23 agricultural cooperatives lend tens of billions of dong

(Baonghean) - Currently, 23 agricultural cooperatives in the province have opened additional internal credit services to facilitate members to deposit and borrow capital on the spot. The amount of disbursed money is up to tens of billions of VND.

Quynh Doi Agricultural Service Cooperative (Quynh Luu) is one of the cooperatives with a relatively large internal credit capital source compared to other cooperatives in the province. In 2007, the cooperative opened an internal credit service to serve the deposit and loan needs of the people in the commune. The deposit and loan interest rates are applied according to the bank's interest rates. Up to now, the internally mobilized capital has reached 14 billion VND, the lowest deposit is 1 million VND, the highest is 100 million VND.

Mr. Nguyen Ba Duong, acting chairman of the cooperative, said: The cooperative is currently lending more than 13 billion VND to over 400 borrowers. The loan capital is used by households to invest in production and business, raise livestock, and buy agricultural machinery. Loans are usually from 1 million to 50 million VND. The good news is that over the past 8 years, the mobilized capital has continuously grown, creating favorable conditions for customers to borrow and all of them use the loan capital effectively, repay the principal and interest on time, and do not incur overdue debt.

Quynh Doi Agricultural Cooperative (Quynh Luu) supplies fertilizers to members

Even more convenient, all the villagers and commune people understand the circumstances of each family, so it does not take much time to verify, so the loan procedures are simple, quick, and people are satisfied and trust in using the credit services of the cooperative. Many households effectively promote the loan capital, bringing high profits such as Mr. Ho Tat Quy in hamlet 4, who borrowed over 50 million VND to invest in raising breeding sows and super lean pigs, always maintaining a herd of 40-50 sows, a herd of 30-40 pigs, bringing in an annual income of hundreds of millions of VND...

To manage capital well, the Board of Directors, accountants, and treasurers closely monitor daily deposits and loans every day and every month, ensuring that funds are available for customers to withdraw unexpectedly and to pay interest fully and transparently at all times, creating trust for customers to feel secure in depositing and borrowing capital at the cooperative.

Phu Hau Agricultural Cooperative (Dien Tan Commune, Dien Chau) has internal capital of 1.4 billion VND. Cooperative members needing to borrow capital will receive capital disbursement within only about 30 minutes.

Safe vegetable production at Hung Dong Agricultural Cooperative (Vinh City)

Nghi Lien Agricultural Service Cooperative (Vinh City) has also recently put into operation internal credit since January 2014 to meet the needs of depositing and borrowing capital conveniently for members. Up to now, the mobilized capital has reached 3 billion VND, of which the cooperative's capital is 400 million VND, the rest is deposits from people and members. Mr. Nguyen Dang Tuan, head of the cooperative shared: "This capital is ready for people to borrow for production and business without many cumbersome procedures, and the people trust and are excited to put their trust in the cooperative.

Along with irrigation services, material services, fertilizers, and plant varieties, the internal credit service was born to provide more diverse types of cooperative services to the people, helping them have enough potential to apply scientific and technical advances and new technologies to production, bringing higher income."

Mr. Nguyen Dinh Trung, Head of the Cooperative Development Department, Provincial Cooperative Union, commented: Currently, the whole province has 23 cooperatives that have implemented internal credit activities. In fact, this activity is an active capital channel, providing practical support for farmers in production and business in rural areas. It is a place for farmers to deposit money, borrow capital promptly, with simple procedures and reasonable interest rates. When farmers need to withdraw money or borrow capital, they can flexibly resolve it at any time.

Internal credit of cooperatives serves member households to borrow capital promptly, regardless of the loan amount, from 500 thousand VND, 1 million or tens of millions, and also helps many households with sudden difficulties in daily life such as illness and hospitalization, all of which are facilitated by cooperatives to borrow capital as quickly as possible...

Quynh Lan