Da Nang has issued many practical policies and programs to strengthen women’s economic empowerment. Its goal is to increase women's economic opportunities by supporting efforts to help them generate and control their own incomes.

In its efforts to ensure effective implementation of the project "Supporting women's startups in the 2017-2025 period ", the Da Nang Development Fund for Women under the municipal Women's Union has disbursed revolving loans totaling over VND 302 billion for thousands of women across the city at a preferential interest rate in a bid to empower them in the economy to support their families, and move out of poverty, as well as stabilize their lives.

The Da Nang Development Fund for Women enables local women’s access to loans at a preferential interest rate to start up a business in order to support their families, and stay out of poverty,. Photo: X.H

Mrs. Phan Thi Xuan Huong, a resident of Hoa Thuan Tay Ward, Hai Chau District has set a shinning example of a successful business that effectively used a loan from the Da Nang Development Fund  for Women to move out of poverty for others to follow.

In 2020, Mrs. Huong intended to open a small breakfast restaurant for seniors and children but she could not do so due to a lack of capital. Therefore, the Women's Organization in her residential area encouraged her to boldly borrow VND 30 million from the Fund to open a Pho (Vietnamese Noodle Soup) Restaurant.

Two years after opening this restaurant, Mrs. Huong was able to repay her loan in full, and was given the opportunity to re-borrow VND 40 million from the Fund to expand her restaurant. She has run successfully her restaurant business, and achieved profitability with monthly net profit of nearly VND 10 million while creating employment opportunities for two local women with monthly income of VND 3-4 million. Till date, her family has earned a stable income from her restaurant business. She is planning to open a shop to sell drinks in the near future.

" The Da Nang Development Fund  for Women has helped my family get access to a loan to improve our living conditions. Hence, I hope I can do meaningful actions to give back to the community and help others by providing support for single women and orphans in the ward," Mrs. Huong said.

Ms. Nguyen Thi Anh Trinh, a resident of Hoa Tho Tay Ward, Cam Le District is another example of running a successful business from the use of the Fund’s loan. She has got revolving loan for three times to start a flower growing business, and enjoyed a preferential interest rate of 0.66% per month on a loan of VND 40 million with a term of 25 months. Currently, she earns annual net income of nearly VND100 million from her flower business.

 “Previously, without capital, I did not dare to expand my flower business. However, I was able to invest in growing new flower varieties, and create more job opportunities for local women after receiving a loan from the Fund," Ms. Trinh remarked.

Deputy Director of the Da Nang Development Fund for Women Do Thi Ngoc Hoa said that the Fund is currently providing a maximum loan amount of VND40 million for a female-headed household with a term of 25 months. In 2023, the Fund focused on working with women's organizations in district-, communal, and ward-levels to raise awareness of utilizing the Fund’s loans to reduce poverty through public outreach campaigns. Heed was paid to organizing  111 awareness raising events across the city. Special attention was paid to identifying 1,039 beneficiaries to get access such a loan to help lift them out of poverty.

Till date, there have been a combined total of 17,688 beneficiaries across the city. They included poor families, household businesses, small traders, low income earners in need of home repairs, and those who want to start a business to get out of poverty.

In 2023, loans disbursed to 940 beneficiaries in Da Nang stood at VND 33.36 billion, bringing the total number of beneficiaries across the city to 15,624, and the total disbursed revolving loan amount to VND 302.244 billion till date. All borrowers have already paid back their debts to the Fund.

Municipal Women's Union Vice Chairwoman Nguyen Thi Huyen highlighted the importance of the Fund in supporting women to develop their family economy, create jobs, increase their income, and improve their living conditions, contributing to promoting the Municipal Women's Union- launched movements, and ensuring effective implementation of the city’s poverty reduction policy. High priority has been given to facilitating women’s access to the Fund’s loans in an attempt to economically empowering women for a bettter life and poverty reduction.

Reporting by XUAN HAU – Translating by H.L