Citi to Grant Citi Micro-entrepreneurship Award 2007 in Vietnam

Citi Foundation of the US, in coordination with Vietnam Microfinance Working Group (MFWG), will launch the first Micro-Entrepreneurship award in Vietnam, aiming to encourage the poor in rural and mountainous areas to use loans from micro credit institutions to expand production and business activities, contributing to economic development.

 

General Director of Citibank Vietnam, Charly Madan stated at a press briefing in Hanoi July 17 that although Vietnam has made great progress in economic development for the past two decades, more than 20 per cent of the Vietnamese population is now living in poverty; and Vietnam is still on the list of poor countries.

 

Citi Micro-Entrepreneurship Award will meet a real demand in Vietnam, encouraging the poor, especially poor women in rural areas, to effectively use loans from micro financial institutions to invest in production and improve their living standards, contributing to local economic development. In addition, the prize will also raise people’s awareness of the important role of micro businesses in the local economy. The award will also help change the world’s view about the poor who will become potential micro entrepreneurs.

 

Mrs Nguyen Bich Vuong, Director of the Microfinance and Development Center (M&D) said the Citi Micro-Entrepreneurship Award also helps enhance knowledge of micro finance in Vietnam, builds a network among micro financial institutions and policy makers to develop the microfinance sector in Vietnam.

 

Citi Micro-Entrepreneurship Award was first held in the US in 2001. In 2006, this award was successfully held in 23 countries, with participation of 500 micro financial institutions, and 4,000 nominations. 240 micro businesses worldwide won the award. In 2007, the award will be launched in 28 countries worldwide. In Vietnam, the award ceremony will be held in Hanoi in December, with total prize value of US US$30,000 for 60 micro entrepreneurs and 30 credit staffers nationwide.