Phương thức cho vay ủy thác qua các tổ chức nông dân có thúc đẩy tiếp cận tín dụng ngân hàng của các hộ thu nhập thấp không? Bằng chứng từ vùng Tây Bắc, Việt Nam
226(03): 11 - 19
TNU Journal of Science and Technology
DOES THE METHOD OF ENTRUSTED LENDING VIA FARMER-BASED
UNIONS FACILITATE LOW-INCOME HOUSEHOLDS’ ACCESS
TO BANK CREDIT? EVIDENCE FROM NORTHWESTERN VIETNAM
*
Do Xuan Luan
TNU - University of Agriculture and Forestry
ARTICLE INFO
ABSTRACT
This paper aims to examine the hypothesis that the method of entrusted
lending via farmer-based unions is significant to resolve information
asymmetries and facilitate households’ access to bank credit. This paper
uses binary logistic regression models applied to data collected from a
survey of 548 cinnamon households in Northwestern Vietnam. Results
show that membership to a farmer-based union facilitates households’
access to collateral-free credit. Unions help banks to better select
creditworthy households, conduct group lending to reduce risk of default
and transaction costs. The successful factor of unions can be explained by
the fact that unions exploit local knowledge to conduct group lending,
thereby help to resolve information asymmetries in farm credit markets. To
bridge the credit gap, more regular trainings for the leaders of unions and
the groups of credit and savings are needed. In addition, a digital database
is useful to share reliable information between banks and unions regarding
relevant entrustment issues. The results contribute to the practical actions
by suggesting a feasible policy intervention for addressing the problem of
information asymmetries in farm credit markets.
Received:
Revised:
07/4/2020
22/5/2020
10/6/2020
Published:
KEYWORDS
Access to credit
Households
Farmer-based unions
Northwestern
Vietnam
PH N H C CHO A H C QUA C C CH C N N D N
C H C I P C N N D N N N H N C A C C H
HU NH P H P H N N CH N N C I NAM
L
g i h g – h i gu
M T
H N IN I O
c ch c a b i vi t n y nh m ki m nh gi thuy t cho r ng ph ng
th c cho vay y th c th ng qua c c t ch c c a n ng d n c ngh a
trong kh c ph c b t c n x ng th ng tin v th c y ti p c n t n d ng
ng n h ng c a c c h gia nh. i vi t s d ng m h nh h i quy
logistic v i d li u c thu th p t kh o s t h tr ng qu T y
c Vi t am. t qu cho th y th nh vi n trong c c t ch c n ng d n
tạo iều ki n cho c c h gia nh ti p c n v i t n d ng ng n h ng kh ng
c n t i s n th ch p. c t ch c h i gi p ng n h ng l a ch n t t h n
c c h gia nh c nhu c u vay v n t ch c cho vay theo nh m qua
gi m r i ro v chi ph giao d ch. Th nh c ng c a c c t ch c h i c th
do h khai th c ki n th c a ph ng ti n h nh cho vay theo
nh m qua gi p kh c ph c b t c n x ng th ng tin trong th tr ng t n
d ng n ng nghi p. C n t ch c c c kh a o tạo th ng xuy n cho c n
b c a c c h i v c c t ti t ki m vay v n thu hẹp kho ng c ch t n
d ng; x y d ng s d li u s chia s th ng tin gi a c c ng n h ng v
c c h i li n quan n c c v n ề y th c cho vay. t qu nghi n c u
cũng ề xu t c c can thi p ch nh s ch kh thi gi i quy t v n ề b t
c n x ng th ng tin trong th tr ng t n d ng n ng nghi p.
