The State Bank of Viet Nam (SBV) will continue fine-tuning policies on microfinance to achieve the nation’s financial inclusion target, SBV Deputy Governor Dao Minh Tu said at a forum on microfinance held in Ha Noi on Wednesday.
With simple borrowing conditions, no need for collateral and the chance to receive capital right at home, microfinance is seen as an effective tool to enhance women’s confidence, promote their participation in business activities, increase income and escape poverty.
Improvements in corporate governance and risk management are believed to support microfinance institutions in Viet Nam in catering to the financial needs of micro-enterprises and low-income groups.
HCM City’s Capital Aid Fund for Employment of the Poorwas on Sunday renamed the Capital Aid for Employment of the Poor MicroFinance Institution Ltd (CEP) and brought under the Law On Credit Institutions.
Tinh Thuong One Member Limited Liability Microfinance Institution (TYM) on Tuesday kicked off a project which aimed to improve management skills for women entrepreneurs running small-sized enterprises.
The banking services of credit institutions have so far met the
economy''s diversified demands, but more microfinance organisations and
consumer finance companies need to be set up.