A branch of the Việt Nam Bank for Social Policies in Hưng Yên Province. — VNA/VNS Photos

HƯNG YÊN — Nguyễn Thị Tình, a resident of Hải Yến village in Hưng Yên Province's Hải Thắng Commune, faced a daunting challenge in 2017.

With two children at university, monthly costs of approximately VNĐ10 million (US$393) were a heavy burden for her farming family.

Recognising her financial strain, an officer from a branch of the Việt Nam Bank for Social Policies in Tiên Lữ District approached Tình, offering her access to a preferential loan as part of a programme designed to support students from disadvantaged backgrounds.

With the loan of over VNĐ100 million, Tình, 45-year-old, was able not only to fund her children’s education but also to establish an integrated farming operation that would improve her family's financial security.

She proudly shares how the preferential loan from the bank helped her raise three daughters, two of whom are still in university.

“The loan was vital during a very challenging time. It stopped my children from having to abandon their studies," Tình told Tin Tức (News) newspaper. 

"When they found out their parents had borrowed money to support them, it motivated them to study even harder. They developed a sense of thrift and were determined to find work after graduation to repay the loan on time.” 

Nguyễn Thị Thơ, a resident of Lạc Đạo commune in Văn Lâm District, shares a similar story.

When her son was admitted to the University of Electrical Engineering, she and her husband were both thrilled and anxious, uncertain how they would afford the tuition fees.

Their worries were alleviated when the local savings and loan group helped them access the student loan programme. This support allowed their son to pursue his studies without the weight of financial concerns.

“Our income is modest,” Thơ said.

“It barely covers our daily living expenses. Without the loan, it would have been very difficult for our son to graduate with a bachelor’s degree and secure the stable job he has today.”

By the end of 2024, the branch of the Việt Nam Bank for Social Policies in Hưng Yên Province reported that nearly 4,540 students from disadvantaged backgrounds had benefited from the student loan programme.

The programme has enabled countless students to continue their education, ensuring that financial hardships do not derail their dreams. Not only has this initiative helped develop a skilled workforce for the country, but many graduates are also dedicated to repaying their loans on time, reflecting the programme’s positive impact on credit quality.

Beyond education, the bank’s preferential loans are also driving local economic growth. The bank’s efforts to support job creation and expand employment opportunities have been particularly beneficial to ex-soldiers returning to their communities, and rural women over 40 - a demographic often overlooked by traditional employers.

Many households in Hưng Yên Province have expanded production, created jobs, and secured stable incomes after utilising loans from the Việt Nam Bank for Social Policies.

By early January 2025, more than 20,000 clients in Hưng Yên had received loans totalling over VNĐ1.303 trillion.

Among them is Đỗ Mạnh Điệp, a former soldier from Tân Hưng village in Hùng Cường Commune.

After receiving a loan of VNĐ100 million, Điệp invested in 12 cows - both breeding and meat cattle - valued at VNĐ370 million. This investment has not only improved his family’s income but has also allowed him to open a livestock feed store, responding to the growing demand for animal husbandry in the area.

Điệp, whose resilience and determination reflect the spirit of a former soldier, explains how the loan transformed his farming operations.

“When I first left the army, I started with just two cows," Điệp said.

"It was a struggle to expand, but with the help of the local veterans’ association, I was able to access a loan. Now, I’ve shifted from small-scale farming to a larger operation, and I’m also helping meet the needs of other farmers by selling livestock feed.”

In Hùng Cường commune alone, 113 veterans like Điệp have received preferential loans totalling VNĐ6.8 billion, fueling local economic growth.

Phạm Văn Dinh, vice chairman of the commune’s Veterans’ Association, notes that all members have used their loans for productive purposes, with annual profits ranging from VNĐ200 to 300 million. This success has created a strong sense of shared ambition to improve lives and build wealth through the Government’s preferential loans.

Dinh calls on the Government to increase the availability of such loans, which currently meet only 30 per cent of the demand.

He said: “Our members are eager to create wealth in their hometowns, but the funds available are not enough. If the Government increases the loan amounts, it will create more jobs and income, boosting both household and community economies.”

The Việt Nam Bank for Social Policies plays a key role in implementing preferential loan programmes that foster both educational and economic development.

Vũ Hải Chiều, Deputy Director of the bank's branch in Hưng Yên Province, affirmed that the preferential loan programme has been well received by the public, with strong support from local authorities.

“This programme not only ensures social security but also helps create a high-quality workforce for the new era. By maximising access to preferential loans, we are reducing poverty, promoting educational equality, and fostering human resources that will drive the nation’s growth,” he said.

Through these loan programmes, the bank is playing an integral part in creating a better future for many families in Hưng Yên, empowering individuals to pursue their dreams and contribute to the country’s development. — VNS