Ngày h bài:
Ngày hoà thiện:
Ngày đă g:
07/4/2020
22/5/2020
10/6/2020
T
H A
T n d ng
H gia nh
T ch c n ng d n
T y c
Vi t am
*Email: [email protected]
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226(03): 11 - 19
TNU Journal of Science and Technology
1. Introduction
Sufficient access to credit is crucial to improve farmers’ income [1]. Unfortunately access
constraints have adverse effects on their ability to invest [2]. Lack of collaterals and high
transaction costs due to information asymmetries have prevented a number of farm households
from accessing to credit [3]. On the supply side, banks find it hard to evaluate the possible risks
and repayment capacity of applicants. Banks face higher costs of selecting, controlling and
enforcing borrowers to repay. In the field of rural credit, few studies examined on how to resolve
the problem of information asymmetries to narrow the gap between credit demand and supply.
This study contributes to the literature by answering a main research question: Does the
method of entrusted lending via farmer-based unions facilitate low-income households’ access
to bank credit? Lending entrustment means that farmer-based unions such as farmers’ unions
women’s unions receive entrusted fund from banks via entrustment agreement for lending to
their clients.
A case study was made from the cinnamon-farming households in Northwestern Vietnam.
Cinnamon has been seen as the most aromatic medicinal plant with high concentration of
essential oils, sweet flavour which are beneficial to health care [4]. Farmers need credit
incentives to improve the quality of cinnamon materials which are later used in the
pharmaceutical sector.
2. Methodology
2.1. Data collection
Cinnamon is mainly planted in Yen Bai province, which is home to the most vulnerable,
socially excluded ethnic communities in the country [5]. The growing demand from international
markets for high quality cinnamon products being used for food, medicine and essential oils also
creates challenges for farm households who are involved in the growing stage of cinnamon trees.
Van Yen from the Northwest, Van Chan from the West and Tran Yen from the Northern part of
the province were the three districts selected for collecting primary data.
Table 1. Decomposition of household sample size
Districts
Communes
Dai Son
Vien Son
Mo Vang
Chau Que Ha
Yen Phu
Phong Du Thuong
Xuan Tam
Tan Hop
Quy Mong
Kien Thanh
Y Can
Dao Thinh
Nam Lanh
Nam Muoi
Nam Bung
Son Luong
16 communes
Sample households
Sampling rate (%)
13.32
12.41
5.47
73
68
30
25
30
25
26
42
30
30
30
30
28
28
25
28
548
4.56
5.47
4.56
4.74
7.66
5.47
5.47
5.47
5.47
5.11
5.11
4.56
5.11
100.00
Van Yen
Tran Yen
Van Chan
Total
A household survey was made between August 2017 to March 2018, using a structured
questionnaire focusing on the role of unions in facilitating household access to bank credit. The
number of households was approximated to the proportion of cinnamon area based on
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TNU Journal of Science and Technology
consultation with village leaders. The sample size contains 548 cinnamon producing households
from 16 communes in three districts (Table 1). In addition, in-depth interviews with unions and
banks are made to inquire information about credit access issues.
2.2. Conceptual framework
Farmer- Based
Unions
•Capital
mobilisation
•Business strategies
•Risk control
•Legal regulations
•To resolve
•Legal documents
information
•Credit use plan
•Collateral
•Social network
•Farming pofitability
assymetries;
•Briding the
credit gap
between demand
and supply
CREDIT
CREDIT SUPPLY
DEMAND
Figure 1. A conceptual framework of the study
(Source: own formulation)
In this study, the conceptual framework as shown in Figure 1 focuses on the role of farmer-
based unions in bringing farmers and banks together. On the demand side farmer’s access to
credit might depend on various drivers such as ethnicity, education of the household head, family
size, farm size, access to trainings, property rights through land use certificates and access to bank
accounts [6]. On the credit supply side, the lending decisions of banks depend heavily on their
lending policies. To better serve clients, banks need to improve their credit transaction models,
renew financial products and simplify the procedure in order to reduce transaction costs. These are
precondition factors to sustain the monetary business activities for banks.
To bridge the credit gap between demand and supply, local unions assist banks with accessing
information regarding farming performance and households with credit source availability. The
partnerships between banks, unions and farmers allow each partner to encourage their strengths and
have been seen as a promising instrument for farming investment.
