German Ambassador to Vietnam: TYM plays an important role in supporting women to access financial services

07/07/2020

Vice Chairman of Vietnam Women’s Union Do Thi Thu Thao presented to the Ambassador of Germany the rice painting made by TYM customer

Today (July 3), Dr. Guido Hildner, German Ambassador to Vietnam visited and learned about the effectiveness of microfinance activities at Tinh Thuong One Member Limited Liabilities Microfinance Institution (TYM) under the Vietnam Women’s Union.

Welcoming and speaking at the meeting at the Head Office of TYM, the Vice Chairwoman of the Vietnam Women’s Union Do Thi Thu Thao emphasized: Over the years, Vietnam Women’s Union has received much practical support from the Federal Ministry of Economic Cooperation and Development (BMZ). Specifically, through the support BMZ, the Savings Banks Foundation for International Co-operation (SBFIC) as part of a cooperation project has developed the microfinance network in Indochina and Myanmar. With this project, the microfinance activities of the Vietnam Women’s Union have developed. In particular, TYM has gradually improved its capacity, becoming the first official microfinance institution in Vietnam. Many practical activities have been implemented, such as Financial Education for Women; Support to improve institutional capacity by applying digitalization in operations, making strategic plans, improving capacity for staff, expanding cooperation in the region’s microfinance network.

The Ambassador of Germany and the delegation visited Ms. Dang Thi Dinh’s family (the second one the left) who has been a TYM member since 2017. Her family has only 2 people: she and her child, she herself has a disability and is in poor health. She is eligible for a policy loan for people with disabilities at TYM with preferential interest rates to buy sewing machines. Initially, she borrowed 8 million VND to buy the first sewing machine. After one year of repayment, she continued to borrow to buy another sewing machine and expanded the family sewing shop.

Within the framework of the working program, Ambassador Hildner visited 2 TYM clients’ economic models in Yen Phong district, Bac Ninh province. Thereby, the ambassador had a deeper understanding of microfinance performance in Vietnam.

On the same day, Ambassador Hildner visited a class on financial education organized by TYM called “Saving Games”. This is also one of the activities to improve the knowledge, and financial capacity for women in rural/semi-urban areas that TYM is implementing under the cooperation project.

The delegation visited the production model of Ms. Nguyen Thi Luyen (middle), a member who joined TYM since 2008. She borrowed her first loan of VND 8 million to invest in recycling sackcloth and to make chair cover. Currently, she is borrowing VND 50 million. Thanks to TYM’s stable funding, she has developed her production. In 2014, she was honored to be recognized as a Typical Micro Entrepreneur with sustainable production and business model under the framework of the CMA 2014 sponsored by the Citi Foundation.

Ambassador Guido Erpo Hildner affirmed: “Vietnamese women play an important role in the family and society. Currently, Vietnamese women in rural areas and economically disadvantaged areas still face many barriers and obstacles to economic development and improvement of life for themselves and their families. They need a lot of support in many ways to improve their capacity, especially financial support for economic development.”

The Ambassador emphasized that microfinance is an effective channel to help women, especially in rural, remote and isolated areas, access to financial services. In particular, the Vietnam Women’s Union, especially TYM, has played a very important role in supporting women to access financial services to develop production and business and rise out of poverty.

Through the implementation of the Cooperation Project to develop the Indochina and Myanmar microfinance network funded by BMZ and SBFIC, the Ambassador hoped that these would be the practical action to help Vietnamese women.

Ambassador Hildner and the delegation visited the financial education class organized by TYM called “Saving Games.”
Participants in “Saving Games,” a training to improve knowledge and financial capacity for women.

Source: Phunuvietnam.vn

Share

Recent post

3 years accompanying the frontier women in Bac Xa: The numbers speak for changes

In the highland of Lang Son, when people hear about Bac Xa …

Share
Read more
Mrs. Nguyen Thi Hong – TYM member of Soc Son branch needs support from the community

Mrs. Nguyen Thi Hong is among 20 TYM members that were aided …

Share
Read more
TYM hands over the “Subsidized homes” to poor women members

On June 18, 2020, in Cat Tien district, Lam Dong province, TYM’s …

Share
Read more