Microfinance provides leverage for women to escape poverty: official
Microfinance, with easy access to capital, is an effective measure to strengthen the confidence of women and encourage their engagement in production activities, thus improving incomes and reducing poverty, stated Deputy Governor of the State Bank of Vietnam Nguyen Kim Anh.
Hanoi (VNA) – Microfinance, with easy access to capital, is an effective measure tostrengthen the confidence of women and encourage their engagement in productionactivities, thus improving incomes and reducing poverty, stated Deputy Governorof the State Bank of Vietnam Nguyen Kim Anh.
Addressing aconference in Hanoi on September 25, Anh said that microfinance in Vietnam haslong been one of the key components of the financial system and an efficienttool for poverty reduction.
The majority of thepolicy beneficiaries are low-income, disadvantaged, and vulnerable groups insociety, and women in particular, she said.
Statistics have shownthat in recent years, the ratio of poor households based on the new povertystandards has reduced from 9.88 percent in 2015 to 6.7 percent in 2017, alongwith a strong rise in average household incomes.
However, she also pointedto a number of shortcomings in Vietnamese microfinance, such as small-scale andlimited range of products and services, along with an incomplete and incoherentlegal framework.
Moreover, financialmanagement consultation, support, and education activities for customers ofmicrofinance have been inefficient, which will pose negative impacts on the long-termeconomic development of business households, including women, Anh added.
Addressing the event, TranThanh Long, Director of the Phu Yen branch of the Banking Academy, said thatfinancial, social, and human resources are the three major demands of low-incomecustomers. He stressed the need for financial education to promote the qualityof human resources.
Long held that privatefinance education helps enhance the efficiency of capital use, ensuring thesafety of loans and preventing violations from intermediary organisations.
The current financialeducation programmes have yet to meet the demands of customers, he said,stressing that vulnerable groups must be trained in microfinance before receivingloans in order to optimise the use of borrowed capital. At the same time, it isnecessary to train lecturers and build suitable courses on specific subjects forloan borrowers. –VNA
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A one-year management training course for some 200 female entrepreneurs has just been completed under a project run by Tinh Thuong One Member Limited Liability Microfinance Institution (TYM) and the New York-based Citi Foundation.
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The programmes have brought about positive changes to rural infrastructure, comprehensively improved the material and spiritual lives of farmers, and contributed to Vietnam's economic restructuring, said PM Pham Minh Chinh.
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Vietnamese Consul General in Fukuoka Vu Chi Mai highlighted the growing demand for Vietnamese workers in Kyushu, especially in Fukuoka, Oita, and Saga prefectures. Currently, the region employs about 35,000 Vietnamese manual workers and over 5,000 IT engineers.
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The VNA delegation, led by General Director Vu Viet Trang, actively participated in the event, engaging in both professional and diplomatic activities.
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Granma and the VNA have great potential for cooperation, especially in sharing content regularly, so that VNA products are published on Granma platforms and vice versa, thereby helping Cuban and Vietnamese people access true information and gain a deep understanding of each other's country and people.
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The strategic product, managed and operated by the Vietnam News Agency Digital Media Centre (VNA Media), is an official channel for popularising the Party and State’s information and documents as well as delivering mainstream and trustworthy news to both domestic and international audiences through various kinds of multimedia formats.
Since President Ho Chi Minh founded Thanh Nien (Young People) newspaper in 1925, the Vietnamese revolutionary press has become the voice of the people. During the resistance war against the colonialists, journalists took great personal risks to inspire patriotism and the will of rising up against foreign invaders.
The total investment exceeded 319 billion VND (12.2 million USD), including over 261 billion VND from the state budget and 57.5 billion VND mobilised from businesses, organisations, and individuals.
Illustrative image (Source: VNA) 
