Preferential loans partly help ethnic minorities escape poverty

In recent years, preferential loans from the Social Policy Bank of Cam Lam district have created favorable conditions for poor households and ethnic minorities in Cam Lam district to develop their economies and escape poverty sustainably.

In 2021, Cao Thi Nganh's family (Suoi Lau 2 village, Suoi Cat commune, Cam Lam district) received a preferential loan of 50 million VND from the Social Policy Bank of Cam Lam district. From this amount, her family invested in a mango garden and raised cows, bringing in a stable income of nearly 40 million VND/year. Part of the loan was to pay off the bank loan, and part of the savings is to continue investing in production. It is expected that by July 2025, the family will pay off all the loan.

Previously, Cao Thi Oanh's family (Van Son village, Cam Phuoc Tay commune, Cam Lam district) had been a poor household. She boldly borrowed 50 million VND from the preferential loan capital of the Cam Lam district People's Credit Fund to invest in raising cows and growing cashews. Thanks to her diligence and hard work, up to now, the herd of cows has grown more and more, the cashew garden has started to harvest the first crop, bringing a stable income to the family, ensuring interest payments and savings to the bank.

Ethnic minorities in Cam Phuoc Tay commune have access to loans from the Social Policy Bank of Cam Lam district.

According to the leader of the Cam Lam district People's Credit Fund, in recent years, people in the ethnic minority and mountainous areas in Cam Lam district have accessed most of the policy credit programs implemented by the People's Credit Fund such as: Credit program for poor households, near-poor households, households that have just escaped poverty, and households producing and doing business in difficult areas; clean water and rural environmental sanitation; loans for students in difficult circumstances; housing support for poor households... to help solve employment, support production development, improve income and living standards for people.

Nguyen Thi Phuoc Ngoc - Vice Chairman of Cam Phuoc Tay Commune People's Committee said. "Van Son village is a particularly difficult village, with 323 households, with more than 1,200 people, mainly ethnic minorities. People mainly engage in agricultural production, slash-and-burn farming and small-scale livestock farming. From preferential loans from the Cam Lam District Social Policy Bank, along with the application of science and technology in production, it has helped increase people's income and reduce the poverty rate. Up to now, the commune has only 3 poor households, accounting for 0.14%; the average income of ethnic minorities in the commune is 30 million VND/person/year; all households have stable housing. The commune People's Committee also directed groups and associations to regularly monitor and help borrowers to use the loan amount for the right purpose and effectively".

Talking to reporters, Nguyen Van Nghiem - Director of the Cam Lam District Social Policy Bank informed that the district has been implementing 12 policy credit programs. By the end of March 2025, the total loan capital for ethnic minority areas in the district reached 51.5 billion VND, an average of nearly 48 million VND/household; credit quality is guaranteed, there is no overdue debt, showing that people's awareness of repaying loans is very good. "We have created the most favorable conditions for ethnic minority areas in the area to access preferential loans. Thereby, helping people promote their internal strength to develop the economy, gradually escape poverty, and improve the quality of life," said Nghiem.

Do Minh Thanh - Vice Chairman of Cam Lam District People's Committee said that the synchronous implementation of policies to support production development, create livelihoods and jobs; improving access to policy credit capital has fundamentally changed the awareness of ethnic minorities. People have boldly borrowed capital to do business effectively, contributing to rapid and sustainable poverty reduction, gradually reducing the development gap between villages with many ethnic minorities and other villages in the districts.

Ma Phuong

Translated by T.T