Vietnam Women's Union accepts the content of Nghe An Newspaper's reflection on "Charity Fund"

(Baonghean) -On the morning of October 23, Nghe An Provincial People's Committee had a working session with Ms. Nguyen Thi Kim Thuy - Vice President of the Central Committee of the Vietnam Women's Union, Chairwoman of the Board of Directors of the Charity Fund (TYM) on the content of the article "Charity Fund... has compassion?" published in Nghe An Newspaper on October 9, 2012. Also attending were representatives of the Provincial People's Committee Office, Nghe An Newspaper, Tax Department (Ministry of Finance), Provincial Party Committee's Propaganda Department, Department of Information and Communications, Provincial Women's Union, Department of Finance, State Bank of Vietnam - Nghe An Branch, Nghe An Tax Department, Nhan Dan Newspaper. Mr. Nguyen Xuan Duong - Member of the Provincial Party Committee Standing Committee, Vice Chairman of the Provincial People's Committee chaired the working session.

Overview of the working session

At the meeting, delegates focused on clarifying 4 main issues that Nghe An Newspaper mentioned such as: high lending interest rates, wrong lending targets, TYM's activities lacking inspection and supervision by authorities, and if they deviate, should they enjoy preferential policies?

On behalf of the Central Committee of the Vietnam Women's Union, Ms. Nguyen Thi Kim Thuy thanked the attention and support of the Party Committees and authorities of Nghe An province for creating favorable conditions for TYM to operate in the past time; thanked Nghe An Newspaper for promptly reflecting issues related to TYM's operations. At the same time, she would like to accept and overcome some issues raised by the newspaper such as: TYM is applying a very high lending interest rate (28.23%/year) and has not publicly and transparently disclosed this interest rate to borrowers. In the coming time, the Union will direct the Fund to make appropriate adjustments. The Fund's lending objects are not in line with its vision and mission, which are poor and near-poor households. This is a concern that the Union will study and make appropriate adjustments. The fact that the Fund's operations have not received good coordination, implementation, and supervision from the Unions at all levels is a shortcoming. The Central Association will accept and have a mechanism to promote the role and responsibility of the 4 levels of the association to put the Fund into effective operation, in line with its vision and mission. At the same time, it will closely direct the use of 25% of total profits to organize support activities according to the Fund's objectives.

Regarding the content of tax obligations of the fund, Nghe An Newspaper, the Central Committee of the Vietnam Women's Union, and relevant levels and sectors coordinate to verify and provide accurate information to readers.

Nghe An Newspaper will promote its responsibility, continue to monitor and report on the solutions to the contents that the Association has received as well as TYM's activities in the province and learn from experience to have more in-depth and specific articles.

Concluding the meeting, Comrade Nguyen Xuan Duong highly appreciated the spirit of openness, listening and accepting of the Central Committee of the Vietnam Women's Union. He noted that, through the issues raised by Nghe An Newspaper and the content accepted by the Central Committee, relevant departments, branches and sectors need to be responsible for supervising and supporting to contribute to making the fund operate in accordance with the law and its objectives in the coming time.

PV