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Overview
Vietnam is moving towards a more inclusive financial sector, demonstrated through the Government of Vietnam’s National Financial Inclusion Strategy, a more pro-poor regulatory environment, and greater prevalence of digital banking solutions. However, there are still challenges, especially for women and their businesses, who often lack access to loans and financial services. This limits their ability to save, borrow, invest, or transfer money.
The business case for ensuring greater financial inclusion, particularly for women, has grown stronger. Pilot programs supported by GREAT in the first phase with non-collateral lending for women in agriculture and tourism have shown success and potential for upscaling.
With a growing understanding of the barriers to financial inclusion, on both the demand and supply side, GREAT will continue to work with VietED Center, state-owned banks (such as Vietnam Bank for Social Policies and Agribank), other financial institutions and Women’s Union to build and strengthen financial inclusion across its work in the agriculture and tourism sectors in Lao Cai and Son La Provinces.
Key interventions
The following intervention areas are designed to support financial inclusion across the sectors:
Strengthening of the National Target Program Socio-Economic Development in Ethnic Minority Areas New Rural Development Financial Policy
Tailored lending products in value chains important to ethnic minority women
Building savings capacity and tailored saving products
Building demand-side capability and financial literacy
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Expected outcomes
Increased disbursement of preferential lending amongst ethnic minority women based on improved operational guidance and collaboration in the operationalisation of Decree 28
More and better value chain and/or cashflow tailored lending products targeting ethnic minority women are available, promoted and accessed
Enhanced financial literacy amongst ethnic minority women resulting from improved training services, toolkits and technologies linked to bank product provision
Safe, convenient and appropriate savings products are developed that target the savings needs and practices of ethnic minority women
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Partners