TYM recognized as the 2019 European Microfinance Award Semifinalist

03/10/2019

TYM has recently recognized as one of the top 10 financial institutions in the world with best practices in increasing the resilience of communities vulnerable to the effects of climate change under the framework of the European Microfinance Award 2019 “Strengthening Resilience to Climate Change” (EMA 2019). The Award is jointly organized by the European Microfinance Platform (e-MFP), the Luxembourg Ministry of Foreign and European Affairs, and the Inclusive Finance Network Luxembourg (InFiNe.lu), in cooperation with the European Investment Bank (EIB).

In recent years, in Vietnam, natural disasters and climate change have become more complicated, seriously affecting the lives and business activities of the people. In line with the mission entrusted by the Vietnam Women’s Union, TYM pursues to improve the quality of life for poor and low-income women through financial and social products and services. Currently, TYM serves nearly 160,000 members in 12 provinces and cities from the North to the Central; of which, nearly half are coastal provinces with about 50% of the total number of TYM’s members. Therefore, every year TYM’s members are adversely affected by natural disasters and climate change. Moreover, TYM’s target groups include the poor, disadvantaged and low-income women engaging mainly in such the businesses depending on natural conditions as agriculture and fisheries, making them become the most vulnerable to natural disasters.

The poor, disadvantaged and low-income women engaging mainly in such the businesses depending on natural conditions as agriculture and fisheries, making them become the most vulnerable to natural disasters.

TYM identifies that among numerous measures to support members to face risks, the timely sharing merely is not enough. More importantly, they are helped to improve awareness, knowledge and capacity to proactively respond to climate change and mitigate disaster risks. In addition, continuous policy advocacy is necessary. TYM has started the program of capacity building on disaster risk mitigation and business continuity planning for its members since 2017, with the main activities: (1) raise awareness for members about disaster risks and climate change; (2) support and guide members in preparing business continuity planning including plans to respond to climate change and minimize disaster risks; (3) develop specialized credit policies to support members and (4) review the Government policies to make recommendations to support the poor and vulnerable in reduction of natural disaster risks and climate change. By the end of 2018, about 65,000 poor, disadvantaged, low-income women benefited this initiative.

For its practical, effective and sustainable program for members, TYM has been highly appreciated and recognized by the Award Committee. The achievement is a great motivation for TYM to continue th fight for a bringer life of the poor and low income families in Vietnam.

The European Microfinance Award is a prestigious annual award. The Award was launched in 2005 by the Luxembourg Ministry of Foreign and European Affairs – Directorate for Development Cooperation and Humanitarian Affairs, and it serves two parallel goals: rewarding excellence, and collecting and disseminating the most relevant practices for replication by others. The theme of the 2019 Award focuses on “Strengthening Resilience to Climate Change”. The EMA 2019 has attracted a total of 42 applications from 27 countries around the world.

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