People's Credit Fund contributes to affirming the role of new-style cooperatives

Customers transact at the People's Credit Fund of Hung Lo commune, Viet Tri city.

Hung Lo Commune People's Credit Fund, Viet Tri City is one of the funds with a wide area of ​​operation including 3 communes: Hung Lo, Kim Duc and Phuong Lau. After nearly 30 years of construction and development, from a small number of initial members, the Fund now has a total of 2,725 members with a charter capital of over 19 billion VND. Currently, the Fund has a total operating capital of 454 billion VND; the Fund's outstanding loans reach over 346 billion VND. Hung Lo Commune People's Credit Fund always meets the borrowing needs of qualified members with the main borrowing purposes in the fields of: Trade, services, construction, consumption.

In particular, the Fund always pays attention to creating favorable conditions for labor export loans. Many members of the Fund, after borrowing capital, have invested effectively, their lives have improved significantly, contributing positively to raising local income criteria, accelerating the process of building new rural areas. Hung Lo Commune People's Credit Fund also actively promotes digital transformation, applying information technology to operations in line with modern technology trends. Currently, the Fund has fully equipped POS card readers to serve customers opening payment accounts and withdrawing money at the counter; constantly improving the quality of dedicated service, convenient for members and customers to transact.

Ms. Cao Thi Thanh Hai - Chairman of the Board of Directors of the People's Credit Fund of Hung Lo commune shared: "Such results are thanks to the attention, direction, professional guidance and regular management of the State Bank of Vietnam, Phu Tho Province Branch (now the State Bank of Vietnam, Region 4); the capital support of the Cooperative Bank, Phu Tho Province Branch and the timely direction of the Provincial Cooperative Union. Especially the attention and support of the local Party Committees and authorities of the 3 communes: Hung Lo, Kim Duc and Phuong Lau in grasping the situation of members and handling bad debts. Along with that are the continuous efforts, solidarity and unity of the collective leadership, staff of the Fund and the effective contributions of members and customers".

According to the Provincial Cooperative Union, by December 2024, the province had 39 People's Credit Funds operating in 77 communes, wards and towns of 11/13 districts and cities, attracting 56,100 members to contribute capital. The total operating capital of the Funds reached VND 8,055 billion, an increase of VND 250 billion over the same period in 2023, of which mobilized from members reached VND 7,114 billion. Loan turnover reached VND 8,541 billion, an increase of VND 11 billion over the same period in 2023, reaching 76% of the 2024 plan; total outstanding debt reached VND 6,672 billion. Average profit reached VND 1,750 billion/fund, an increase of 15% over the same period in 2023. The average income of regular workers in the People's Credit Fund reached VND 12 million/person/month.

Ms. Le Thi Hai Yen - Vice President of the Provincial Cooperative Union said: “The People's Credit Fund is the most effective operating model among the types of cooperatives in the province. Many People's Credit Funds have large asset values ​​from 200 to 400 billion VND such as: People's Credit Fund of Thach Son commune, Lam Thao district 357 billion VND; People's Credit Fund of Duu Lau ward, Viet Tri city 256 billion VND; People's Credit Fund of Phu Lac commune, Cam Khe district 230 billion VND... With dynamism, creativity, quick procedures, the activities of the People's Credit Fund are increasingly creating trust and prestige with members, attracting customers. The People's Credit Fund system is an effective loan support channel for members, contributing positively to the economic restructuring, labor, creating jobs for local people, sustainable poverty reduction, limiting black credit lending, stabilizing order, ensuring social security".

Trinh Ha

Source: https://baophutho.vn/quy-tin-dung-nhan-dan-gop-phan-khang-dinh-vai-tro-cua-hop-tac-xa-kieu-moi-230919.htm