Citibank to Boost Microfinance Services in Vietnam

Citibank will expand microfinance services in Vietnam by launching the first entrepreneurship award given to local micro-businesses and families, state media reported Wednesday.

 

General Director of Citibank Vietnam, Charly Madan stated at a press briefing in Hanoi July 17 that Citibank will launch the award to encourage micro-businesses and households to use micro credits to expand their production.

 

The retailing banking and microfinance services are very potential and almost are untapped, local economists said.

 

Vietnamese borrowers of micro financial institutions, including the Social Policy Bank, people’s credit funds and micro-businesses [which are defined ones that have less 10 staffers] poor people in rural areas with monthly income of VND200,000 or those in urban centers with VND260,000, will be loaned.

 

The award will be launched in 27 countries this year with a total of 240 winners.

 

Citibank, an affiliate of the Citigroup, has so far provided to the tune of US$200,000 in aid for micro financial activities in Vietnam, helping over 10,000 poor women in the country to escape from poverty trap. (Vietnam & World Economy , VNA, www.microfinance.vn)