Xuan district leaders awarded the First Class Labor Medal to the Cuong Gian Inter-Commune People's Credit Fund.

During the resistance war against the US to save the country, from 1965 to 1972, Xuan Song Credit Cooperative continuously expanded capital mobilization and lending, especially lending for the development of agriculture, fisheries, small-scale industry, salt production, transportation, etc., contributing to regulating monetary circulation and developing the local economy, increasing the potential to ensure on-site logistics and being ready to support the front line.

In 1993, Xuan Song Credit Cooperative transformed its organizational and operational model, establishing the Cuong Gian Inter-Commune People's Credit Fund based on the principles of voluntariness, autonomy, and self-responsibility for the results of its operations, with the main goal of mutual assistance among members.

Awarding certificate of merit from Vietnam Cooperative Bank to Cuong Gian Inter-commune People's Credit Fund.

After the State Bank's policy allowed the expansion of inter-commune operations, Cuong Gian Inter-Commune People's Credit Fund expanded its operations to Xuan Lien commune in 2011 and Co Dam commune in 2016.

Over the 70 years of establishment and development, up to now, Cuong Gian Inter-commune People's Credit Fund has continuously developed in terms of quantity, scale and quality, affirming its positive role in contributing to growth, economic restructuring, achieving the goal of hunger eradication and poverty reduction, preventing usury, illegal credit activities and supporting the local new rural construction program.

Nghi Xuan district leaders awarded certificates of merit to members of the Cuong Gian Inter-commune People's Credit Fund with outstanding achievements.

Up to now, the operating capital of the Cuong Gian Inter-Commune People's Credit Fund has reached nearly 457 billion VND with 4,516 members. The total outstanding loan balance has reached nearly 375 billion VND, especially loans for labor export (at times accounting for 70% of the total outstanding debt). The bad debt ratio is low, accounting for only 0.008% of the total outstanding debt in 2024. Every year, the business is profitable, each year is higher than the previous year.

In addition to business activities, since 2010, the fund has actively participated in social security work such as: supporting the construction of houses for families in especially difficult circumstances; investing in building schools, repairing medical stations, martyrs' temples, giving savings books to poor households, families with revolutionary contributions, giving gifts to encourage learning and talent with a total amount of more than 3.8 billion VND.

With its achievements, Cuong Gian Inter-Commune People's Credit Fund was honored to receive the Third Class Labor Medal (2007); Second Class Labor Medal (2018) from the President of the Socialist Republic of Vietnam.

On the occasion of the 70th anniversary of its establishment, Cuong Gian Inter-Commune People's Credit Fund received the First Class Labor Medal from the President of the Socialist Republic of Vietnam for its outstanding achievements in work from 1998 to 2022, contributing to the construction of socialism and defense of the Fatherland.

District Party Secretary Dang Tran Phong spoke at the ceremony.

Speaking at the ceremony, Secretary of the District Party Committee Dang Tran Phong acknowledged the achievements of the Cuong Gian Inter-Commune People's Credit Fund in the past time; at the same time, he hoped that the fund would continue to unite, grow safely and sustainably; pay attention to allocating a portion of profits to continue doing well in social security work; contributing to building Cuong Gian, Xuan Lien, and Co Dam communes to become more civilized, prosperous, and worthy of the titles awarded by the Party and the State.

On this occasion, the Cuong Gian Inter-Commune People's Credit Fund presented 20 gifts to students in especially difficult circumstances.