Vietnam's First MFI Licensed by the State Bank is Operational

The Vietnam Women’s Union put TYM Fund, the first microfinance operation licensed by the State Bank of Vietnam, into operation in Hanoi on August 25, 2010. TYM is a limited liability company and has rights to mobilize savings among the community, as well as capital sources from domestic and international financial institutions.

The TYM receives support from the government and is expected to meet requirements on quality control under the stipulated regulations. The TYM, formerly named the Compassion Fund, has helped more than 80,000 women access basic financial services and escape poverty over the past 18 years. Currently, the fund has about 50,000 members in 10 northern and central provinces in Vietnam.

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