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 500,000 VND (23 USD) from the Vietnam Bank for Social Policies to raise pigs.

With his resulting profit, Sinh decided to borrow 10 million VND (464 USD) to buy land and grow corn and rice. He continued, borrowing 15 million (695 USD) 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 100 million VND (4,635 USD) per year.

Sinh said his family is one of nearly 48,000 households enjoying low-interest rate loans.-VNA