Thai Hoa Town Credit Fund is operating in accordance with the law.

(Baonghean) - In recent days, public opinion of some people in Thai Hoa town has said that the Director of the town's People's Credit Fund has debts of tens of billions of dong, causing many people to withdraw money in an unusual way. However, after investigation, it was found that the information was completely false. Currently, the Thai Hoa town's People's Credit Fund is still operating in accordance with the law, with no loss of capital.

After the days of people flocking to withdraw their deposits at the Thai Hoa Town People's Credit Fund, on the morning of July 3, we directly investigated information surrounding the rumor that the Director of the unit, Ms. Pham Thi Bich Mai, had fled with tens of billions of dong due to bankruptcy. At this time, many people were present at the Thai Hoa Town People's Credit Fund to make transactions, including those who were looking for information about the unit's operations. However, according to our investigation, the information that has recently stirred up public opinion is unfounded.

Thai Hoa Town People's Credit Fund is operating normally.

Talking to us, Mr. Pham An Trung - Chairman of the Board of Directors of the People's Credit Fund of Thai Hoa town said: We do not know where the information that people have been speculating about in recent days comes from, for what reason, but in fact, the capital and assets of the unit are currently not lost. As for Ms. Pham Thi Bich Mai (Director of the Fund), she still goes to work, manages all activities of the unit normally, there is no story of her fleeing the area as public opinion has reported in recent times.

Mr. Trung added that in recent days, with the support of the State Bank of Vietnam, Nghe An branch, and the Vietnam Cooperative Bank, Nghe An branch, the unit has prepared a sufficient amount of money to be ready to pay depositors who come to withdraw money. In the early days of last week, there were also people who came to withdraw money before the due date, but we explained to the people and then stopped. I guarantee that the Thai Hoa Town People's Credit Fund is still operating in accordance with the law.

At her office, Ms. Pham Thi Bich Mai - Director of the People's Credit Fund of Thai Hoa town, affirmed that in the past few days, she had not left her residential area, and still went to work as usual every day. The story about her being bankrupt was completely fabricated and had no basis. This could be due to some reason, some people took advantage of the information in a false way, causing people to rush to withdraw money, affecting the unit's operations.

Regarding this, after many days of conducting periodic inspections at the Thai Hoa Town People's Credit Fund, on June 30, 2017, the State Bank of Nghe An Branch concluded: Through inspection, it was shown that the operations of the Thai Hoa Town People's Credit Fund are safe, in compliance with the regulations of the State Bank as well as the provisions of the law, there is no phenomenon of default as rumored, so people can rest assured to borrow money and deposit money at the Fund. Request the Thai Hoa Town People's Committee to direct the Town Police and the police of related wards to investigate and identify bad guys who spread false information affecting the Fund's operations.

Lieutenant Colonel Tran Ngoc Tuan - Chief of Thai Hoa Town Police added: The town police also heard rumors that Ms. Pham Thi Bich Mai - Director of Thai Hoa Town People's Credit Fund went bankrupt and fled the area, but in fact it was not true. Ms. Mai still went to work at the agency, there were no unusual signs. In the past few days, the town police have not received any complaints from the people related to the Thai Hoa Town People's Credit Fund going bankrupt.

According to Mr. Pham An Trung - Chairman of the Board of Directors of Thai Hoa Town People's Credit Fund, with an innovative mindset, improving operational efficiency, flexibility in interest rates, good risk management, promoting proactiveness and creativity in business activities, ensuring liquidity, minimizing risks and not allowing new overdue debts and bad debts to arise, Thai Hoa Town People's Credit Fund has become a bright spot, one of the top funds out of 59 people's credit funds in Nghe An Province.

In the first 6 months of 2017, the unit's activities developed steadily. As of June 30, 2017, Thai Hoa Town People's Credit Fund had 2,315 members, an increase of 63 members compared to the beginning of the year, total capital reached over 259 billion VND, an increase of more than 5 billion VND compared to the first quarter; outstanding loans were over 200 billion VND, accounting for 77.20% of total capital.

Customers come to make transactions at Thai Hoa Town People's Credit Fund.

Target for the last 6 months of 2017, the total capital of Thai Hoa Town People's Credit Fund reached 266 billion VND. Of which, charter capital reached over 18 billion VND, mobilized capital reached 195 billion VND; borrowed from Cooperative Bank 40 billion VND, other capital over 13 billion VND. Total outstanding debt reached 200 billion VND, accounting for 75% of total capital.

Promoting the achievements in the first months of the year and the last 6 months of the year, Thai Hoa Town People's Credit Fund has strengthened inspection and supervision to ensure that the Fund operates in accordance with its principles and purposes, complies with the provisions of law, the Charter, and the Resolution of the Members' Congress to ensure capital safety in business; takes advantage of the leadership of the State Bank and socio-political organizations to operate more effectively. At the same time, promote propaganda and advertising of the Fund's image, coordinate with political organizations, state management agencies, and police agencies to build, rectify, strengthen trust and overcome information that negatively affects the Fund's operations.

The Board of Directors has supplemented regulations, suitable to the actual situation for easy implementation by departments, sent staff to attend professional training courses organized by the State Bank, and taught professional courses at the Fund on contents that have taken too long to study and newly changed contents. Strengthened pre-, during- and post-loan appraisal and inspection to ensure capital safety, while actively recovering due, overdue and off-balance sheet debts. Professional departments have actively studied documents and strictly implemented procedures to limit errors.

After more than 20 years of establishment and operation, Thai Hoa Town People's Credit Fund has always been a trusted address for local people in family economic development.

With the motto of "reputation, safety, efficiency, sustainability", Thai Hoa Town People's Credit Fund has gradually proposed many reasonable operating policies, ensuring convenience, speed, safety, not only meeting the needs of borrowing capital to develop production and business for the people, but also minimizing risks, gradually creating people's trust in mobilizing deposits, contributing to local economic development.

Xuan Hoang