Nghe An Cooperative Development Support Fund implements 2020 plan

Conference scene. Photo: Ngoc Anh

The Nghe An Provincial Cooperative Development Support Fund was established by the Provincial People's Committee on September 28, 2018. Due to changes in personnel, by the end of June 2020, the Provincial People's Committee issued Decision 1998 to supplement and replace members of the management board and director of the fund. Accordingly, comrade Hoang Nghia Hieu - Member of the Provincial Party Committee, Vice Chairman of the Provincial People's Committee holds the position of Chairman of the Management Board of the Nghe An Provincial Cooperative Development Support Fund.

Mr. Nguyen Van Vinh - Deputy Director of the Social Policy Bank, Nghe An province branch said: Currently, the Social Policy Bank has coordinated with the Fund Management Board to train lending skills for the fund management staff and cooperatives requesting loans. Photo: Ngoc Anh

The fund's activities will meet the capital needs of cooperative economic establishments, members and workers; help cooperatives and cooperative unions have conditions to invest in expanding production scale, innovating technology, equipment and products, improving production and business efficiency; at the same time, creating jobs and increasing income for hundreds of thousands of members and workers, creating more new jobs for rural workers, contributing to ensuring social security and developing the collective economy in the locality.

Mr. Doan Manh Ha - Deputy Director of the State Bank of Vietnam, Nghe An province branch, spoke at the conference: In the lending regulations, there is a provision that the loan condition is to have collateral, but in reality, most cooperatives do not have assets that meet the mortgage conditions according to the law. Therefore, the Social Policy Bank should guide cooperatives to provide personal assets as collateral for the cooperative. Photo: Ngoc Anh

To date, over 25 units have registered and have built loan applications... Implementing the 2020 plan, Nghe An Cooperative Development Support Fund coordinates with the Policy Bank to organize training for those in need of borrowing capital from the fund; receive applications, select units to carry out the loan inspection and appraisal process. Every year, the fund will disburse and inspect the implementation of loan capital.

Quynh Lien Agricultural Service Production Cooperative (Hoang Mai town) grows chayote according to VietGAP standards. Photo courtesy

Speaking at the conference, Comrade Hoang Nghia Hieu - Member of the Provincial Party Committee, Vice Chairman of the Provincial People's Committee emphasized: Cooperative economy plays a very important role in the development of agricultural and rural economy. Although the whole province has over 748 cooperatives, the operation of cooperatives is not really effective, in which the problem of borrowing capital for cooperatives to operate is facing many difficulties. Therefore, the establishment of the Development Support Fund will contribute to helping cooperatives have a source of capital to borrow to operate more effectively...

Comrade Hoang Nghia Hieu - Member of the Provincial Party Committee, Vice Chairman of the Provincial People's Committee spoke at the conference. Photo: Ngoc Anh

The Vice Chairman of the Provincial People's Committee also requested: The Fund Management Board, members, and the Control Board must adhere to their assigned tasks, direct the implementation and properly handle the contents related to the management fields of the departments, branches, and units under their charge. For the Fund's Operational Management Board, continue to organize professional training, improve the capacity of officers implementing loans; review and select cooperatives and cooperative unions in need of loans to lend in accordance with regulations. For the Social Policy Bank, it is necessary to inspect, appraise and disburse loan capital in accordance with regulations and capital objectives; regularly check the use of loans by borrowing units to promptly handle cases of misuse and violations of lending regulations./.