Effectiveness of Microfinance on women’s empowerment

Under the sponsorship of The DOVE Fund, Vy Da Ward is the first of Hearts for Hue’s Microfinance Projects  from 2011 with an initial budget of VND 1,057,790,000. The project has benefited 229 participants so far.   It was established to assist disadvantaged families achieve sustainable financial independence through the provision of loans for small enterprises. The Microfinance Project offers the range loans of 7.000.000dvn to 10.000.000dvn to disadvantaged people of impoverished communes for a wide range of purposes such as raincoat making, clam rice making and running small enterprises. Alongside the financial support to achieve these goals, H4H provides training to borrowers in financial literacy, savings techniques and other necessary topics for financial management.

With the aim of sustainable economic support, our program gives disadvantaged families especially women the opportunity to open businesses or invest in their current business such as selling breakfast, making hats, opening small groceries stores to create a steady future income. Thanks to the program, the living condition of these families has been improved continuously and their children have chance to access a better education condition. In addition, it was reported that these women feel more confident toward managing their family finance. The highlight part is that they have known to allocate a saving amount for their family. Let meet a borrower who is a success story about the program.

Mrs Nguyen Thi Kim lives at Nguyen Sinh Cung street, Vy Da Ward, Hue City. Before 2017, Mrs Nguyen Thi kim had no stable job with a low income (3USD/day). In Feb 2018, Mrs Kim was given loan for the first round with loan size was 7 million dong (304USD). Thanks to this loan together with small amount of her savings, her family opened a small grocery store which helped her to generate more income. The average income per day was from 90.000VND to 100.000VND which provided her stable source to pay back loan to the program monthly and took care of daily expenses of her family. Then she was qualified to move to the second round with loan size was 9 million dong in Feb 2019 and the third round with loan size is 10 million dong in Feb 2020. She used this amount of money to buy groceries cabinets and diversify her sale products. Buy this way, her income has been raise significantly. It was from 130.000VND to 150.000VND. This stable income improves life conditions for her family in now and in the future.

With the remarkable results achieved, Hearts for Hue would like to express our deep gratitude to the DOVE FUND for your support of this program

Above: Mrs Nguyen Thi Kim is separating the lotus plumule from the lotus seeds

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