Access to preferential credit packages
Mr. Nguyen Duc Thuan (living in Ward 4, My Tho City, Tien Giang Province - worker of Tien Giang Water Supply Company Limited) said that the interest rates of credit packages outside are very high. Thanks to the introduction of the Union, he was able to access credit packages to borrow with low interest rates.
“I borrowed 15 million VND from CEP Microfinance Organization, My Tho Branch to upgrade and prevent flooding of my current house without having to mortgage any assets, just need to go through the procedures through the Trade Union or local authorities to get the loan. Thanks to such simple procedures, I can easily access loans when needed,” said Mr. Thuan.
Mr. Nguyen Thanh Phuong (residing in My Tho city, Tien Giang province) said that in the past, because he needed money, he borrowed money through an app on social networks with high interest rates.
"When I learned that it was black credit, I tried to pay off this debt. The local government and the Trade Union of the ward where I live informed and introduced me to the credit package of the CEP Microfinance Organization, My Tho Branch, which offers loans with low interest rates. I borrowed 15 million VND to start a fruit trading business. Up to now, my life is stable, just enough to live and have money to raise 2 children to study," Mr. Phuong shared.
Push back black credit
Speaking with Lao Dong Newspaper reporters on October 21, Mr. Nguyen Hai Trieu - Director of CEP My Tho Branch - informed that in order to contribute to preventing black credit among workers, CEP Microfinance Organization (My Tho and Chau Thanh Branches) has coordinated with the direct superior Trade Unions in the province to introduce workers in need of loans to access preferential credit packages.
Mr. Trieu said that from the beginning of 2024 to October 31, 2024, CEP (My Tho and Chau Thanh branches) has provided 15,174 loans with a total loan amount of more than 346.7 billion VND. Of which, 5,444 loans are for employees, with a total amount of more than 173.5 billion VND. In addition, there are 9,739 loans for workers, with a total amount of more than 173.2 billion VND.
"The loan interest rate for employees is 0.55%/month, and for working people, the loan interest rate is 0.64%/month," said Mr. Trieu.
Mr. Hoang Khac Tinh - Permanent Vice President of Tien Giang Provincial Federation of Labor - said that in order to prevent workers in Tien Giang from being caught up in illegal credit affecting their work and life, Tien Giang Provincial Federation of Labor has directed the direct superior trade unions in the area to deploy many propaganda measures, warn about the harmful effects of illegal credit, and at the same time promote the movement of mutual love, help workers in difficult circumstances, introduce union members and workers to access reliable credit sources, typically the CEP Microfinance Organization (My Tho Branch and Chau Thanh Branch) to borrow capital with reasonable interest rates.
In addition, the Tien Giang Provincial Federation of Labor continues to maintain the operation of 62 self-managed worker dormitories, with 2,834 rooms, equivalent to 7,430 workers staying there, and 62 Mediation Teams with 378 members. Here, workers are informed and propagated about the security and order situation, prevention of social evils, tricks and developments of various types of crimes, especially the situation of black credit... Thereby, black credit has been pushed back among workers.
