Over the past years, provincial Support Fund for Collective Economic Development (briefly called the fund) upheld its effectiveness in innovating, developing products and technologies for cooperatives, contributing to promoting the local collective economy.
The fund under provincial Alliance of Cooperatives was established in September 2012, aiming to support cooperatives, cooperative groups in improving products, technologies, developing consumption markets, building and replicating outstanding collective models…
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Tan My Fruit Tree Cooperative in North Tan Uyen district has effectively used loans from the fund for production-business
So far, the fund has provided 87 cooperatives and members with more than VND182billion in loan, thereby helping them remove difficulties for production-business development, generating jobs and increasing incomes for members and laborers.
Le Minh Sang, Director of Tan My Fruit Tree Cooperative in North Tan Uyen district said that the cooperative used the loan to expand another model on growing citrus fruit trees under VietGap standards. The cooperative now has more than 60 hectares of pomelo, orange and tangerine with the annual output of more than 300 tons. The cooperative’s total revenue is estimated at VND10billion, generating jobs for 20 laborers and above with the monthly income of VND6million-VND8million per person.
Whilst, Thanh Long Transport-Construction and Civil Engineering Cooperative in Ben Cat town’s My Phuoc ward now has a total of 122 members with the annual income of between VND25million and VND30million. The cooperative has till now generated jobs for more than 120 laborers with the monthly salary of between VND7million and VND8million. Nguyen Van Dien, Director of the cooperative said that the cooperative properly used preferential loans from the fund for technological innovation, helping its production-production activities get high results.
Over the past time, the fund became one of major credit channels of the local cooperatives. Nguyen Van Toan, Vice-Chairman of provincial Alliance of Cooperatives said that after nearly 8 years of operation, the fund has gained certain results, been seen as an effective loan mobilization channel, helping cooperatives deal with their difficulties in loans for production expansion…
In 2019, the Management Council of the fund considered and provided 14 members with nearly VND38billion or 127% of the year’s plan, bringing the fund’s total outstanding loans so far to approximately VND60billion. The Management Council in the first five months of the year provided 4 members with nearly VND10billion, or 49.54% of the set target, lifting the fund’s total outstanding loans till now up more than VND64billion. The fund has also regularly inspected the operation of cooperatives getting loans from it, aiming to ensure no bad debts.
It is known that the whole province is now home to 130 cooperative groups on animal husbandry and cultivation with 1,258 members and total capital of more than VND40billion; 178 cooperatives with 30,285 members and total charter capital of nearly VND800billion. In 2019, provincial Alliance of Cooperatives worked with the People’s Committees of districts, towns and cities to propagandize and mobilize the establishment of 27 cooperatives or 168.7% of the year’s plan. So far, province-based cooperatives and people’s credit funds have reached more than VND1.67trillion in total revenue, generating jobs for nearly 15,000 laborers.
Reported by Thoai Phuong-Translated by K.T
