People’s Representative Newspaper: European Parliament’s visit to TYM’s microfinance model in Y Yen district, Nam Dinh province

13/11/2015

In 6th November, the Delegation of European Parliament (EP) for relations with the countries of Southeast Asia and the Association of Southeast Asian Nations (ASEAN) led by Chairman Mr Werner Langen visited TYM’s activities at center no.32 at Y Yen district, Nam Dinh province. This was in line with the visit plan to Vietnam, part of the 25th anniversary celebration of EU-Vietnam diplomatic relations.

Observing the “financial education” for members, witnessing their weekly loan repayment, deposit of savings, as well as listening to them sharing on how they used the loans to improve their family economy and escape from poverty, the EP chairman Mr. Werner Langea expressed his admiration for the hard-working of TYM’ members. He was proud that just with a small amount members had made effort to improve their family income thanks to the financial support from the German Savings Bank to TYM. He also hoped that in time to come, these members could achieve much more success, develop and preserve the traditional jobs as well as improve the living standards and position in family and society.

 

Founded in June, 1999, currently there were 42 members in center 32 who were also members of Women’s Union of Lam Town. By September, 2015, the center’s loan balance reached over VND 451 million with average loan size from VND 15 to 30 million for investment in handicraft and other traditional businesses such as copper foundry, graving, sculpture, welding, collecting scrap, etc. All members of the center achieved stable income, where 30 families were out of poverty, and there were no longer poor family in the center. 

 

In this occasion, the Delegation also visited and gave gifts to one of difficult cases Ms. Vu Thi Phuong, a single women and Mrs. Duong Thi Tuyet, a typical member of TYM awarded as the “typical micro financial entrepreneur in 2008”, held by Viet Nam Microfinance Working Group, Citi Foundation and State Bank of Viet Nam. Especially, Mrs. Tuyet was one of six entrepreneurs granted with the global microfinance entrepreneur award held in France in 2011. This award was held annually by Planet Finance Group for outstanding individuals who managed in overcoming difficulties and using the small capital to start-up businesses. This organization was founded in 1997 in Paris (France) and now it covered 80 countries including Viet Nam.

By Phung Huong

Extracted from the People’s Representative Newspaper no. 311 dated 7/11/2015

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