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Not only working with the goal of mutual assistance, creating favorable conditions for members, province-based People's Credit Funds (PCFs) have always improved the quality and efficiency of operations, promptly meeting people’s demand for capital, serving economic development and raising their income.

Admitting more members

The province now has a total of 10 PCFs. And they have attached special importance to membership development. With the attention and support of the local Party organizations, authorities at all levels, province-based PCFs system has actively made propaganda work among people and members, helping them know more about its benefits and operational objectives. It has also set up synchronous solutions to help members remove difficulties in repaying their loans, renovate its transaction style, quickly settling loan procedures to help members rapidly have loans for production development.

Transactions at Phuoc Hoa PCF in Phu Giao district

Le Thuy Linh Giang, Director of Phuoc Hoa PCF in Phu Giao district said that during its operational process, the PCF has always determined a core goal being mutual assistance among members, not for profit. In 2020, the economic situation was affected by the pandemic. The PCF faced fluctuations in capital mobilization and lending, and it managed to reduce its interest rates for members to support them in maintaining and developing home based business while extracting its welfare fund on supporting members facing difficulties, illnesses. Through these activities, the PCF expressed its spirit of sharing and mutual support. Therefore, the fund attracted more participants. It has so far lured  3,995 members with total charter capital of more than VND 7.73 billion, total  mobilized capital of VND418.5 billion.

Not only Phuoc Hoa PCF, other PCFs such as An Thanh, Di An, Hiep Thanh ... have also attracted many members. It is known that province-based PCFs now have a total of 19,593 members.

Meeting the target

 Not only focusing on membership development, province-based PCFs have also focused on developing capital, tapping capital among people at a maximum level. Mai Thanh Tuyen, Director of Thanh Tuyen PCF in Dau Tieng district said that the PCF’s main operational area is rural but very convenient in mobilizing capital because the annual income of households is relatively high. By the end of 2020, the total operating capital of the PCF was nearly VND 286.5 billion.

An Thanh PCF in Thuan An city is also one of the units operating effectively although there are many other credit institutions in the locality. In 2020, the PCF also had its own solutions, improving its reputation and asserting its position, thereby mobilizing more and more customers for depositing.

Nguyen Thi Thuy Nga, Director of An Thanh PCF said that along with attaching special importance to investing in working equipment, the PCF is interested in applying information technology into management and transaction, ensuring safety and accuracy in all activities, thereby winning the trust of customers. By the end of 2020, the total operating capital of the fund was VND475.7billion, up 5.33% over the same period or 99.88% of the year’s plan.

Thanks to having abundant mobilized capital, solutions in credit growth plus diversification of loan products, province-based PCFs opportunely met the members' demand for capital with lending focusing on agricultural and rural development, priority fields. As of late 2020, their total outstanding loans reached more than VND 1.26 trillion, or 73.18% of total mobilized capital.

According to the assessment of the State Bank of Vietnam’s Binh Duong branch, over the past time, province-based PCFs worked stably, closely followed development goals, contributing to the local poverty reduction, economic restructuring and usury reduction. All 10 PCFs in the province worked effectively, significantly contributing to the local socio-economic development, improving the lives of members. Their rate of bad debts  was below the allowable level of 0.15%.

Reported by Thanh Hong-Translated by K.T