German Ambassador to Vietnam: TYM plays an important role in supporting women to access financial services
VWU Vice President Do Thi Thu Thao presented to the Ambassador of Germany the rice painting made by TYM customer
Welcoming and speaking at the meeting at the Head Office of TYM, VWU Vice President Do Thi Thu Thao emphasized that, over the years, VWU 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 VWU 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 German Ambassador and the delegation visited Ms. Dang Thi Dinh’s family (the second from the left) who has been a TYM member since 2017. She is single with a son, 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 attended 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 and semi-urban areas that TYM is implementing under the 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 Citi-Vietnam Microentrepreneurship Awards 2014 (CMA 2014).
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 attended the financial education class “Saving Games”
Participants in “Saving Games,” a training to improve knowledge and financial capacity for women