Tinh Thuong Microfinance Institution (TYM) was honored to be the best microfinance institution in 2013 of the CMA award thanks to its outstanding achievements, especially in terms of social activities and lobbying efforts for the responsible and sustainable development of Vietnamese microfinance industry. Also for this award, 2 loan clients of TYM were honorably awarded the typical Micro-entrepreneur Award and 1 credit officer with the typical Credit Officer Award.
Overcoming all difficulties in 2012, despite the unfavorable socio – economic environment, all staff and clients of TYM have determinately joined hands in making continuous efforts and achieved outstanding achievements.
During the year, TYM has reached to and provided services for nearly 95,000 clients in 10 provinces while enhancing its service quality improving product designs, particularly its new credit policies with preferential interest rates for the poor and the disadvantaged, expanding credit access for the women living with HIV or affected by HIV, and maintaining repayment rate of 99.96%. In addition, in terms of its social targets, TYM also made impressive achievements by delivering strong impacts on the community and clients through a series of community support activities such as: build 7 “Affectionate Houses” with a total value of 210 million dong for clients, free health checks and medicine distribution for more than 4,700 women with the total cost of over one billion dong, training on Gender – Business and environment protection delivered for 14,300 loan clients, gift giveaways to 649 disadvantaged families, 19 scholarships awarded to children of poor clients with excellent study results, joining hands to build New Countryside in 24 poor localities with 250 million dong, and many other effective community activities.
In 2013, TYM also invested a lot into policy lobbying and image building efforts for Vietnam’s microfinance industry targeting other regions and the world. TYM always ensures that its activities are in line with the general operations of the microfinance industry. TYM also actively approaches and introduces sustainable models of microfinance-based poverty alleviation on local and nationwide media, so that policy makers in particular and the public in general have more complete understanding about microfinance’s contributions to the fight against poverty.
TYM is also one of institutions which has been very active in organizing meetings withthe governmental agencies in order to find way to overcome policies inadequacies, helping to ensure the sustainable development and social mission fulfillment of Vietnamese microfinance industry.
On December 12, 2013, from 4.40 pm to 8.00 pm at Melia Hotel – No. 44B Ly Thuong Kiet Street, Hanoi, TYM would be honored in the 7th awarding ceremony of Citi Microentrepreneurs Award – CMA 2013.
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CMA Award– sponsored by Citi Fund, with the cooperation of the Banking Institution, the Vietnam Microfinance Working Group – the Association of Medium and Small Enterprises. The award aimed to recognize the microfinance clients who have outstanding initiatives in effectively using the loans, excellent officers and typical microfinance institutions have made considerable contributions to the implementation of the Proposal on Building and Developing Sustainable Microfinance Systems in Vietnam until 2020, thus contributing to the country’s fight against poverty.
TYM is among the top microfinance institutions in Vietnam, founded by Vietnam’s Women Union in 1992.With the mission of “Improving the living quality of individuals and households of low income, particularly poor and disadvantaged women, through the provision of financial and non – financial services, making opportunities for women to join socio – economic activities, enhancing the status of women”, TYM is trying to become the leading microfinance institution in Vietnam, providing the top microfinance services for individuals and households of low income, especially poor and disadvantaged women.
TYM was licensed by the State Bank of Vietnam and become the first formal microfinance institution in Vietnam since August 17, 2010.
By the end of November, 2013, TYM is working in 10 Northern provinces, with a total number of nearly 95 thousand clients, a portfolio of more than 560 billion dong and a repayment rate of 99.96%.
In 2013, Planet Finance Technical Associasion Service (PFTAS) evaluated and gave TYM the grade of 80 for on social performance assessment index (out of 100), while commenting “The institution is well aware of its mission of helping the poor, especially women. Since its establishment, it has never strayed from that well-defined mission and has been very consistent in pursuing its missions during the 21 past years.