When credit demand and supply are connected, banks can serve more clients, increase loan
disbursement volumes and earn profits. To the demand side, credit helps borrowers expand
investment and improve the quality of farming products. The narrowing credit gap can serve an
important role in rural economic development and poverty reduction.
2.3. A binary logistic regression model
Theoretically, if the projected benefit to apply credit is positive, then a household might
choose to apply credit and vice versa. The net benefit can be denoted by , which is a latent
variable reflecting the net benefit of using credit.
(1)
Where: Ci, denotes the credit status of the household which equals one if the household
accessed bank credit and otherwise zero. Credit access status is explained by household
endowments. Mathematically, the probability of taking out a loan is written as follows:
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(4)
TNU Journal of Science and Technology
(
)
(
)
∫
√
For
β is a k by 1 vector of parameters to be estimated. is the n by k matrix of the explanatory
variables. In reality, is not observable and only variable for accessing to a loan is
observable. To measure the probability of accessing credit, this study applies a logistic model.
The dependent variable, a dichotomous variable (with and without access to credit), is assumed to
be linearly related to explanatory variables. The model is described as:
[
]
(5)
Where: ln = natural logarithm, P = probability of accessing to credit, 1 P = probability of not
accessing credit βn = coefficients of explanatory variables, Xn = predictor variables, and = error
term. The explanatory variables of access to credit by cinnamon households are derived from a
literature review and local consultants (Table 2).
Table 2. Description of selected variables
Expected
signs
+
Dimension Variables
Definition and measurement
Type a
Age
Age of the household head (years)
Age squared of the household head, (years squared)
Number of years in school (years)
Ethnicity of the household head (=1 if the
household head is the Kinh majority; 0 otherwise
Membership status of local unions (=1 if the
household has at least one person who is a member
of a women’s union or a farmers’ union; 0
otherwise)
C
C
C
Age square
Education
+/-
+
Cinnamon
farmers
Ethnicity
D
+/-
Union
D
+
Household size
Distance to main
market
Total number of family members (persons)
The distance in kilometres from the house to the
nearest bank
C
C
+
-
Market visits
Cinnamon farm size
Frequency of market visits per week (visits)
Total cinnamon farm size (hectares)
If the loan needs to be secured by a red book
(1=Yes, 0 otherwise)
C
C
+
+/-
Cinnamon
households
Collateral requirement
D
+
Ownership of a bank account (=1 if the household
has a bank account and 0 otherwise)
A dummy that equals one if the farmer attended a
training course (e.g. farming technical assistance)
Bank account
Training
D
D
+
+
Van Yen
Capture geographical indication of cinnamon
production (=1 if households locate in Van Yen
district, 0 otherwise)
Dummy =1 if households locate in Van Chan
district, 0 otherwise
D
D
+
-
Van Chan
Note: aD = discontinuous variables; C = Continuous variables
2.3.1. Variable of interest
Union membership is a variable of the most interest. In Vietnam women’s unions and
farmers’ unions represent a very specific feature of the country’s political and socio-economic
landscape and serve a major role in financial inclusion in Vietnam. Union membership enhances
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TNU Journal of Science and Technology
family networks which perform key functions as gateways to the formal credit and direct
marketing channels [7]. It is hypothesized that being a member of unions can give cinnamon
households a higher chance to access to credit, particularly preferential credit.
2.3.2. Control variables
Age and age square of household heads might link to knowledge, experience, economic
decision-making and life cycle to earn income [8].
It is hypothesized that educated household heads are more active to respond to the market and
run their cinnamon farming activities more effectively. Educated farmers are expected to be more
likely to perceive credit use, implying positive correlations between educational level and access to
credit [9].
Ethnic minorities, making up 15% of the population in Vietnam have lower living standards
than ‘majority’ inh and Hoa households [10]. The government has granted preferential credit to
ethnic minorities in substantial efforts to promote equal development among ethnic groups of the
country. This study therefore assumes that ethnic minorities are more likely to receive
preferential credit but less likely to receive commercial credit.
