Microfinance - an effective tool for women to escape poverty
Microfinance, which provides preferential micro-credits with simple conditions, is seen as an effective tool to help women beat poverty, develop business and make contributions to the society.
Microfinance is seen as an effective tool to help women beat poverty. (Photo: baothuathienhue.vn)
Hanoi (VNA) – Microfinance, which provides preferential micro-creditswith simple conditions, is seen as an effective tool to help women beatpoverty, develop business and make contributions to the society.
According to Bui Thuy Hang from the State Bank of Vietnam’s Monetary PolicyDepartment, impoverished women are important customers of micro-credit productsas they are positive savers and debt payment rate among women is higher thanmen.
Vietnam now has more than 100 organisations offering microfinance services,including three official organisations of Vietnam Bank for Social Policies(VBSP), the People’s Credit Fund, and Vietnam Bank for Agriculture and RuralDevelopment, and semi-official ones like domestic and internationalnon-governmental organisations, the Vietnam Women’s Union, Vietnam Farmer’sUnion, and War Veteran Association.
Last year, the VBSP gave more than 55.9 trillion VND (2.4 billion USD) inpreferential loans to 2,120 poor and near-poor households, and many other policybeneficiaries. Microfinance showed its efficiency in poverty eliminationefforts as the poverty rate in the country decreased from 58 percent in 1993 tosome 6.72 percent by the end of 2017.
On December 6, 2011, the Prime Minister signed Decision No.2195/QD-TTg on “Approvinga project on developing microfinance in Vietnam until 2020”, with major solutions such as building rational legalenvironment, improving capacity of microfinance organisations, and raisingpublic awareness of microfinance.
The country is also completing a legalcorridor for microfinance activities.
However, the shortage of capital remains the most tremendous challenge to themicro-credit programmes. Deposits at the VBSP only meet 5 percent of lendingdemand, thus, most of the capital depends on State budget or the State’smobilised capital.
In addition, high management costs are also hindering organisations offeringmicro-finance services.
Tran Thi Minh Huong from the National University of Economics said that theGovernment needs to draw up policies to encourage financial and creditinstitutions to invest in microfinance organisations in the role of strategicshareholders. She also suggested higher loan and deposit interest rates thanregulated to ensure that microfinance organisations can mobilise capital forstable operation.-VNA
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Ho Chi Minh City aims to reduce the number of poor households by 0.8 percent next year and raise the average income per capita of these households by 3.5 times by 2020 compared to 2011.
Microfinance, with easy access to capital, is an effective measure to strengthen the confidence of women and encourage their engagement in production activities, thus improving incomes and reducing poverty, stated Deputy Governor of the State Bank of Vietnam Nguyen Kim Anh.
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Microfinance is seen as an effective tool to help women beat poverty. (Photo: baothuathienhue.vn) 
