Highlights of 30 years of the first microfinance institution in Vietnam

30/03/2023

It has been 30 years since Tinh Thuong Microfinance Organization (abbreviated as TYM, formerly known as Affectionate Fund) was established. TYM has gone through a journey from a funded project of about VND 200 million in 1992 to one of the largest microfinance institutions in Vietnam.

In 2010, TYM became the first organization licensed by the State Bank of Vietnam to establish and operate microfinance. This can be considered as a big turning point, marking the maturity of TYM. Since then, TYM has continuously expanded its network scale and developed more products and services to meet customers’ needs. As a result, TYM increases an average of 10,000 customers per year.

For nearly a third of a century with women, TYM has established itself as a solid financial support for over 385,000 women with more than 1.7 million loans to them. From the capital of TYM, women have the opportunity to own the model and develop the economy. Their lives and their families have had many positive changes.

More than 170,000 women who are TYM’s customers can participate in free training programs and courses to improve their knowledge and skills with many practical contents on literacy, financial education, gender equality, prevention, etc. In particular, more than 81,000 women and family members have been trained and improved their capacity in digital technology, helping them gradually adapt to the context of “digitization”. Currently, applying digital technology to improve operational efficiency is an important pillar of TYM’s long-term development plan, along with technology development trends in the banking industry. In 2020, TYM has successfully developed a core banking system for the organization. This is an important foundation and prerequisite for TYM to continue implementing the digital technology development roadmap. Besides, in November 2022, TYM has launched a mobile application (TYM Mobile) for its customers and staff. In recognition of these efforts, in October 2022, the State Bank of Vietnam awarded TYM a certificate of merit for its extraordinary achievements in information technology application in the development of products and services serving the poor, near-poor and low-income women.

TYM has successfully completed dual tasks during the outbreak of the Covid-19 epidemic in 2020-2021. With the characteristic of direct and daily access to each center of customers, ensuring safe and smooth capital collection and distribution is extremely important and also challenging. With the efforts of TYM, the support of local authorities, the State Bank and the Women’s Union at all levels, TYM has simultaneously (1) prevented the epidemic, ensuring the safety of its members and staff and (2) maintained efficient operations. As a result, TYM was honored to receive the Government’s Emulation Flag and the Certificate of Merit and Emulation Flag of the Vietnam Women’s Union 2020.

In 2022, TYM is one of 10 financial institutions in the world honored in the framework of the European Microfinance Awards with the theme of 2022 “Financial Inclusion for Women”. From its operational practice, TYM has contributed to affirm the role of microfinance in the implementation of the National Comprehensive Financial Strategy to 2025, orientation to 2030 in general and the Banking Sector’s Plan in particular.

With these outstanding marks and achievements, TYM has been honored to receive many noble awards and certificates of merit from the State, Government, Vietnam Women’s Union, State Bank of Vietnam and domestic and international awards. It can be said that, along with other microfinance organizations and programs, TYM activities over the past 30 years have become an effective tool, contributing to ensuring social security and sustainable poverty reduction in Vietnam.

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