Larger households might also imply a higher number of labourers and higher income. It is
therefore assumed that households with a larger number of members are more likely to have
access to credit.
Poor access to roads and transport has a severe impact on marketing of farming products [11].
The study assumes that the further distance to the nearest market centre is negatively associated
with access to formal credit for cinnamon households.
A larger farm size is more efficient compared to smaller farms due to the economics of
scale. However, smaller farms might be easier to manage compared to larger farms, implying a
negative correlation between farm size and access to credit. This study assumes that that there
could be a positive or negative correlation between farm size and access to credit.
Collateral, often seen as prerequisite to receiving loans from financial institutions, reflects
the security against a loan for future business performance. Commercial banks use collateral
to mitigate the inherently risky repayment of borrowers. Therefore, it is hypothesized that
collateral in terms of land use certificates will be positively correlated with cinnamon
farmers’ access to Agribank credit.
Having a bank account encourages rural households to accumulate savings and increase their
financial literacy [12]. This study hypothesized that households with access to bank accounts
relax their borrowing constraints from banks.
Agricultural training can reduce access barriers to credit and eliminate misuse of agriculture
credit. Thus, this study hypothesized that there is a positive relationship between access to
training and access to credit for farmers.
Geographical indications encourage quality and reputation attributable to farming products
[13]. It is therefore hypothesized geographical identities of cinnamon farming in Van Yen have a
positive impact on farmers’ access to credit.
3. Results and discussion
3.1. Main characteristics of households
The characteristics of sampled households are presented in Table 3. Among cinnamon
households with access to credit, 11.86%, and 39.78% have access to Vietnam Bank for
Agriculture and Rural Development (Agribank) and Vietnam Bank for Social Policy (VBSP)
credit respectively. Farmers need credit in order to pay for labour during harvesting seasons,
purchase grass-cutting machines, sawing machines, bark dryer, storage facilities and improved
drying yards. The credit duration depends on the policy of the bank, the type of credit and the
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TNU Journal of Science and Technology
amount of credit applied for. A farmer can apply for the Agribank credit by completing an
application form and providing collateral in the form of land and houses with proof of land title
(red books).
Table 3. Main characteristics of sampled farmers and households
Van Yen
(n=319)
44.8
Van Chan
(n=109)
40.6
Tran Yen
(n=120)
47.1
Overall
(n=548)
44.4
Dimension
Variable
Age (years)
(10.85)
(9.88)
(10.74)
(10.83)
Cinnamon
farmers a
6.2
(3.98)
0.28
(0.45)
0.22
(0.42)
4.6
7.4
(4.33)
0.18
(0.38)
0.19
(0.39)
4.9
6.7
(2.89)
0.40
(0.49)
0.32
(0.47)
4.3
6.5
(3.87)
0.28
(0.45)
0.24
(0.42)
4.6
Education (years)
Ethnicity (0-1)
Union (0-1)
Household size
(persons)
(1.57)
(1.74)
(1.48)
(1.60)
Distance to main
market (km)
Market visits (visits
per week)
Cinnamon farm size
(hectares)
Collateral requirement
(0-1)
5.7
(5.69)
1.74
(1.33)
2.7
(3.36)
0.16
(0.37)
0.09
(0.28)
0.14
(0.35)
14.73
21.6
(11.54)
1.11
(1.02)
0.9
(1.10)
0.17
(0.38)
0.09
(0.28)
0.11
(0.32)
7.34
4. 9
(3.01)
1.51
(1.39)
1.4
(1.22)
0.25
(0.43)
0.27
(0.44)
0.26
(0.44)
8.33
8.7
(9.40)
1.56
(1.31)
2.1
(2.78)
0.18
(0.39)
0.13
(0.33)
0.16
(0.37)
11.86
Cinnamon
households a
Bank account (0-1)
Training (0-1)
Agribank (%)
VBSP (%)
Access to
credit b
32.28
45.87
54.16
39.78
Note: a Mean value with standard errors in parentheses;
b Percentage of respondents who have previously obtained credit from the type of provider
Farmers can also apply for a preferential credit program, offered by the VBSP subsidised by
the Vietnamese government. To obtain credit from the VBSP, an applicant needs to be in the list
of applicants approved by the commune people’s committees. All 39.7 % of households which
received preferential credit need to be membership in credit and savings groups to receive credit
through unions such as women’s unions or farmers’ unions.
