Currently, farmers in Da Nang’s Hoa Vang District are in need of capital for their year-end production activities. Therefore, credit institutions in the city have increased the disbursement of credit programmes in a bid to promptly meet capital needs of local farmers.

Da Nang-based credit institutions promptly provide loans for farmers to produce at the end of the year. IN THE PHOTO: Farmers in Hoa Lien Commune are taking care of flowers in service of Tet Festival 2023. Photo: M.Q

In order to serve the Tet market 2023, farmer Phan Thi Kim Thoa, residing in Van Duong 1 Village, Hoa Lien Commune, Hoa Vang District, has expanded the scale of flower growing with more than 1,500 pots of raspberry chrysanthemums and 4,000 pots of evening primrose, Torenia Fournierii Lindt and daisies.

At the same time, she has signed a contract to supply more than 10,000 pots of flowers of all kinds to the Tet market.

To realise her plan, Mrs. Thoa has accessed a loan from the job creation, maintenance and job expansion programme developed by the Da Nang Branch of the Viet Nam Bank for Social Policies (VBSP).

“This is the third year I have expanded the business scale of my flower garden and the investment capital has significantly increased. Therefore, I have just accessed a loan worth VND200 million from the transaction office of VBSP in Hoa Vang District. The loan has helped my family have more funds to cover the costs of materials and create regular jobs for 5 employees and 2-4 seasonal workers with an income of VND250,000-300,000/day”, she added.

It is known that VBSP will give a 2% interest rate subsidy per annum on loans with interest rates of over 6% per annum, to be disbursed by the bank from January 1, 2022 to December 31, 2023. Thus, Mrs. Thoa pays an interest rate of only 5.92% in 2022 and 2023.

Social policy credit capital helps farmers do year-end production activities. IN THE PHOTO: Mr. Dinh Ngoc Phuong, residing in Phu Son 2 Village, Hoa Khuong Commune, Hoa Vang District, invests in raising catfish from a loan at the transaction office of the VBSP in Hoa Vang District. Photo: M.Q

Similarly, Mr. Dinh Ngoc Phuong residing in Phu Son 2 Village, Hoa Khuong Commune said that his two catfish ponds with approximately 70,000 fish are ready for the Tet sales season. He is expected to earn VND170 million in profit from the sale of the catfish.

In addition, he has two ponds of catfish and basa (pangasius) fish.

The positive result was mainly attributed to Mr. Phuong’s boldness in borrowing VND 300 million from the transaction office of VBSP in Hoa Vang District for 3 family workers under the job creation, maintenance and expansion programme.

“I have been involved in freshwater fish farming for a long time, but on a small scale. Since contacting the focal point of catfish consumption in provinces such as Thua Thien Hue and Gia Lai, I boldly borrowed capital for production. With a loan from VBSP along with my available capital, I spent VND300 million on buying raw materials, feed, breeding, and trucks. I am also very excited when the loan interest rate at the Da Nang branch of VBSP in 2022 and 2023 is only 5.92%/year. If the production and husbandry situation is stable, I am likely to earn VND800 million/year in revenue, including about VND300-350 million in profit”, Mr. Phuong shared.

Mrs. Thoa and Mr Phuong are typical farmers that have accessed VBSP loans for year-end production.

According to VBSP transaction office in Hoa Vang District, in October and November 2022 alone, more than VND34 billion was disbursed to 803 farmers.

From January 1 - December 15, 2022, VBSP transaction office in Hoa Vang District disbursed more than VND226 billion to support jobs for 5,186 households. It is expected that in the last 15 days of December, additional VND11 billion will be disbursed to needy farmers in the city.

Mr. Doan Ngoc Cam, Director of the Transaction Office of VBSP in Hoa Vang District, said it can be seen that local farmers are very flexible in using capital. Instead of investing in large-scale models like many years ago, farmers focus on household-scale production activities with the aim to minimize damage triggered by natural disasters and floods as well as ensure the adequate supply of agricultural products for the city.

He remarked that his office and loan groups are continuing to encourage local residents to use loans effectively, and coordinate with other relevant units to well implement social welfare activities and complete the building of new-style rural areas.

Reporting by M.QUE - Translating by M.DUNG