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Micro-insurance for poor and vulnerable women that most affected by climate change and natural disaster risks
Posted: Jun 27,2019
Vice President of Vietnam Women's Union Nguyen Thi Tuyet and Mr. Antonis, GIZ Program Director signed a Memorandum of Understanding (MoU)

In the afternoon of May 23, 2019 in Hanoi, the Central Vietnam Women's Union (VWU) andthe German International Cooperation Organization (GIZ) jointly organized a workshop on micro-insurance in the agricultural sector and response to climate change. The workshop was also attended by delegates from the Ministry of Finance, Ministry of Agriculture and Rural Development, representatives of local branches of the Tinh Thuong One-member Limited Liability Microfinance Institution (TYM) of the VWU.

In her opening remarks, VWU Vice President Nguyen Thi Tuyet highlighted that climate change and natural disaster risks in Vietnam remain urgent issues that have caused serious effects and damages to economic, social, and human being. In this context, TYM branchesoperate mainly in the agricultural and rural areas, in which41% of members in this region are being deeply affected by climate change since their production and business activities in the agriculture, forestry and fishery sector depend mostly on nature.

However, after 2 years of providing micro-insurance products for low-income, poor and vulnerable people in the society, the VWU has achieved remarkable results. Specifically, 100% of TYM members have loan insurance for economic development and many of them benefited from this program. As a result, more members apply for loan and indicators frommonitoring and evaluation show the sustainability.

 Ảnh minh họa

 VWU Vice President Nguyen Thi Tuyet spoke at the workshop

These VWU efforts will be the basis for the Ministry of Finance and relevant authorities to advise the Government on the possible policy of micro-insurance operations for socio-political organizations. In addition, VWU researchon applying a number of other types of insurance such as life insurance, health insurance are needed to support its members.

On this occasion, the VWU and the GIZ signed a Memorandum of Understanding aimed to support the VWU to develop and provide insurance solutions through VWU and TYM's network for women and its members; to develop comprehensive financial services, including insurance for low-income and poor women who are most vulnerable to natural disasters and climate change in Vietnam.

According to Mr. Antonis Malagardis, GIZ Program Director, the target groups in the cooperation program between the GIZ and VWU are female farmers and rural women, poor and vulnerable people and the ones living in the remote areas. Therefore, Mr. Antonis expects that the products in this cooperation would be appropriately designed to benefit them and also better meet the needs of small and medium enterprises. The other products are being considered such as crop insurance, livestock and poultry insurance, and othersthat the poor have not effectively accessed, including health insurance, natural disasters risk insurance.. with a reasonable fee, contributing to better implementation ofsocial welfare policies.

Translate by International Relations Department

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"... From the beginning of the first century A.D., when the two Trung Sisters rose up to fight the enemy and save the nation, until now, whenever our country has faced danger, our women have contributed whatever they could toward the cause of national liberation.

Our people are grateful that our mothers from South and North alike have borne and raised our nation's generation of heroes....

Under the Socialist system, tens of thousands of women have become specialists in different fields and, as cadre, serve as directors and vice-directors of factories, leaders of farming cooperatives, presidents of People’s Committees, and general secretaries of Party Cells....

And so, the women of Vietnam from ancient times until now, from South to North, from young to old, are truly heroes ..."

(Excerpted from President Ho Chi Minh's speech on the 36th Anniversary of Vietnam Women's Union 20 October 1966)

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