Started a processing facility for instant jellyfish in 2013, but due to a lack of capital and machinery, Pham Van Phong, Secretary of the Youth Union of Unit 19, had a hard time developing it on a larger scale.
In 2017, thanks to support from the Youth Union of Nam Dinh province, he borrowed nearly 100 million VND from the National Fund to expand production and create a variety of products.
He now posts profits in the billions of VND each year, creating regular job s for 40 local people and planning to further expand in the future.
The Youth Union of Nam Dinh province recently coordinated with bank branches in the area to set up groups to support young people in borrowing capital to develop their production.
As of the end of 2020, there were over 5,500 union members, and young people in Nam Dinh were allowed to borrow capital for production and business, with a total of over 175 billion VND made available./.