Rural Financing: Minister Marie-Claude Bibeau announces partnership with DID in Vietnam

December 18, 2015

The Honourable Marie-Claude Bibeau, Minister of International Development and La Francophonie, today announced Canada’s support for a project to be carried out by Développement international Desjardins (DID) aimed at strengthening the Cooperative Bank of Vietnam and the People's Credit Fund Network.

The Government of Canada is contributing $18.1 million over five years (2016-2021) to DID's project to strengthen the Cooperative Bank of Vietnam (CBV) and the People's Credit Fund (PCF) Network.

Canada's funding will help increase the access of farmers and rural businesses to affordable credit through Vietnam's financial cooperatives sector. The initiative will provide training and expertise to the sector aimed at expanding its array of financial products and services that help clients strengthen their productivity and incomes.

About the People's Credit Funds

In 1995, the Vietnamese drew inspiration from Desjardins Group to implement a financial institution capable of improving access to financial services for all individuals across the country. DID therefore participated in the establishment of the Vietnamese network of financial cooperatives, or People's Credit Funds, and since then has contributed to their development and their integration into a federated network.

Today, the PCF network is the leading microfinance institution in the country. Its 1 145 base cooperatives, mostly located in rural areas, reach 2 million families. The Vietnam Association of People's Credit Funds (VAPCF) is a member of the Proxfin international network, which brings together 25 DID-partner community finance institutions.