Phuoc Hoa People’s Credit Fund was established in May 1997 with 17 members, initial capital of VND50mln and scope of its activities in three communes of Phuoc Hoa, Phuoc Vinh and Tan Binh where previously belonged to Tan Uyen district.
After its 16-year development, Phuoc Hoa People’s Credit Fund has risen up and taken the lead among Binh Duong’s 10 People’s Credit Funds with the highest figure in terms of capital, outstanding loan and pre-tax profit. With nearly 6,000 members, the People’s Credit Fund now works in 7 communes and 1 township of Ben Cat, Phu Giao and Tan Uyen districts with a total chartered capital of more than VND4bln, a total operating capital of more than VND300bln and a total outstanding loan of nearly VND210bln. It has made efforts in diversifying products to improve its operational efficiency…
Vu Van Dau, Director of Phuoc Hoa People’s Credit Fund said that the People’s Credit Fund has enjoyed advantages in capital mobilization as it has worked in the rural region with high income. Moreover, according to the regulation of the State Bank of Vietnam, People’s Credit Funds are not forced to set up reserve funds. This helps Phuoc Hoa People’s Credit Fund have another conditions for its outstanding loan development…
Reported by H.Phuong-Translated by K.T
