1. Background Information:
Foundation to Supports Low-Income Households and Economy Development (also known as the VietED Foundation) is a charitable organization established on April 28th, 2011 by Decision 977/QD-BNV of the Ministry of Interior, operating under Decree No. 148/2007/ND-CP dated 25/09/2007 of the Government. VietED Foundation was created with capital contribution from the founding members. The Foundation can generate operating fund by offering services on a fees-paid basis, soliciting donations, receiving voluntary contributions from individuals and organizations based in Viet Nam and outside the country. VietED Foundation is a not-for-profit organization aiming to reduce the vulnerability and improve the business skills and livelihood of households, especially low-income households living in rural, mountainous and/or extremely difficult areas.
2. History:
VietED Foundation was established by a team of microfinance and community development experts who have great experience in designing and implementing microfinance and community development projects funded by international NGOs, the Ministry of Science and Technology, the Ministry of Agriculture and Rural Development, and the Viet Nam microfinance network. Inspired by the share desire to contribute more to community development and poverty reduction, the team gathered in April 2011 to create VietED Foundation, VietED’s goal is to become a legal and professional organisation that can optimise internal and external resources to serve the economic development of low-income households. Ever since the establishment of the Foundation in 2011, VietED staff strives to build a professional and creative organisation. Besides offering quality microfinance services to low-income clients, the Foundation also offers consultancy and capacity building services to other microfinance organisations to help improve their product and service quality as well as increasing their sustainability.
3. Vision and Mission Vision:
Vision: “VietED Foundation acts for a poverty free society in Viet Nam”.
Mission: “We commits to build VietED Foundation become top 05 leading microfinance institutions in Vietnam, aiming to improve living standards, life and social skills, and reduce risks for low-income households, especially those living in disadvantage areas, by providing appropriate microfinance services, with professional staff.” Organisational culture: VietED Foundation respects its staffs and clients, is committed to building and maintaining a fair, transparent, and highly efficient environment. VietED ensures that information is always exchanged efficiently for continuous improvement and sustainable development. The Center focuses on five main cultural standards: Transparency, effectiveness, customer-oriented, creativeness, and teamwork.
4. Member organizations/Network:
- In March, 2010 D&T Plus Vietnam (D&T Plus) was established as per the business registration license issued by Department of Planning & Investment of Hanoi, under the Law on Enterprises 2005. The D&T Plus Vietnam is a social business with mission “market linkage” which is committed to working in the field of trading, services related to agro-products, science & technology and community development focus to Vietnam small enterprises and households.
- In August 2010, D&T Plus Vietnam made a decision of establishing Viet Rural Enterprise Development Center (VietED), of which the mission is to “improve knowledge linkage” and support enterprises in Vietnam, mainly small ones and households in rural and disadvantaged areas. For more information about VietED, please refer to www.vieted.com.vn.
- In April 2011, in line with the mission of serving “financial linkage” for target groups of D&T Plus (small enterprises and households), VietED Foundation was established. It is designed with the mission of directly developing and managing the micro-finance program – Poverty Reduce Together. For more information related to VietED Foundation, please refer to www.vietedfoundation.com.vn and facebook: Chungsucgiamngheo.
5. Functions:
Licensed to operate at the national level, VietED Foundation focus on supporting the economic development of Vietnamese households through the research and application of advanced science technologies and successful economic models. The Foundation’s main functions are:
- To mobilize donation and investment capital to provide microfinance services to low-income households and micro-enterprises.
- To test, evaluate and replicate sustainable models in microeconomic and agricultural development such as new livelihood development, business skills building, financial support, market connection, and agricultural products branding.
- To offer training and capacity building in the fields of microfinance and business development; provide technical extension services in the fields of agriculture, forestry and fishery to household to help them use their loans efficiently for business development.
With the slogan “Poverty Reduce Together”, VietED Foundation always tries best to become a professional consultant organization with services provided nationwide to support the linkage between community and resources, also ensure missions of VietED group: financial linkage, market linkage and knowledge linkage.
6. Organisational structure
VietED Foundation is organized in line with highest management standards, helping to save time in conveyance of management information and making clients satisfactory. On the top of the organizational structure is Board of Directors, which is continued with Management board, Board of Supervisors and professional sections. More specifically, Foundation Council (05 members: 01 President, and 04 members): Give orientation on overall strategy, ensure compliance with legal regulations; establish and maintain relationship with partners; raising funds; and give direction on organizational development.
Management Team (05 members: 01 Director, 01 Operation Manager, 01 Finance Manager; 01 HR&Admin Manager; and 01 Branch Manager): On behalf of the Foundation Council, Management Team is responsible for operation and performance of VietED Foundation, getting engaged in developing overall strategy and organization, building and maintaining relationship with partners, raising funds, managing and running activities of the organization. The Management Team also takes responsibility for assisting the Foundation Council in planning and managing the examination of compliance with financial/accounting principles as well as regulations/procedures set by the company.