CEP continues to accompany with poor people

The capital aid fund for employment of the poor under the Labor Union’s management yesterday changed its name as non-profit Vietnamese microfinance institution and working models
 

At the opening ceremony (Photo: SGGP)

At the opening ceremony (Photo: SGGP)

CEP General Director Nguyen Thi Hoang Van said change is to ensure CEP’s development in compliance with regulations of credit institutions.
In addition to expanding aids for labor members and low-income workers and ensure social benefits and sustainable poverty reduction. After change, CEP will call for mobilization of capital and ask for loans from local and international credit institutions, financial funds, individuals and organizations as per the law.
"It also is allowed to open account in the state bank of Vietnam and commercial banks. Additionally, CEP acts as a trust fund or proxy to ask for a loan or sustainable provision of microfinance services", added Van.
Speaking at the opening ceremony, Deputy Chairman of Ho Chi Minh People’s Committee Tran Vinh Tuyen highly praised CEP’s efforts during 26 years to contribute to the city’s program to fight poverty.
Next time, CEP needs to resistantly continue its non-profit activities to mobile capital for the low-income people including workers.
Furthermore, through labor union, CEP needs to propose practical measures to city leaders to provide capital for poor laborers particularly and poor residents in the city generally.
Currently, CEP has served more than 316,000 members who are low-income laborers through its 34 branches in nine cities and provinces. It has VND2,971 billion for loans and nearly VND1,100 billion from its members’ saving.

By THAI PHUONG – Translated by UYEN PHUONG

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