3.2. Lending characteristics by banks
Lending characteristics of two banks are presented in Table 4. The VBSP has disbursed loans
according to the governmental lending program. Households received subsidies from preferential
credit programs. The overdue debt of credit disbursed through local unions from the VBSP is
much lower than that of the Agribank.
The Agribank still relies on collateral in the form of land use certificates. One difficulty for
households is due to the problem of family separation leading to a case that many households do
not have a certificate of land use rights. Multi-generation families separate and one land use
certificate is used for multiple smaller size families, meaning that only one can use the land use
certificate to apply for credit.
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Table 4. Lending characteristics by banks
Characteristics
VBSP
Agribank
Poor and near-poor households;
11 lending programs
Wealthier households; enterprises;
cooperatives and farms
Targeted clients
Credit value not exceeds 70% of
collateral value
Maximum amount
50 million dong
Overdue debt
Duration
0.39% of total amount disbursed
3-5 years
3% of total amount disbursed
Flexible, depends on contracts
Monthly interest
rate (%)
0.65%-0.90%
Around 1%, flexible, depends on credit
contracts
Collateral
requirement
Strictly collateral requirement (fixed
assets or land use certificate)
No collateral requirement
Group lending
Lending model
Individual lending
via women’s and farmers’ unions
Based on the governmental targeting
and policies
Lending conditions
Based on market mechanism
Monthly or quarterly repayment
Interest rate collection and principal
at the communal branches
Month or quarterly repayment
Interest rate collection and principle at
the bank branches
Loan repayment
Capital availability Depend on government budget
Depend on deposit mobilization
The bank is closely involved in selecting
borrowers
and borrower
selection
The bank is less involved in
selecting borrowers
3.3. The role of farmer-based unions in facilitating households’ access to bank credit
The results from a logistic estimate of the probability that a household has access to credit are
presented in Table 5. Results show that access to Agribank credit is not contingent upon union
membership. It depends on the availability of collateral, stable income and a good business plan.
However, membership to a union is significant at 1% and positively related the probability of
households’ access to preferential credit. In other words cinnamon households that join a union
have a higher probability of accessing preferential credit. The finding in this study conforms to
previous studies with data collection in other countries. Social unions also serve as the guarantee
to improve their members’ access to credit without asset collateral security in rural Philippines
[14]. Frequent meetings in group lending can serve as insurance to strengthen the ability of
smallholder farmers to access financial services [15].
The education of household heads is positively associated with access to Agribank credit (P <
0.05). More educated households and might run their agribusiness more effectively.
Ethnic minorities are more likely to access credit, particularly preferential credit. This result
could be explained by the fact that preferential credit in Vietnam mainly targets the ethnic
minority households who need capital but are normally bypassed by commercial banks.
ollateral in the form of land ownership is positively correlated with cinnamon households’
access to Agribank credit (P < 0.01), but non-significant with preferential credit (P > 0.10). This
finding collaborates with those of in-depth interviews with banks which showed that secure
property rights could be used as one of the most reliable lending criteria for the Agribank.
Ownership of a bank account is positively and strongly (P < 0.01) correlated only with the
access to overall credit and preferential credit. This result is consistent with the expectations,
given that savings account is a component of rural financial inclusion. However, only 21% of
adults and only 6% of the poor in Vietnam have bank accounts, which is very low compared to
other countries in the world [16].
