Disbursement in just 4 hours
Needing money to repair his house damaged after storm No. 3, Mr. Nguyen Dinh Quy (36 years old, member of Da Do Irrigation Works Exploitation Company) proposed to the grassroots union to borrow capital from the Labor and Civil Servants' Capital Support Fund (CNVCLD) of Hai Phong City.
“At noon on September 17, the grassroots union completed my loan application and sent it to the Hai Phong City Workers’ Capital Support Fund, but in the early afternoon of the same day, I was called to receive the loan. Within just 4 hours of completing the application, I received a loan of 20 million VND, a very meaningful amount of money for my family at that time,” Mr. Quy shared.
Mr. Quy is one of nearly 700 union members of Hai Phong City who received loans from the Fund for Poor Workers in the first 10 months of 2024. According to the report of the Hai Phong City Labor Federation, the Fund currently has a total capital of 61.6 billion VND; appraised and disbursed to nearly 2,000 union members of 64 grassroots unions. Since the beginning of 2024, the Fund has deployed medium- and short-term loan products to 691 union members with a total circulation of more than 28 billion VND.
Notably, the Fund expanded the number of units implementing the first-time loans at 45 grassroots unions, with the number of people receiving first-time loans accounting for 55%. Most employees borrowed money to develop their family economy, then borrowed money for medical treatment, home repairs, raising children, buying personal vehicles, etc.
After storm No. 3, the Fund disbursed loans to 125 union members to overcome the consequences, with disbursement time of only 3-4 hours. The disbursement method is flexible through accounts or cash to support the maximum needs of workers (because after the storm, many localities did not have electricity).
Prof. Dr. Tran Huu Nghi - Principal of Hai Phong University of Management and Technology said: "I am very touched by the activities of Hai Phong City Trade Union in supporting workers to borrow capital quickly, coming to the place to give loans to workers when they need it most. This is a very meaningful work, joining hands with the school to care for and support workers so that they can overcome difficulties and work with peace of mind".
Build a project to increase capital scale
Along with supporting workers to borrow capital, in 10 months of 2024, the Capital Support Fund awarded 167 gifts to borrowers and children of union members with especially difficult circumstances, with a total amount of 238 million VND from the Community Development Fund, contributing to multiplying the meaning of the Capital Support Fund for workers.
Ms. Tran Thi Nhi - Director of the Poor Workers' Capital Support Fund said: From now until the end of 2024, the Fund will continue to deploy emergency loan products for union members and workers in Tien Lang and Vinh Bao districts and put the emergency loan product on the Huong Cong App - Hai Phong Trade Union to deploy to all levels of the city's trade unions.
The Fund also continues to survey the demand for loans in the area to proactively develop a capital regulation plan, with plans to promptly serve the needs of union members; continue to innovate propaganda work to raise awareness of the responsibilities of borrowers to minimize risks in the capital management process.
According to Mr. Nguyen Anh Tuan - Chairman of Hai Phong City Labor Federation: To further meet the increasing demand for loans of union members and employees, help employees access capital sources, and stay away from "black credit", Hai Phong City Labor Federation directed the Capital Support Fund to advise on developing a project to increase the capital scale. Along with that, effectively apply digital transformation in fund operations, first of all, deploy loan procedures through the Huong Cong - Hai Phong Labor Union application to ensure quickness, efficiency, and serve union members quickly and promptly.
