Nui Phao Mining spreads sustainable values to the community

May 10, 2024 | 11:26
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Hundreds of families have seen positive changes to their lives thanks to a recovery fund established by Nui Phao Mining through Dai Tu Branch of Vietnam Bank for Social Policies in Thai Nguyen province.
Nui Phao Mining spreads sustainable values to the community
The overview of Nui Phao Mining in Thai Nguyen

Effectiveness of the preferential loan

In Dai Tu district, the family of Nguyen Van Truong is known for bravely breaking boundaries and raising horses on a semi-grasing model, which has shown initial positive results.

Truong's family were poor. Due to the dependence of agriculture on weather conditions and price fluctuations, Truong and his wife turned to cattle breeding in 2022. Using their life savings and a loan from the economic restoration fund of Nui Phao Mining, Truong boldly invested in the horse business. Starting with four horses, the family purchased two more in 2023, According to Truong, horses are easy to breed, suffer from few diseases, and prices and demand are stable.

The initial effectiveness of this model has opened new opportunities for economic development both for Truong's family and other households in Tan Linh commune. Tan Linh commune's farmers' association is now encouraging other farmers to visit and learn from Truong's family to replicate the model on a larger scale. Truong shared, “In addition to all my luck and hard work, the timely loan with a low-interest rate has helped improve my family's income.”

Hundreds of other families in Dai Tu district have also seen their lives positively change thanks to preferential loans.

The economic restoration fund, implemented by Nui Phao Mining in 2013 and funded by Dai Tu Branch of Vietnam Bank for Social Policies, follows the principle of "giving a fishing rod instead of giving a fish", and supports the diversity of livelihood models to help households overcome poverty. To date, the total value of the fund is over VND16 billion ($628,745). 456 households in Dai Tu district have taken out loans, and all of them have paid their loan interest on time, without any bad debts.

Households are mainly using the loans to invest in tea production, poultry and cattle breeding, and business services. Annual surveys indicate that households have generally used the loans profitably, some of them even creating jobs for three to five local people with a stable monthly income of VND5 to 7 million ($196 to $275).

"In establishing this programme, Nui Phao Mining has put itself in the position of local people. This programme is about human credit, since most fund beneficiaries are ineligible for Vietnam Bank for Social Policies' criteria as the fund is very limited. In particular, the fund has created a new wave of external resource socialisation for the bank's activities to help project-affected people, the underprivileged, and other policy-favoured beneficiaries to access loans and boost their household incomes," said Nguyen Van Hong, deputy director of Bank for Social Policies in Thai Nguyen province.

Corporate social responsibility and sustainable development

Craig Bradshaw, CEO of Nui Phao Mining, said, "Our community programmes aim to build supportive infrastructure and secure better livelihoods for local people."

Nui Phao Mining spreads sustainable values to the community
Craig Bradshaw, CEO of Nui Phao Mining

In 2023, the company continued to support community programmes, including charity activities and initiatives to build infrastructure and develop socioeconomic conditions. Total investment for these activities amounted to VND6.8 billion ($267,216). Over 4,500 households benefited from these programmes, including more than 600 ethnic minority households and 270 vulnerable households.

Nui Phao Mining has been recognised as a significant contributor to the socioeconomic development of Thai Nguyen province. In 2023, the company fulfilled all taxes and duties, contributing VND1.4 trillion ($55 million) to the state budget.

The company was named made the highest contribution among Vietnamese firms to the state budget in Thai Nguyen province in 2023, with a major contribution to the local state budget of VND20.2 trillion ($793.8 million), exceeding the target. This is also the highest revenue ever recorded by Thai Nguyen.

In 2023, Nui Phao Mining was honoured in the "Top 100 Sustainable Enterprises Vietnam" for the sixth consecutive year. This was in recognition of the company’s relentless efforts over the years to pursue its sustainability strategy, integrating the company's growth objectives and spreading positive values to the community.

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By Thanh Van

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