People's credit funds have outstanding loans of 4,466 billion VND.

(Baonghean.vn) - To date, the mobilized capital of People's Credit Funds (PCFs) in Nghe An has reached 4,447 billion VND and outstanding loans are 4,466 billion VND (of which bad debts account for 0.6%). All PCFs are operating profitably.

Awarding emulation flags to People's Credit Funds that have achieved outstanding results. Photo: PV

Currently, there are 59 People's Credit Funds operating in 143 communes and wards in the province, with a total of over 112,000 members. To ensure the effective operation of the People's Credit Fund system, the State Bank of Vietnam, Nghe An Branch, has focused on directing and strictly implementing relevant legal documents concerning the operation of People's Credit Funds. Emphasis has been placed on inspection and supervision to ensure the safe and sound operation of the People's Credit Fund system.

Hung Dong People's Credit Fund - Vinh City has done a good job of mobilizing capital to promptly meet the loan needs of its members. Photo: HV

In addition, to facilitate the operation of the People's Credit Fund system, the State Bank of Vietnam, Nghe An Branch, has approved many People's Credit Funds to act as remittance payment agents for licensed credit institutions and to provide money transfer services, perform collection and disbursement services for members through the CF-eBank system of the Vietnam Cooperative Bank.

Hoang Vinh