Seminar on public credit funds’ role and implementing the 7th meeting resolution of the Central Party Committee.

Deputy General of the provincial Party Committee – Le Hong Phuong delivered a speech at the seminar

    After 15 years, since the government’s Prime Minister allowed setting up public credit funds, there have been 30 funds (including 27 that are operating and 3 that have obtained permits but haven’t operated) in Dong Nai province. In 2008, raising and lending interest rates fluctuated, so public credit funds encountered considerable difficulties. However, until late 2008 the raised capital of public credit funds reached VND420.8 billion (up 268% compared with 2003) and made their 19,247 members loans. Most ideas put forward at the seminar showed that the model of public credit funds had increasingly developed in both quality and quantity. The operations of public credit funds have contributed to promoting the growth of the agricultural and rural economy, bringing about economic structure shifts, generating employment and limiting high-interest and unsecured loan offerings in rural areas. The representatives of public credit funds reported the difficulties and obstacles in the process of carrying out their tasks at the seminar.

    Standing Deputy Secretary of the provincial Party Committee – Le Hong Phuong delivered an address at the seminar and reminded that public credit funds had to determine who their clients were and what their guidelines were… and the most important thing was how to create a stable life for low-income people.

(Reported by Thanh Tam, Translated by Duy Minh)