On the 3rd of April 2018, the DIV delegation led by Mr. Nguyen Quang Huy, Chairman of Board of Directors attended a meeting in TYM to learn about TYM’s microfinance model.
DIV also visited Vinh Phuc Branch and the home of Mrs. Dinh Thi Thuy, a poor household in center 31. Due to her poor health, Mrs. Thuy cannot do heavy labor jobs. Thanks to TYM’s loans, she can trade bananas to generate income for the family. DIV delegation appreciates TYM’s mission and compliance with governmental regulations and policies. As for deposit security and deposit mobilization at TYM, DIV found that TYM is performing very well compared to other MFIs and also noted that TYM encourages its customers to deposit savings from only 5,000 dong is a manifestation of the organization’s dedication to poor women. Through the working session, TYM has the opportunity to share about the advantages and disadvantages of TYM’s activities and to make suggestions and recommendations on some suitable regulations for specific activities of TYM to meet the capital and savings needs of women as well as to ensure the sustainable development of microfinance institutions.
TYM hopes that the Deposit Insurance of Vietnam will add voice to the State Bank of Vietnam in issuing regulations, creating a legal framework to help microfinance institutions to fulfill their mission. , contributing to the country’s hunger eradication and poverty reduction.
After being licensed to establish and operate officially, TYM has been participating in the Deposit Insurance of Vietnam (DIV) to protect the rights and benefits of its members and depositors at TYM. Deposit Insurance of Vietnam is an insurance agency under the State Bank of Vietnam, providing insurance for the deposit of customers at all credit institutions. This is the insurance agency for all voluntary deposits of customers at TYM and licensed credit institutions in Vietnam. In the event that the insured organization is insolvent, the DIV will be responsible for reassuring the depositors and providing special loans to the insured organization to reimburse their clients. In the worst cases, when insured organizations go bankrupt, DIV will be the paying agency with the maximum amount of principal and interest of VND 75 million / client.