Being located in the most well-known cinnamon district was found to be the most significant
variables influencing access to Agribank credit. The significant regional dummy variable
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suggests a higher granted credit in Van Yen compared to other districts. The explanation could be
geographical indications of cinnamon products certified by the government to improve the
cinnamon product management system, increase economic value for cinnamon products and
generate income for farmers.
Table 5. The impact of membership in farmer-based unions and other relevant factors
on credit accessibility by cinnamon households
Estimated coefficients (Standard error)
Variables
Dimension
Agribank
VBSP
Overall
0.0319
(0.1321)
-0.00007
(0.0014)
0.1015
-0.0647
(0.0790)
0.00048
(0.0008)
-0.0484
(0.0338)
-0.5960
(0.2879)**
3.4985
-0.0474
(0.0874)
0.00020
(0.0009)
-0.0106
(0.0389)
-0.9433
(0.3793)**
6.1209
Age (years)
Age square (years squared)
Education (years)
Ethnicity (0-1)
Cinnamon
farmers
(0.0518)**
-0.0151
(0.3916)
0.0783
Union (0-1)
(0.4115)
-0.1255
(0.1169)
0.0279
(0.0244)
0.1324
(0.3252)***
0.0797
(1.0309)***
0.0472
Household size (persons)
Distance to main market (km)
Market visits (visits)
Cinnamon farm size (hectares)
Collateral requirement (0-1)
Bank account (0-1)
Training (0-1)
(0.0746)
0.0018
(0.0905)
0.0088
(0.0129)
-0.0980
(0.0970)
-0.0624
(0.0501)
0.4602
(0.0143)
-0.1213
(0.1374)
-0.0746
(0.0596)
5.8104
(0.1220)
0.0243
Cinnamon
households
(0.0686)
3.7384
(0.3889)***
0.0591
(0.2859)
1.0413
(1.0348)***
1.0544
(0.4695 )
-0.4861
(0.4927)
1.4007
(0.3355)***
.05014
(0.4114)**
0.5303
(0.3085)
-0.7460
(0.3036)**
0.0860
(0.3881)
1.1107
(0.3668)
-0.3833
(0.3712)
-0.4928
(0.4756)
0.9092
Van Yen (0-1)
(0.4690)**
-0.5095
(0.7228)
-6.2317*
(3.0661)
Van Chan (0-1)
Intercept
(1.8139)
(2.0220)
Model
specification
Percent correctly predicted
(N=548)
91.79%
80.47%
85.77%
Likelihood ratio test chi2, (14
degrees of freedom)
152.12***
235.97***
393.06***
Note: The dependent variable is a 0-1 i di ato of a ess to edit whe e 1= a ess to edit’ Sta da d
errors are in parentheses with the estimates; * Significance at a 10% level; **Significant at a 5% level;
***Significance at a 1% level.
4. Conclusions and policy implications
Access to credit for farm households is a key part of the rural development and poverty
reduction process. However, lack of access to credit remains a big challenge for farm
development in general and for the cinnamon farming in particular. This study examines whether
membership in a farmer-based union can facilitate household’s access to credit.
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TNU Journal of Science and Technology
The findings show that households need credit improve investment and the quality products
which are later used for health care needs. Membership in a farmer-based union facilitates
farmers’ access to collateral-free credit. It is therefore necessary to encourage farmers to join the
unions to have convenient access to credit. Another finding is that commercial banks are hesitant
to expand credit and require tangible collateral in the form of red books to be present as the most
important condition for giving loans.
Findings in this study provide insights for designing credit schemes for farm households in
similar situations in other lower-income economies. The key lesson drawn is to take advantage of
local knowledge to conduct group lending. Lending through farmer-based unions can address the
problem of information asymmetry in farm credit markets. To enhance the role of farmer-based
unions, trainings are crucial to enhance their capacity in financial management. Union staffs need
to be equipped with knowledge to support farmers in running more profitable businesses.
Acknowledgments
This research is funded by Vietnam National Foundation for Science and Technology
Development (NAFOSTED) under grant number 502.01-2016.12.
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