Vinh Thanh Van People’s Credit Fund (PCF) is one of first established PCFs in Kien Giang province. Despite difficulties in its early period, with the efforts of its board of directors and employees, the fund has fundamentally developed and contributed to poverty alleviation.
Vinh Thanh Van PCF currently has 8,100 members, operating in model of small mobilisation - small credit, transforming difficulties into opportunities. In 2012, the Fund mobilised VND54 billion, increased 18.3 percent, total loans reached VND50.8 billion, increased 9.24 percent, profit rose 18 percent, and bad debts was below 1.87 percent. To reach these achievements, the fund had a consensus among all employees, striving to complete duties, and also receiving incentive supports from executive committees from the State Bank of Vietnam, local authorities and Central PCF.
Vinh Thanh Van PCF always follows and seriously applies policies and laws of the State, as well as mechanism of the State Bank of Vietnam, in 2012, due to economic difficulties, the Fund extended debt repayment (including principle and interest repayments) for 41 members with equivalent amount of VND6.1 billion, exempted interest repayments up to VND90 million, set up a prescribed risk reserve fund, and reduced deposit and interest rates six times. Fund deposit rate was equal or higher, interest rate was equal or lower, which is an advantage compared to other joint-stock commercial banks in area.
The fund is persistently following the target and strategy of supporting the community, not pursuing only short term profits. It mainly grants credit for small business with small loans, therefore its bad loans are insignificant.
Vinh Thanh Van PCF pays close attention to human resource training, gradually constructing a workforce with high professional skills and ethics to satisfy business demand and strong competition in the current market economy. Besides, the fund actively pays attention to staff members’ lives, enhances sharing in the fund, helps personnel feel secure in their work. Moreover, the fund participates in programmes, projects for the community such as constructing two Unity houses, contributing tens of millions VND to a study encouragement fund, well implementing social security policy in the province.
Mr Bui Van Ho, Chairman of Board of Management of Vinh Thanh Van PCF shared that although economic difficulties will continue in the year 2013, the fund still ventures to its target: capital mobilisation increase of 5 percent, loan increase of 3 percent, bad loans under 2 percent. With specific strategies, the ambition of the fund’s leaders, as well as its dynamic and enthusiastic personnel, the fund is strongly believed to complete targets, contributing to the general economic development of Kien Giang province.
Tung Linh
Vietnamese
