Vietnam joins microfinance map

Microfinance Monitor, Sept 7, 2010: The first microfinance organization in Vietnam was opened by Vietnam Women’s Union in Hanoi on August 25, said reports.

It was the first Vietnam’s microfinance body licensed by the State Bank of Vietnam. The limited liability company TYM will mobilize savings among the community, as well as capital sources from domestic and international financial institutions.

To be functional under the supervision of the State Bank of Vietnam, it will receive support from the government and is expected to meet requirements on quality control under the stipulated regulations.

The TYM has helped more than 80,000 women access basic financial services over the past 18 years under the Compassion Fund, which has about 50,000 members in Vietnam.