Unraveling difficulties for borrowers with losses due to flood

Vietnam Bank for Social Policies – Khanh Hoa Branch is checking households lending policy capital damaged by the past floods to support them to solve difficulties. 

 

Vinh Truong Ward (in Nha Trang City) suffered heavy damage caused by the floods. Many houses here were collapsed. Among them is Tong Van Hung’s house, in Group 3 Truong Hai. Few months ago, he borrowed VND30 million from the Bank for Social Policies to buy net for fishing by boat. However, the net was also ruined by the flood. His poor family is in a very difficult circumstance; therefore, he has a desire to have another loan.

 

Tran Thi Tuyet Chung’s house in Group 3 Truong Hai was partly collapsed by the flood. Her family still owns VND15 million of the Bank for Social Policy. Her family is a poor household. They daren’t borrow more because they can’t pay. They expect the bank to consider their loan. 

 

Phuoc Dong Commune (in Nha Trang) suffered damage the most loss of life and property. Dang Thi Van Anh is one of households suffering heavy loss of property. Her herd of nearly 200 pigs were swept away. The loss is estimated nearly VND500 million. After the flood, her family sell fruits on pavement to earn living. A part of the loss was lent by the Bank for Social Policies – Khanh Hoa Branch. Now, she has a desire to borrow another loan to raise pigs again. 

 

Up to now, policy loans suffering loss due to the past floods total nearly VND1.2 billion, including VND870 million in Nha Trang and the rest in Cam Ranh.

According to Phan Phuoc Thao, manager of Planning and Credit of the Bank for Social Policies – Khanh Hoa Branch, the bank and the local authorities verified losses to have reasonable solutions. In case borrowers died because their house were collapsed, the debts will be written off. In case losses are related to invested objects, for example, pigs, cows…were swept away or died, debts will be turned into interest-free ones.

 

Borrowers with losses by the natural diasater will be given supplement loans to restore production and trade.

 

K.Ninh

 

Translated by T.T