On November 10, 2022, the State Bank of Vietnam (SBV) delegation had a meeting with TYM to evaluate the implementation of the National Comprehensive Financial Strategy to 2025 with orientation to 2030 at TYM.
The delegation included Mr. Pham Minh Tu, Deputy Director of the Institute of Banking Strategy, the head of the delegation and representatives of the Inspection and Supervision agency, the Payment Department, the Credit Department of Economic Sectors and Hanoi Branch of State Bank of Vietnam. On the side of TYM, General Director Pham Thi Thuy Linh received the delegation with the participation of the Board of Directors and heads of departments at TYM’s Head Office.
At the meeting, the representative of TYM presented a report on the implementation of TYM’s Comprehensive Financial Strategy in the past time according to 7 groups of contents: (1) Developing the network of branches and transaction offices in the region, rural, deep-lying and remote areas; (2) The cooperation with commercial banks, financial technology organizations to provide simple, convenient and low-cost services to people in rural, remote and isolated areas; (3) Developing consumer loan products suitable for consumer borrowers with reasonable interest rates, contributing to preventing “black credit”; (4) Developing financial products and services for the poor, low-income people, women, micro enterprises, cooperatives, production and business households; (5) Developing and implementing financial education programs; financial consumer protection measures; (6) The access to preferential capital sources, the socialization of financial resources in the provision of microfinance products and services; (7) Participation and support for microfinance activities of socio-political organizations and local authorities.
On this occasion, TYM shared with the delegation some difficulties and challenges in the process of implementing this strategy, and also presented some recommendations and proposals for microfinance to contribute more effectively to the implementation of this comprehensive financial strategy, such as: issues related to customers of microfinance; TYM’s challenge in implementing “perform non-cash payment transactions with customers”; difficulties in accessing commercial capital or receiving aid from microfinance institutions today. Despite facing so many challenges, TYM is still making efforts to develop the organization in accordance with the orientation of the State Bank of Vietnam, the Vietnam Women’s Union and prepare the best conditions for the development of the organization so that TYM can respond promptly to changes in the upcoming time.
After hearing the report and comments from TYM, the delegation highly appreciated TYM’s efforts in contributing to the implementation of the National Financial Inclusion Strategy. The mission also affirmed that the role of microfinance in the Action Plan of the banking sector to implement the National Comprehensive Financial Strategy is very clear, so this is also the basis for the State Bank to propose policies for TYM in particular and microfinance in general to carry out this task. Here, the delegation made some recommendations to TYM on developing an organizational development strategy and further strengthening the role of microfinance in Vietnam.
As an organization in the credit institution system of the State Bank of Vietnam, TYM has issued an Action Plan to implement the National Comprehensive Financial Strategy to 2025, with a vision to 2030 with the goal of In general, TYM develops safely, effectively and sustainably towards the goal of serving poor and near-poor women, low-income women, special women, women and micro enterprises with diversified, flexible and appropriate financial products and services, contributing to the implementation of the Party and State’s policy on financial inclusion, and the political mission of the Vietnam Women’s Union on supporting women. economic development, contributing to the task of developing Vietnam’s banking industry. TYM strives to become one of the leading microfinance institutions in Vietnam providing microfinance services towards financial inclusion and actively participates in gender equality.