Effective initiative for the poor in Điện Biên

ĐBP - In Điện Biên province, with just a few dozens or a few hundreds of VND each month, local poor people and policy beneficiaries are still able to save through the savings and loan groups. This form of saving not only helps individuals actively save for their expenses and develop a savings habit, but it also creates a source of capital that can be used in the future, including ensuring the repayment of bank loans.

After being granted a VND 40 million for building a house from the preferential loan program of the Vietnam Bank for Social Policies, Lò Thị Hiền, from Púng Giắt 2 hamlet, Mường Mương commune, Mường Chà district, started saving through the savings and loan group. Hiền, who stays at home to take care of her young children while her husband works to support their family of five, finds life difficult. However, after the group leader explained the benefits of saving through the group every month, she enthusiastically joined.

In addition to transaction activities, staffers of the chapter of the Vietnam Bank for Social Policies in Điện Biên province regularly promote the benefits of saving through the savings and loan group.

Hiền shared: “Although our economic conditions are not very good, participating in saving through the group is not too burdensome because the monthly savings amount is small, and the saving level is in accordance with the group’s operating rules. Moreover, it is convenient because the savings are made through the group leader, along with monthly interest payments, without needing to go to the bank or to the social transaction point. Up to now, my family has paid off the debt, and the amount paid off from the savings is VND 10 million.”

The savings and loan group in Sảo hamlet, Quài Cang commune, Tuần Giáo district, currently has 54 members. When the program to mobilize savings through the group was launched, the group discussed and agreed to implement it, with each member saving based on their family’s conditions. Each month, all members contribute, ranging from VND 20,000 to VND 200,000 - 1 million. As a result, the members now have a savings fund, which they can use for paying interest or principal during difficult times. To date, 100% of members participate in saving, with a total savings balance of over VND 177 million.

In 2024, Lò Thị Điện, from Sảo hamlet, Quài Cang commune, Tuần Giáo district, borrowed VND 100 million from the branch of the Vietnam Bank for Social Policies in Tuần Giáo district to develop livestock. Not only has she fully paid her monthly interest on time, but she has also repaid VND 20 million of the principal.

Many people join the savings and loan groups to accumulate money and repay debts from economic development loans.

Điện said: “Right after receiving the loan, I also participated in saving through the group. The amount saved each time is not fixed; some months I save VND 500,000 or more, and some months it is VND 200,000. As of March, I have saved over VND 10 million. Along with the interest from livestock development, I have repaid part of the loan. If my livestock business goes well, I will increase the amount I save to soon pay off more of the principal.”

The initiative to mobilize savings through the savings and loan groups was first implemented by the Vietnam Bank for Social Policies in 2009. The savings are voluntary, with the amounts varying according to each group’s rules, all of which are publicly disclosed and transparent.

To improve the effectiveness of mobilizing savings through the savings and loan groups, the chapter of the Vietnam Bank for Social Policies in Điện Biên province has organized training sessions to guide and enhance the responsibility and capacity of staff in charge of authorizing organizations at the commune level, and the management committees of the savings and loan groups. They have instructed transaction offices to collaborate with authorized organizations and group leaders to promote the benefits and importance of the program during monthly transactions, training sessions, and community meetings, helping people form the habit of saving to establish their own capital and become accustomed to people’s credit activities.

Staffers of the branch of the Vietnam Bank for Social Policies in Mường Chà district carry out transactions at Ma Thì Hồ commune.

Lò Thị Đáo, leader of the savings and loan group in Sảo hamlet, Quài Cang commune, explained that initially, when people first joined the group, they were puzzled about saving when they already had to borrow money. However, after being explained the significance and benefits of saving, they understood that even a small monthly contribution could help form a habit of accumulating money, which could then be used to gradually repay the principal, thus relieving the burden when the loan is due. Moreover, with the savings, in times of difficulty or emergencies, members can request the group leader to deduct from it to pay interest. Once they understood this, all the members agreed to participate in saving.

Currently, the province has 2,169 savings and loan groups. According to statistics from the chapter of the Vietnam Bank for Social Policies in Điện Biên province, 100% of the groups now have a balance, with a total savings amount of over VND 87.5 billion, an increase of more than VND 7.1 billion compared to the end of 2024. From these savings, not only do customers have money set aside to repay debts and prepare for risks, but the bank also gains additional lending capital, allowing many poor households and other policy beneficiaries to access preferential loans for production and business, thus improving their living conditions and contributing to social welfare in the province.

Thu Hằng
Comment

You have 500/500 characters left

Please enter 5 or more characters!!!

