There is such a Tay woman

Ms. To Thi Phuong is a Tay women (a ethnic minority group in Vietnam) who was born in Cao Bang, got married to Mr. Hoang Van Thuong, then settled down in Thanh Truong, Dien Bien City. Their older son has just graduated from Northwest Forestry University. The younger daughter is an accounting sophomore in Dien Bien Economic & Technology College.

In 2004, when a savings-credit program was implemented in their commune, her husband immediately registered for her to join. Apart from borrowing to develop her household economic model, she can also exchange knowledge with and learn from other members. Since her family already made wine and had a quite large piece of land, she applied for the highest loan level of VND 2 million to buy several breeding pigs, little chickens, and birds. At the end of the first circle, her net profit was almost VND 2 million.

And it went on that way. This year, she is currently in her eighth circle. Her family’s average monthly income in 2011from selling wine, chicken eggs and birds is nearly VND 3 million. Since becoming a member of the fund, she has set aside a part of income and bought home assets such as furniture, motorcycle… But the biggest asset that they can give to their children is investment in their education. She eagerly said: “the program enables us to borrow to do business, amortize repayment is also convenient. It’s great that the fund accept even small amount of savings. In recent years, I have always been praised by the fund.”   Being a fund member, she sees herself becoming more confident. She also takes part in the Women Union, Farmer Union, which she has never dared to imagine. She also said: “I’m busy every day. But if my neighbor needs my help, I can set aside to give them a hand for their work is just like my own work.”

Being a fund member has affected not only her life but also other family member. Her daughter always reminds her when repayment dates approach. She is participating in our study on a sample of 8 members out of more than 40 million members in M7 Network. Her task is to record family daily expenditures, but since her eyes are not so good now, her husband and children take turn to do for her.

On seeing us off, holding our hands, she said: “By regular recording, we know exactly our income and expense so that we can have a savings plan.”