|
The
Tau Yu Mai Fund is committed to improving the quality
of life of poor women and their families by implementing a
unique banking system. It will consistently provide women
with opportunities to improve their socio-economic status.
TYM encourages women to form savings groups, participate in
productive activities to increase their income and savings
and improve technical and entrepreneurial skills while upholding
the values of discipline, unity and hard work.
The Fund targets communes where 50% of the population
live below the poverty line. For a woman to be eligible for
a TYM membership, her average income per month must be equal
to or less than US$ 5 (VND 70,000) and the total value of
the household assets must be equal to or less than US$1,072
(VND 15,000,000). *
TYM is currently operating in 47 communes in Ha Noi, Vinh
Phuc, Hung Yen, Ham Dinh and Nghe An provinces. As of May
2001, TYM has 11,881 members organized into 385 centers in
9 branches. Of these 9 branches, 3 have reached break even
point and 3 are financially viable. TYM plans to open 2 more
branches in the third quarter of 2001. The Fund provides
its members with general loans, mid-term loans, seasonal loans,
multi-purpose loans and a new special loan for long-term members
who want to start small businesses. With a repayment rate
of 99.74%, TYM has loans of 14,380,528,300 VND outstanding.
The attendance
at the weekly meetings is high because of the capability of
the staff in organizing and managing their work, and the members'
willingness to follow discipline and regulations of the organizations.
TYM
prides itself on the knowledge and capacity of its staff who
have all been involved with TYM for a few years. Staff training
is a major concern especially for the expansion period. In
2000, TYM Fund collaborated with the local Women's
Union to conduct training on agricultural extension for 50
trainers and 4,000 members; training on gender awareness was
also provided to 2,000 local leaders and staff from all the
operating areas.
TYM's
success is reflected in the impact on social and economic
aspects. It has promoted the capacity of poor farmers and
helped them to improve their businesses and generate assets
for their families. TYM's loans to poor women have contributed
to minimize the predominance of usurious moneylenders in the
rural areas.
Women
have gained respect from their families and the community
because of their involvement with TYM. They strictly follow
credit discipline, savings and repayment practices, regularly
attend meetings and implement income generating activities.
The different center activities have attracted women towards
decision-making and contributing ideas: a sure step toward
further empowerment. They have ably led groups and centers
and with their newly acquired leadership skills, have participated
in community activities.
TYM
has also provided employment for young graduates from the
universities and colleges in the area. According to its institutional
action plan, TYM is aiming to have 15 branches within 2002,
with 25,000 members, 150 staff. By that year, 70% of its branches
will become financially viable. The TYM management board will
continue looking into the legal measures necessary for the
institutionalization of TYM into a formally organized National
Fund for Poor Women in Vietnam.
|
The
Best Thing for Ms Phan Thi Hoa !
Ms
Phan Thi Hoa is a member of TYM in the Hung Nguyen
district of Nghe An Province. Her husband,
a war veteran, had died, leaving her with their two
children to bring up. Although she worked hard as a
laborer, her wages were hardly enough to support herself
and her two children. Having no collateral, she was
unable to take out loans to become self-employed. TYM
was her only option.
She
was eligible for membership and with her first loan
she bought two piglets and seven chicken. She raised
them, while continuing to sell her labor for weekly
amortization. After eight months of fattening the animals,
she sold the two pigs. She used the surplus to reinvest
in more pigs and send her two children to school. She
used her second loan to expand her livestock, raising
ducks as well as chicken and pigs. On her third and
fourth loan cycles, she continued with this activity
and her economic situation improved significantly. She
repaired her house and her pig-sty. Most notably, she
was able to finance her children's education; they are
now studying in teacher's training and military colleges.
In
1999, she was nominated the best member of Hung Nguyen
branch, and selected to represent 1400 members of her
branch on a study tour at CARD, Philippines. During
the interview with project staff, she was effusive and
emotional about her gratitude to the Vietnam Women's
Union and TYM for their support. Her only option turned
out to be the best thing for her!
|
*
US $ 1 = VND 14,000
|
