TYM – CMA 2018 Outstanding MFI – Efficient and sustainable operation

14/12/2018

TYM was honored to receive the Citi – Vietnam Micro entrepreneurship Awards 2018 (CMA 2018) for its outstanding performance and sustainability.

In the morning on the 12th December 2018 at the State Bank of Vietnam (SBV) the Citi-Vietnam Micro entrepreneurship Awards 2018 (CMA 2018) Ceremony was taken place. The Ceremony was sponsored by Citi Foundation/ Citi Bank Vietnam to recognize and honor the micro entrepreneurs, who have taken the initiative to use loans effectively, as well as the microfinance institutions, who have made significant contributions in the implementation of the Program on Construction and Development of Sustainable Microfinance in Vietnam until 2020, and the reduction of poverty of the country. The CMA program is jointly implemented by the Vietnam Microfinance Working Group (VMFWG), Citi Foundation/ Citi Bank Vietnam, Vietnam Small and Medium Enterprise Association (VINASME), with support from the SBV. For the award category for MFIs, TYM was recognized as the CMA 2018 Outstanding Microfinance Institution operating effectively and sustainably. With this award, TYM once again affirmed its position in the field of microfinance in Vietnam. A MFI is considered to be efficient and sustainable when and only if it is balanced between social and financial performance over a long period of time. This is not simple because for MFIs, resources are usually limited. If the MFI pays much focus on financial objectives (to maintain its operation and profitability), it is easy to go far from the social goal of supporting the poor. On the contrary, when the social mission is placed at the top, the organization forgets about the financial performance, it causes the organization to fall short of capital, unable to expand or even to narrow its operations. For TYM, with 26 years of loyalty to the mission entrusted by the Vietnam Women’s Union, TYM has step by step asserted itself in the field of microfinance in Vietnam by taking the lead in formalizing the institution; being active in capital sources; ensuring the continuity of microfinance services … These have helped TYM bring about remarkable results and confirmed the effectiveness and sustainability of the institution.

No. of loans Over 1.3 million
No. of loans disbursed Nearly VND 14,000 billion
Loan outstanding Over VND  1,440 billion
Repayment rate 99.99%
Savings balance Over VND 1,300 billion
No. of women and families escaped from poverty Over 120,000
No. of women became micro entrepreneur Over 7.000
No. of women became leaders of the local government, People’s Councils at all levels 15,500
No. of beneficiaries of TYM’s community support Over 300.000

 

Four MFI winners receiving CMA 2018

Especially, two TYM members were honored the outstanding Micro Entrepreneurs. Ms. Nguyen Thi Van – member – TYM Soc Son Branch, Hanoi was awarded the “CMA 2018 Typical Micro entrepreneur with innovative ideas” with the business of rice painting. Ms. Quach Thi Huong – member – TYM Kim Dong Branch, Hung Yen was awarded the “CMA 2018 Typical Micro entrepreneur” with the business of traditional incense.

Ms. Van – member of TYM Soc Son Branch with rice painting
Ms. Huong – Member of TYM Kim Dong Branch with traditional incense

Also within the framework of the CMA 2018 program, in the seminar “Financial Inclusion and the Role of Microfinance”, TYM General Director Duong Thi Ngoc Linh shared about TYM’s operational model and impact for the financial inclusion in Vietnam. She also shared the advantages and difficulties to achieve the comprehensive financial goals in Vietnam.

TYM General Director Duong Thi Ngoc Linh representing the official MFIs in Vietnam presenting at the Seminar.

Further reading about TYM’s members in other newspaper:

Read Ms. Van’s story here

ĐRead Ms. Huong’s story here

Other posts:

Official website of the State Bank of Vietnam: https://bit.ly/2QPkPk9

Bank Times: http://thoibaonganhang.vn/chuyen-khoi-nghiep-cua-nhung-doanh-nhan-vi-mo-83009.html

Vietnam Women’s Newspaper: http://www.phunuvietnam.vn/xa-hoi/2-thanh-vien-tym-duoc-vinh-danh-tai-giai-thuong-cma-2018-post52641.html

After 12 years since the CMA was first organized in Vietnam, TYM has a total of 91 members recognized “Outstanding microfinance clients”. Especially:
– In 2011, Ms. Nguyen Thi Tuyet – member of TYM Y Yen Branch, Nam Dinh province, CMA 2010 Typical Micro -entrepreneur- was awarded the International Microfinance Entrepreneur of the Year by Planet Finance and was presented with the award in France;
– In 2017, Nguyen Thi Thanh Phuong – member of TYM Thai Nguyen Branch – was honored to receive the highest award of the CMA 2017 “Excellent Microfinance Client of the year”.
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