On January 7, 2019, the State Bank of Vietnam (SBV) issued Decision No. 34 / QD-NHNN promulgating the action program of the banking sector to implement Vietnam’s banking sector development strategy to 2025 with orientation to 2030. In the morning of April 11, 2019, SBV organized a Conference to implement the Action Program of the Banking industry to implement the Vietnam Banking Industry Development Strategy until 2025, with orientation to 2030. The conference is chaired by the SBV Deputy Governor Nguyen Kim Anh.
One of the tasks and solutions to implement the Strategy is “Developing a system of credit institutions capable of competing on the domestic market, step by step improving international competitiveness.” For microfinance institutions, specific tasks are as follows:
“2018-2020: Building and developing a safe, strong microfinance system based on market orientation, ensuring access to quality financial services for micro-enterprises and poor households and families and low-income people; strengthening economic development opportunities for people, implementing the Party and State guidelines on ensuring social security and sustainable poverty reduction; Simultaneously deploying the Project “Building and developing microfinance system in Vietnam to the end of 2020” approved by the Prime Minister in Decision No. 2195 / QD-TTg dated December 6, 2011; Creating favorable conditions for the establishment and operation of microfinance institutions, microfinance programs and projects and at the same time having a management and supervisory mechanism suitable to specific microfinance activities; Developing specific policies to facilitate the linkage of activities of different types of credit institutions with the operation of microfinance institutions;
2021 – 2025: Encouraging, increasing the number of microfinance institutions to increase access to customer services, support the implementation of the National Strategy on comprehensive finance.
With clear orientations from the above policies and favorable conditions from the legal framework, it is hoped that the operation of TYM – the leading microfinance institution in Vietnam – will be more and more effective, along with the sustainable development of the country and Vietnamese women.