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An Thanh Credit Fund’s Binh Chuan Transaction Office

is under good operation.  

Local cooperatives have gradually grown up and diversified their production and business forms, contributing to accelerate poverty reduction and new rural building across villages and communes. The achievement is synthesized on the occasion of the honoring congress of typical examples for collective economic development held on the early day of this month.

Binh Duong is one of the country’s dynamic provinces and leads in supporting for cooperatives to accelerate the economic model. Deputy standing chairman of the provincial Cooperative Alliance Lai Manh Dau valued ‘Over the past 5 years, the local collective economy has played an important role in local socio-economic growth. During its development progress, many typical cooperatives have contributed to bolster the local economy’.

The highlighted cooperative models are mainly under trade industry with the operation bringing high efficiency. They include Binh Hoa market management – service – trade cooperative, Phu Cuong trade-service cooperative, Thanh Long Bridge, Construction-Transport Cooperative, Phuoc Thanh Cooperative and so on.

Nguyen Khac Su, director of Binh Hoa market management – service – trade cooperative in Thuan An district, shared this cooperative’s success is thanks to democracy with business measures and managerial regulations suitable to reality. Especially, in terms of the market business management and exploitation, aside from the food safety and hygiene, the unit holds promulgations on service behavior for members in a bid to raise trade civilized lifestyle, upholding the market business effectively.

Aside from the done results, cooperatives always focus on enhancing their prestige for clients, improving business modes and grasping market price to deliver flexible settlements for business and payment and so on.

In terms of transport, Cong Minh Transport Service Cooperative in Phu Loi ward, Thu Dau Mot town is considered as typical example of the local Cooperative Alliance. Founded in 2001, the cooperative’s members have so far enjoyed an average income of VND3.5-3.8mil per capita per month. Its total asset value has increased 14-fold compared to its early days of establishment. Apart from effective business, the cooperative has positively involved in charity activities initiated by local authorities. It has donated VND150mil to the charity deeds.

Meanwhile, as a cooperative with 10 years of operation, Nhat Hung Rubber Cooperative in Tan Uyen district mainly runs in purchasing rubber latex and doing outwork for export rubber products. However in 2005, the cooperative managerial board decided to build an export rubber latex processing plant. With proper measures and long term vision, the unit has received great support from members, becoming a strong unit in processing and trading rubber latex products.

Credit Fund is also a success of the cooperative model with the aim of helping poor members and small traders access loans for production and business. The loan model helps reduce loans with high rates. Despite difficulties, credit fund system remains developed with a fair growth rate. The typical funds include Di An, Phu Hoa, Phuoc Hoa, Thanh Tuyen credit funds and so on.

An Thanh Credit Fund director Nguyen Thi Thuy Nga, said the fund is a vanguard unit in applying unsecured loans under guarantee of mass bodies such as Women Union, Farmer Union, Veteran Union and agencies and schools. Over the past 5 years, the fund has set up 611 unsecured lending teams with over 6,000 members enjoying loans worth over VND43bil. As a result, the fund helps many people make wealth legitimately.

The mentioned results affirm the crucial role of collective economy for the local development. They are units and individuals upholding potentials and advantages to step up the sustainable and overall development for collective economy. Despite difficulties, the local collective economy has emerged many typical cooperative models that deserve praise and expansion.

Reported by T.Hong – Translated by A.C