Microfinance Development Program - Subprograms 1 and 2: Program Completion Report

Need to allocate ample time when deciding policy actions for IRRs to be issued in Viet Nam, due the consensus-building approach the government has adopted toward regulatory formulation. It also took longer than expected for the IRRs for the People's credit funds (PCFs) to be issued. The State Bank of Vietnam (SBV) has been cautious during this process to ensure that new regulations are appropriate; and that they are endorsed by the SBV departments involved, as well as by the ministries concerned (e.g., the Office of the Government, the Ministry of Finance or MOF, and the Ministry of Planning and Investment) and other stakeholders.