Determinants of the Microfinance Development in Vietnam

The factors affecting microfinance development with survey data from 400 managers of 30 credit institutions from July to December 2022 in Vietnam were identified. The major findings are the development of activities of financial institutions still faces many difficulties and inadequacies, such as the difference in the process of developing the operation of small-scale and large-scale organizations, medium and large. Besides, external factors include competition with the bank for social policies and commercial banks. Moreover, the main factor is the diversification and quality of services that substantially impacted microfinance development in five aspects. Based on the research results, were provided policies such as promoting propaganda to develop and expand microfinance activities towards various subjects to improve the providers' quality of service.