By The Banking Times
Hanoi, 27th November, Tinh Thuong one-member limited liability microfinance institution (TYM) in coordination with the Asia Foundation organized a workshop ” Increasing access to digital education to expand economic and employment opportunities for women in Vietnam”.
“Leverage” helping women expand business opportunities
Speaking at the Workshop, Ms. Ha Thi Nga, Secretary of the Central Committee of the Vietnam Women’s Union (VWU), President of the VWU said: “In the context of global integration, digital transformation is considered as an opportunity, and at the same time an urgent requirement to be faster and further in all areas of social life”.
In fact, digital technology helps businesses change themselves dramatically. Digital transformation not only helps them to increase productivity and reduce costs but also opens up new spaces, values and new opportunities.
In particular, during the 37th ASEAN Summit, for the first time, ASEAN leaders held a special session on empowering women in a digital age and agreed on improving the quality of life and development of women and children, creating favorable conditions for women to access digital technology.
Commenting on the role of women in economic development, Ms. Tran Thi Hong Minh, Director of Central Institute for Economic Management (CIEM) said: “More than 50% of household-based businesses in Vietnam is owned by women. It can be seen that women play an important role in economic development. Therefore, the digital training for women is extremely important ”.
In particular, in the context of the Covid-19 epidemic, a heavy impact has been left on Vietnamese micro enterprises, especially micro enterprises and female-owned household based businesses. They face many barriers and challenges, including the inability and skill to use online marketing tools and transform their business to the online based model to overcome the crisis.
According to experts, if they can access and use digital technology, they are able to turn around their business more easily.
The story of Ms. Nguyen Thi Thanh Phuong (Thai Nguyen) is a proof for that. Ms. Phuong shared: “With the training content on the internet and basic mobile applications and online sales, I have gained more knowledge to apply in business and connect with customers, finding information about material. I am able to connect remotely with my customers and providers that help me to shorten time and improve work efficiency”.
In addition, Ms. Phuong shared that she has been applied digital technology to pay for goods, telecommunications or telephone charges, so that the payment can be made faster and at lower costs.
Bringing digital finance closer to the people
CAccording to Ms. Nguyen Thi Hien, Deputy Director of the Banking Strategy Institute, State Bank of Vietnam (SBV), technology would act as a “lever” to bring digital finance closer to the people, including female.
Ms. Hien said that digital financial services with such advantages as convenience, fast, anytime and anywhere availability and low cost would help business as well as people’s lives improve.
However, the figures show that access to modern financial services in developing countries and in Vietnam is still modest. Reasons include inadequate awareness of the people about the benefits of digital services, and at the same time worries, especially of women, about risks and security.
According to Hien, digital financial services would help people in rural and remote areas handle unexpected difficult situations in their life. For example, to receive financial support during the last pandemic.
Therefore, Ms. Hien thought that financial education for the people is extremely important, especially for women.
Agreeing with this opinion, Ms. Pham Thi Huong Giang, Member of the Presidium of the VWU, a member of TYM’s BOD said: “Study shows that one of the reasons for limited access of the people to financial services include far distance to transaction points. With the support of technology, this would be a lever for financial services to reach more women”.
“Women face barriers in skills, confidence, and trust in the security of financial services. Therefore, these factors need to be improved to make women more confident to apply technology in the new age”, Ms. Giang also emphasized.
According to Ms. Nguyen Thi Hien, Deputy Director of the Banking Strategy Institute, State Bank of Vietnam (SBV), technology would act as a “lever” to bring digital finance closer to the people, including female.
Ms. Hien said that digital financial services with such advantages as convenience, fast, anytime and anywhere availability and low cost would help business as well as people’s lives improve. However, the figures show that access to modern financial services in developing countries and in Vietnam is still modest. Reasons include inadequate awareness of the people about the benefits of digital services, and at the same time worries, especially of women, about risks and security. According to Hien, digital financial services would help people in rural and remote areas handle unexpected difficult situations in their life. For example, to receive financial support during the last pandemic.Therefore, Ms. Hien thought that financial education for the people is extremely important, especially for women.
Agreeing with this opinion, Ms. Pham Thi Huong Giang, Member of the Presidium of the VWU, a member of TYM’s BOD said: “Study shows that one of the reasons for limited access of the people to financial services include far distance to transaction points. With the support of technology, this would be a lever for financial services to reach more women”.
“Women face barriers in skills, confidence, and trust in the security of financial services. Therefore, these factors need to be improved to make women more confident to apply technology in the new age”, Ms. Giang also emphasized.
In order to make digital technology easier for women to access, the Asia Foundation and Tinh Thuong One Member microfinance institution (TYM) agreed to cooperate in the “Go Digital ASEAN” project. It aims to expand economic opportunities by equipping disadvantaged communities, especially women-owned microenterprises and household-based businesses, with critical digital skills to leverage the digital economy”. The project supports 10 Southeast Asian countries including Vietnam.
Up to now, the project has trained 62,447 TYM’s clients and their husbands and children with 25% of lessons on how to use information technology tools and online markets on their business activities.
