In the Vietnamese economic landscape, low-income and vulnerable households and micro-enterprises play a crucial role in creating jobs, improving people's living standards, and promoting local economic growth. However, financial barriers remain a major obstacle for them. In this context, the Thanh Hoa Microfinance Organization (MFI) emerged as a breath of fresh air, offering flexible financial solutions and a "support system" for clients such as poor households, low-income and vulnerable households, and micro-enterprises, thereby contributing to economic development and sustainable growth.
A journey of perseverance and development
Microfinance (MFI) first set foot in Thanh Hoa in 1998, starting as a microcredit program established by the American Save the Children organization with a small scale of operation and initial capital. However, thanks to its flexible and innovative organization; its "close and friendly" credit products and lending methods that meet the needs of poor households, low-income individuals, and vulnerable people; and the responsibility and enthusiasm of its staff, MMF activities in Thanh Hoa have gradually developed. From the Thanh Hoa MMF Program (1998-2008), the Thanh Hoa Fund for Supporting Poor Women (2008-2015), from March 2015 to the present, the Thanh Hoa MMF was established, becoming one of four MMFs licensed to operate by the State Bank of Vietnam.
This marks a significant transformation, creating momentum and strength, opening up many opportunities for Thanh Hoa Microfinance to steadily advance and achieve remarkable results. This is not only a step forward for Thanh Hoa Microfinance but also a crucial turning point in the microfinance sector in Vietnam. With the mission of supporting low-income, vulnerable households and micro-enterprises to develop sustainably, the organization has continuously expanded its scale and diversified its financial products to meet the needs of diverse customer groups.
Starting from an organization operating in 8 districts and 109 communes and wards, after 10 years of development and growth, Thanh Hoa Microfinance Institution (MFI) has expanded significantly, extending its operations to 21 districts and 245 communes and wards. The number of customers has steadily increased over the years, from 18,564 in 2015 to 57,000 in 2024; the total outstanding loan balance has also grown impressively, from 104 billion VND to 563 billion VND.
Microloans – illuminating community economies.
The statistics on customers, total outstanding loans, etc., do not simply reflect the growth rate. The greatest honor and pride for the staff of Thanh Hoa Microfinance Organization is that this growth has always gone hand in hand with contributions and efforts "for community development".
Since its establishment, Thanh Hoa Microfinance Institution (TCVM) has helped tens of thousands of customers, including poor and disadvantaged households, low-income earners, and micro-enterprises, access flexible loans with reasonable interest rates and simplified procedures. Microfinance is not simply a loan, but also an economic leverage that motivates borrowers and fuels their aspirations to escape poverty and improve their lives. With small but strategically significant capital, borrowers can invest in agricultural production, develop small business models, thereby increasing income and gradually improving their quality of life.
Beyond simply providing credit products, Thanh Hoa Microfinance Institution also focuses on enhancing customers' financial management capabilities through financial education programs. As a result, business households can utilize capital more effectively, manage cash flow, optimize profits, and develop long-term business plans.
The impact of micro-enterprises in Thanh Hoa is not limited to individual households but also spreads, strongly affecting the local economy. As small businesses develop, they not only improve their own lives but also contribute to the sustainable development of the local economy. Micro-enterprises gradually grow stronger, creating more jobs, contributing to budget revenue, promoting the implementation of national target programs for building new rural areas; developing the socio-economic conditions of ethnic minority and mountainous regions; and achieving sustainable poverty reduction...
Furthermore, the Thanh Hoa branch of the Vietnam Cooperative Alliance (TCVM) has many programs to support low-income households in accessing green business models, contributing to environmental protection and building sustainable values. Loans are prioritized for projects producing clean food, environmentally friendly materials, renewable energy, and sustainable livestock farming... This not only creates momentum for economic development but also helps the locality adapt to the green growth trend of the era.
TCVM Thanh Hoa always operates with the principle of balancing the interests of the organization and the interests of society. Therefore, in parallel with its financial activities, TCVM Thanh Hoa actively implements social welfare programs such as: Donating savings accounts to underprivileged children in rural and mountainous areas; giving Tet gifts to poor households; helping children of customers in difficult circumstances fulfill their dreams; giving gifts to disadvantaged households during Tet; giving gifts to underprivileged children and families receiving social welfare benefits;... The gifts given not only have material value, but more importantly, they represent the heartfelt desire of the staff and employees of TCVM Thanh Hoa to spread love and share with many disadvantaged people, families receiving social welfare benefits, and underprivileged children, providing them with encouragement, motivation, and joy.
Continue to reach further and spread your values.
With the achievements made over the past 10 years, TCVM Thanh Hoa has continuously innovated and expanded its operating model to ensure that more and more customers have access to loan capital, practical and effective credit products, and beneficial training programs and courses.
In the context of an increasingly volatile economy, the demand for microfinance will continue to grow. With a clear strategic vision, a professional operating system, and a dedicated team, Thanh Hoa Microfinance continues to play a reliable partner for tens of thousands of clients in Thanh Hoa province. Mr. Nguyen Hai Duong, General Director of Thanh Hoa Microfinance, shared: “Our future goal is to continue to be one of the leading microfinance institutions in Vietnam, creating even more flexible and sustainable financial solutions.”
The development of TCVM Thanh Hoa over the past 10 years is not just a story of impressive growth figures, but also a journey of realizing the dreams of escaping poverty, achieving economic development, and starting businesses for tens of thousands of customers. As a community-oriented financial institution, TCVM Thanh Hoa continues to affirm its position and mission in building a sustainable economy where all citizens have access to finance and can take control of their lives.
The development of TCVM is not just a story of the organization, but also a collective effort towards a prosperous community, a strong local economy, and sustainable values...
Hoang Linh
Source: https://baothanhhoa.vn/tai-chinh-vi-mo-thanh-hoa-tron-thap-ky-hien-thuc-hoa-tam-nhin-su-menh-240386.htm
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