Tay Ninh farmers make a fortune thanks to loans based on the production link group model

(VOVworld) –The model of lending based on production link groups has helped thousands of farmer households in Tay Ninh province escape poverty and make their fortunes. Through the model, which is jointly organized by the provincial Farmers’ Association and the Bank for Agriculture and Rural Development, or Agribank local farmers can promptly access banking loans while the capital has been used more effectively. The production link group also enables farmers to exchange their experiences in production and trading.

Tay Ninh farmers make a fortune thanks to loans based on the production link group model - ảnh 1

In Phuoc Hoi hamlet, Duong Minh Chau district, Vo Van Ten, known as Nam Ten, is famous for doing business successfully, earning 90,000 USD a year. During the initial days, he had just one hectare of farming land inherited from his parents. Nam Ten said his current property is partly thanks to banking capital resources.

“Whatever you raise or grow, you must have land. I like to plant timber most. My business has developed well thanks to the assistance from the bank,” Ten added.

Nam Ten is one of 90,000 households to have joined production link groups in Tay Ninh and been provided with loans for economic development.

Pham Van Tay, head of the group in Phuoc Binh 2 hamlet, said the economic conditions of his 50-household team have stabilized following the borrowing of nearly 90,000 USD and their children have more opportunities to continue their studies.

Tay explained “if I have the money, I can buy more land. If I lack money, I can borrow from banks. Now I have 3 hectares on which to grow fruit trees. In case my crops can’t be harvested yet and I haven’t got money to pay back the bank loans, the bank will extend the payment time for me.”

Or if a member of a production link group faces risks caused by natural disaster, they can immediately contact with the bank to resolve any issues.

According to Tran Van Han, President of Tay Ninh Farmers’ Association, “it takes only 4 days for farmers to complete the necessary files to receive financial support or loans. This is an effective administrative reform, helping farmers borrow money for prompt investment.”

So far, the Agribank’s branch in Tay Ninh has provided loans worth 90 million USD to 1,900 production link groups.

Tay Ninh farmers make a fortune thanks to loans based on the production link group model - ảnh 2
Agribank staff accompany farmers who borrow loans.

Vo Tu Thien, director of Tay Ninh Agribank, told farmers that the bank has maintained close relations with social organizations, especially the Farmers’ Association.

Thien said the bank “assigned the staff to participate in social organizations or professional associations. In this way, our staff will become acquainted with farmers’ practical needs and their banking activities.”



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