Preferential Loans Benefit Mong Ethnic People

A number of households of the Mong ethnic group in disadvantaged Ta Leng commune, Tam Duong district in the mountainous province of Lai Chau have been able to escape poverty thanks to preferential loans. Giang A Sinh’s family, a Mong household in Then Pa hamlet, is a typical example of making the most of their low-interest loans to gradually increase his family’s income and improve their quality of life. Sinh was born in 1975 in a poor family with many siblings. In the 1990s, Sinh married and separated from his parents. He decided to borrow VND500,000 ($23) from the Vietnam Bank for Social Policies to raise pigs. With his resulting profit, Sinh decided to borrow VND10 million to buy land and grow corn and rice. He continued, borrowing VND15 million to buy buffalos, goats, and fish. After years of efforts, Sinh’s family was able to lift themselves out of poverty in 2010 and now earn over VND100 million per year. Sinh said his family is one of nearly 48,000 households enjoying low-interest rate loans. (vietnamplus.vn May 2)