Efficiency of capital investment in labor export in Cua Lo town

(Baonghean.vn) - In recent years, thanks to the propaganda about the State's preferential loan policy and information about the foreign labor market, many policy beneficiaries have borrowed money for their children to work abroad, have jobs and stable income, contributing to improving their lives.

Mr. Le Huy Thao's family - Hai Trieu block, Nghi Hai ward (Cua Lo town) used to be one of the poorest households in the ward. Mr. Thao himself is a 4/4 war invalid, with limited labor capacity. His family has 4 children, taking care of their food and education is extremely difficult. Seeing Mr. Thao's poor situation, and being a war invalid, the teacher herself applied for tuition fee exemption for his children. In 2008, knowing that the State had a policy of giving preferential loans to children of families with preferential policies to work abroad, Mr. Le Huy Thao boldly went to the Cua Lo Social Policy Bank to apply for a loan of 60 million VND for his two children, Le Thi Ngoc Huyen and Nguyen Dinh Hien, to work abroad in Taiwan. Both Huyen and Hien work in electronics with a stable income of over 10 million VND/month. Mr. Le Huy Thao happily said: “My family has now escaped poverty, our life is comfortable and comfortable. We have today thanks to long-term loans with low interest rates from the Bank for Social Policies, and my children have saved hundreds of millions of dong thanks to working abroad.”

Thanks to labor export, it contributes to changing the face of Nghi Hai ward - Cua Lo.

Mr. Mai Van Chinh - Secretary of the Hai Trieu block (Nghi Hai ward) said: “Hai Trieu block always has more than 80 workers going to work abroad, the households with beautiful and spacious houses all rely on the income from labor export sent back home. My family also borrowed capital from the Cua Lo Social Policy Bank to invest in my daughter Mai Huyen Trang to work in Korea, now she sends back to her family more than 1,000 USD/month. This 2-storey house is also thanks to Trang's labor money”.

According to Mr. Tran Dai Dong - the officer in charge of labor, war invalids and social affairs in Nghi Hai ward, Nghi Hai ward annually has 60 - 100 people going abroad to work, and regularly has 1,000 local workers going to work in markets such as Taiwan, Korea, Malaysia, Thailand, Russia, China, England, etc. It is estimated that each year, on average, about 50 - 60 billion VND from labor export sources is sent to the locality, changing the lives of the people and the urban appearance of the ward. Thanks to this source, all movements to launch infrastructure construction in the area are actively supported by the people.

Despite the global economic recession and the general difficulties in the foreign labor market, the labor export loan turnover of the Cua Lo Social Policy Bank still increased. The labor export loan turnover in 2010 was more than 2.5 billion VND, with 86 households borrowing capital. In 2011, the bank lent nearly 1.7 billion VND to 59 households. As of May 31, 2012, the total outstanding loan balance for labor export of the Cua Lo Social Policy Bank reached approximately 5 billion VND, with 182 households still in debt. The reason for the increase in lending is the effectiveness of those who have gone before spreading the word to those who have come after, and people have also realized that the markets are gradually stabilizing. In addition, with the support of the bank, when people need capital, credit officers quickly appraise, creating optimal conditions for people, and in just one day, the loan procedures are completed, making people very excited.

This result must be recognized by the dedication of bank staff to overseas labor credit and 4 organizations receiving trust, 137 loan groups in the area. They are the long arms of the bank reaching out to households, regularly closely monitoring lending and debt repayment. On the bank's side, every year, it organizes 3 training sessions for people to provide information about companies that effectively send workers abroad, related issues in the foreign labor market... People have realized that going abroad to work is a fast and effective way to eliminate hunger and reduce poverty. And the reality in Cua Lo town has proven that, many households thanks to going abroad to work have risen to become well-off and rich, at the same time contributing to building their homeland to become more prosperous and civilized...

Quynh Lan