A signing ceremony between the non-profit Capital Aid for Employment of the Poor Microfinance Institution (CEP) and confederations of labour in nine southern provinces held in HCM City on July 6. — VNS Photo Thu Hằng

HCM CITY — The non-profit Capital Aid for Employment of the Poor Microfinance Institution (CEP) on Thursday signed cooperation agreements with confederations of labour in nine southern provinces to enhance access to loans for workers.

Nine provinces joined the signing ceremony, including Bình Dương, Đồng Nai, Tây Ninh, Long An, Bến Tre, Tiền Giang, Vĩnh Long, Đồng Tháp and An Giang.

The agreements are expected to enhance coordination and effectiveness in caring for and protecting the rights and legitimate interests of workers, and prevent usury among workers.

Under the agreements, three solution groups will be implemented by CEP and the federations during the 2023-28 period, including enhancing access to CEP products and services for workers, improving financial literacy to help workers avoid “black credit” and manage their personal finances effectively, and supplementing capital to meet the loan needs of workers, said Nguyễn Tấn Đạt, deputy general director of CEP.

More than 1.4 million low-income workers and households will receive loans worth a total of more than VNĐ50 trillion (US$2.1 billion).

CEP also focuses on promoting community development through the programme “CEP – Love Sharing” to support nearly 195 disadvantaged households to overcome financial difficulties with a total budget of VNĐ60 billion during the period.

For over 31 years of operation, CEP has effectively implemented capital support for low-income labourers. — VNS