Recent news

  • 'Family meals strengthen bonds of love

    Family meals strengthen bonds of love

    SOCIAL AFFAIRS -
    ĐBP - In modern life, many people have become accustomed to the fast pace of daily routines, leaving family members with little time for each other. Therefore, family meals hold significant importance, not only as a beautiful traditional cultural practice but also as an opportunity for family members to gather, bond, and share joys and sorrows together.
  • 'Clean water systems transform lives in Điện Biên’s mountainous areas

    Clean water systems transform lives in Điện Biên’s mountainous areas

    SOCIAL AFFAIRS -
    ĐBP - Despite being the headwaters of many rivers and streams, numerous villages and communes in the highlands of Điện Biên still face a shortage of clean water for daily use. In response to the urgent need for clean water in these areas, the province has implemented a range of initiatives in recent years to bring safe water closer to residents.
  • 'Small homes, great happiness

    Small homes, great happiness

    SOCIAL AFFAIRS -
    ĐBP - It is no coincidence that the Vietnamese people always speak of the word “family” with utmost reverence. It is the place where each person is sheltered, grows up, learns to love, and matures. In life’s journey, one may pass through many places, face numerous hardships, but the embrace of family, whether large or small, is always the place one wishes to return to.
  • 'Sports connect families

    Sports connect families

    CULTURE - TOURISM -
    ĐBP - The first Pickleball Family Tournament in Điện Biên province for 2025 concluded successfully in the joyful atmosphere of the Vietnam’s Family Day (June 28). This was not just a warm sports event where family bonds were nurtured and beautiful memories created, but also a tournament that strongly spread the message about the role of sports in building happy and sustainable family homes.
  • 'Happy homes, stronger country

    Happy homes, stronger country

    NEWS - POLITICS -
    ĐBP - The family is the fundamental unit of society, playing a vital role in its formation and development. Under the theme “Happy homes, stronger country”, Vietnam Family Day (June 28) in 2025 once again honors family values, underscoring the importance of the family unit in the growth and well-being of the nation.
  • 'Fostering and developing young party members

    Fostering and developing young party members

    NEWS - POLITICS -
    ĐBP - In the context of difficulties in creating sources of new party members, actively identifying and nurturing outstanding young people, especially youth union members, is a priority for the local party committees in Điện Biên province. This approach not only enhances the quality of party members but also ensures the continuity and growth of party organizations at the grassroots level.
  • 'The silent war

    The silent war

    NEWS - POLITICS -
    ĐBP - The battle against drugs in Điện Biên province continues to unfold silently yet fiercely and perilously. Every victory in this war is not only won through intellect and resolve but often through sweat, tears, and even sacrifice.
  • 'Ensuring safe mining operations during rainy season

    Ensuring safe mining operations during rainy season

    BUSINESS -
    ĐBP - As the rainy season approaches, ensuring safety in mining and mineral processing activities, especially in mountainous areas, is of paramount importance. The risks of landslides, flash floods, and flooding always loom, posing significant threats to human lives, business assets, and the local community.
  • 'Điện Biên races to implement two-tier local government system

    Điện Biên races to implement two-tier local government system

    NEWS - POLITICS -
    ĐBP - With just a few days remaining, the two-tier local government system is set to be officially operational, laying the foundation for a new phase of development. Ahead of this historic moment in the ongoing administrative restructuring revolution, the atmosphere of urgency is palpable across localities, with efforts intensifying to complete all tasks on time, working day and night.
  • 'Diverse forms of dissemination for Party congresses at all levels

    Diverse forms of dissemination for Party congresses at all levels

    NEWS - POLITICS -
    ĐBP - In recent times, the Party Committee of the Điện Biên provincial People’s Committee has focused on directing and enhancing the dissemination efforts for the party congresses at all levels through various forms and content. This aims to affirm the leadership role of the Party and strengthen public trust.
  • 'Maintaining peace along the border

    Maintaining peace along the border

    NEWS - POLITICS -
    ĐBP - Nearly two years into the pilot implementation of the “Drug-free border commune” model, Vàng Đán commune (Nậm Pồ district, Điện Biên province) has seen notable improvements in public security and order. Drug-related crime and social evils have significantly declined, contributing to local stability and creating favorable conditions for socio-economic development.
  • 'Điện Biên exchanges potential for cooperation with Caen city (France)

    Điện Biên exchanges potential for cooperation with Caen city (France)

    NEWS - POLITICS -
    ĐBP - On June 25, the Điện Biên provincial People’s Committee held an online meeting to discuss potential for cooperation across various fields with the government of Caen city, Calvados prefecture, France. Vice Chairman of the provincial People’s Committee Vừ A Bằng chaired the meeting from Điện Biên, while Cécile Cottenceau, Deputy Mayor of Caen, chaired the meeting from the French city.
  • '50 children in special circumstances trained in swimming and drowning prevention skills

    50 children in special circumstances trained in swimming and drowning prevention skills

    SOCIAL AFFAIRS -
    ĐBP - 50 children with special circumstances, currently residing at the SOS Children’s Village Điện Biên Phủ, the provincial Social Welfare Center, and from underprivileged families in several districts and communes in Điện Biên province participated in a swimming and drowning prevention skills training course organized by the provincial Department of Culture, Sports, and Tourism.
  • 'Realizing dream of stable housing

    Realizing dream of stable housing

    SOCIAL AFFAIRS -
    ĐBP - With the spirit of “Mutual Support - No One Left Behind,” in recent years, Điện Biên province has maximized its resources and effectively implemented housing policies for people from policy backgrounds. Every new house completed not only helps people settle down but also gives them the motivation to focus on production and work toward sustainably reducing poverty.