In the morning of 30 October, 2016 in Hanoi, the State Bank of Vietnam (SBV), the Vietnam Women’s Union (VWU) and the Central Committee of the Vietnam Fatherland Front co-organized the launching ceremony of the week in response to the World Savings Day under the tittle “Saving today – Bright tomorrow”. The launching ceremony was within the activity framework of the week in response to the World Savings day held in Vietnam for the first time.
Program participants include Mr. Nguyen Thien Nhan, Politburo Member, Chairman of the Central Committee of the Vietnam Fatherland Front; Mrs. Nguyen Thi Thu Ha, representative of the State Bank of Vietnam, Member of Executive Committee of the Central Party, Chairwoman of Vietnam Women’s Union; Mrs. Dao Thanh Trang, Deputy General Director of TYM Fund and over 300 other participants including Mrs. Duong Thi Tuyet, TYM member and winner of International Microfinance Award in 2011.
The week in response to the World Savings Day aimed to target women, children, pupils and students, who play significant role in promoting savings movements.
In her speech, Mrs. Nguyen Thi Thu Ha said that if savings to accumulate capital for economic development is so essential, then the effective and practical allocation and use of savings resources is even more important. Vietnamese women are often mentioned as the role of “key holder” in the family; women always know how to manage expenses in the household in a most effective and reasonable manner. Women are fully aware of the meaning and the strength of “accumulation of small coins to have a big amount of money” in the savings movement of Women’s Union at all levels. By depositing a very small amount of only from VND 5,000 to VND 10,000 weekly or monthly into savings accounts, since 2011, 11 million members of the Women’s Union have mobilized over VND 6,000 billion savings and assisted 1.5 million women by providing them with loans to develop their business; thereby, many women could escape poverty sustainably.
Mrs. Duong Thi Tuyet, TYM member in Y Yen branch, Nam Dinh province, first Vietnamese winner of International Microfinance Award shared that she was originally a scrap dealer. After she availed a loan from TYM, she motivated herself to start manufacturing bronze products and she finally escaped poverty. At the moment, her family owns an enterprise specialized in making bronze products, creating stable jobs for 10 employees. Experiences on savings, availing loans from TYM, effective investment and capital use and investment in business and production shared by Mrs Tuyet in the ceremony were impressive and touched audiences’ hearts.
During his speech, Mr. Nguyen Thien Nhan said that he was moved by Mrs. Nguyen Thi Tuyet’s story. Not only has she never stopped striving for a better life, but also helped to create stable jobs for other women to improve their livings conditions. Mr. Nguyen Thien Nhan called on the entire people to save, encourage competitions, initiatives and recommendations on savings activities under the title “saving today, bright tomorrow” to bringing a smile to Vietnamese people.
For recent years, TYM has made savings mobilization policies consistent, appealing, and attractive even to families with low income: savings installment could be as small as from VND 5,000 or more. Transaction points for savings deposit/withdrawal are convenient with simple, fast and safe procedures and with the offer of diverse saving products (time savings, installment savings, non-term savings…) suitable for many target customers… TYM always guides members to pay attention to regular savings to gradually increase their own capital from small and very small sums of money. Up to now, TYM’s savings outstanding is over VND 668.8 billion and is still growing as TYM is trusted by more and more clients. TYM is a testament to the diligence and hard work of women; very small sums of money saved and accumulated daily and weekly has created a tremendous resource, helping more women in economic development and improving the quality of their life.
Mrs. Ho Thi Quy, Member of the Presidium of Vietnam Women’s Union, Head of Supporting Women in Economic development Department, and former General Director of TYM participated in the forum on the meaning of savings.
Quynh Mai