Nhân tố ảnh hưởng đến hoạt động của tổ chức tài chính vi mô tại việt nam tt tiếng anh

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CHAPTER 1
RESEARCH INTRODUCTION

above research results acknowledging the positive relationship between the level of
access and the sustainability level of MFIs. Therefore, in order to develop the
activities of MFIs and the author conduct research on factors affecting the levels of
sustainability and accessibility of MFIs in Vietnam.
1.3. Objectives of the study
The overall objective of the dissertation Researching factors affecting MFIs
operations in Vietnam to propose recommendations to develop microfinance
activities of MFIs in Vietnam.
1.4. Research question
Main research questions of the dissertation: Factors affecting microfinance
activities of MFIs in Vietnam?
This question will be solved by answering 6 specific questions, including: (i)
What are the activities of MFIs? (ii) What are the analytical and operational
indicators used by MFIs? (iii) Factors affecting the operations of MFIs, focusing on
the sustainability of MFIs and the level of accessibility? (iv) Factors affecting the
performance of MFIs in Vietnam are identified by analysis and assessment of MFIs'
operational status in terms of accessibility level and sustainability level? (v) Main
findings from the model of factors affecting the sustainability of MFIs in Vietnam?
(vi) Main findings from model results studying the factors affecting the level of
accessibility to loans of clients to MFIs in Vietnam?
1.5. Object and scope of the dissertation
1.5.1. Research subjects
Research objects are factors affecting MFIs' operations in Vietnam.
1.5.2. Research scope

Scope of research:
The disertation research the MFIs (official and semi-official) in Vietnam. In
order to to assess deeply the factors affecting microfinance activities of MFIs in terms
of customers, customer research of 5 MFIs (working with models, operating scale,
legal forms, the author carry on the research in different regions are implemented,
including: Thanh Hoa MFIs, One-member MFIs (TYM), M&D Development Center,
Center for Women and Community Development (CWCD), Microfinance Fund
because of the Community Development (MFCDI).
Scope of research time: Secondary data on MFIs collected in the period of 2011
- 2016. Secondary data on customers was collected at 5 MFIs during the period from
September to November 2016. .
1.6. Research Methods
1.6.1. Approach the research problem
MFIs' activities are assessed through two main aspects: the level of access, the level
of sustainability and the positive relationship between these two aspects. Therefore,
the thesis will study the factors affecting the level of sustainability and the factors
affecting the level of accessibility of MFIs in Vietnam.

1.1. The neccessary of the disertation
The theory and practice of microfinance show that microfinance plays an
important role in socio-economic development, especially in poverty reduction. In
Vietnam, access to bank credit from the poor, policy beneficiaries as well as micro
enterprises tends to be increasing difficult. The unofficial credit market existing in the
form of Hua, Ho and Phuong is presenting in both urban and rural areas with great
risks and increasingly sophisticated activities that are causing negative consequences
for society. Meanwhile, although being inconsiderable in terms of both quantity and
market share the traditional microfinance institutions (MFIs) still rank the second in
the level accessity for customer in the market only after VBSP (Le Thanh Tam,
2015).
However, Viet Nam MFIs are operating inefficiently in the market due to many

difficulties in competitive environment, legal environment and funding sources.
Therefore, investigating positive and negative factors influencing MFIs' operations in
Vietnam will be an important basis in proposing solutions to develop the operation of
the MFIs in Viet Nam in the future. These reasons inspires the author selecting the
topic "Factors affecting the operation of microfinance institutions in Vietnam" to
investigate the factors to contribute to solve current problems in MFIS in Viet Nam.
1.2. Overview of research situation
There are many different notions about how to assess the performance of
MFIs, this can be devided into four ways: Firstly, basing on financial performance;
Secondly, through 2 basic criterias (1) the level of customer access, (2) the
sustainability of the organization; Thirdly, basing on 3 objectives: (1) accessibility of
microfinance to targeted customers, (2) financial sustainability, (3) impacts of
activities (social objectives); Fourth, assess microfinance activities through the
perspective of MFIs and customers.
Although there have been many studies in the world and Vietnam has
carried out the evaluation of MFIs' activities through two basic criteria: the level
of sustainability and accessity of MFIs but only mention the perpective of MFIs
rather than from clients. Therefore, inheriting previous research results as well as
practical research conditions in Vietnam, the author analyzes and evaluates MFIs
activities through two basic criteria: (1) sustainability of MFIs and (2) the level of
accessity to identify factors affecting the level of sustainability and accessibility
by qualitative research methods. Next, quantitative research is used to deeply
examine the factors affecting the sustainability of MFIs and verify the factors
affecting the level of accessibility of MFIs (from customers).
In Vietnam, there have been many studies showing the positive relationship
between the level of accessibility and the level of sustainability (Pham Bich Lien,
2016; Le Thanh Tam, 2008; Nguyen Quynh Phuong, 2017). This research inherits the


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1.6.2. Data system
The research sample with secondary data sources includes: (1) MFIs data is taken
from annual reports, financial reports and reports published by 34 MFIs in the Mix
market or announced to Microfinance working group for the period of 2011 - 2016;
(2) Customer data sources were collected from 291 customer surveys on
microfinance products and solutions implemented by the Microfinance Working
Group in October 2016. Primary data collected by the author implementing expert
interview method and group discussion.
1.6.3. Research Methods
(i) Qualitative research methods, including: Methods of analyzing and synthesizing
theory, Modeling method, Hypothesis method, Control comparison, Expert method,
Group discussion method.
(ii) Quantitative research methods, including: Building questionnaires and scales;
data sources and survey surveys; cleaning data; statistical analysis; Use models to
analyze influencing factors. Model 1: Analysis of factors affecting the sustainability
of MFIs (OSS) by binary regression models (Binary logistics Regression) and Stata
software applications 12.0. Model 2: Analysis of factors affecting the level of access
to loans of MFIs and customers with Heckman's two-step regression model with two
criteria used to assess the level of access to customers' loans are: (1) the ability to
receive a loan; (2) the total amount of money borrowed by a customer.
1.7. New contributions of the thesis
1.7.1. New academic and theorical contributions
The dissertation has studied factors affecting MFIs' activities, focusing on
analyzing factors affecting the level of access and sustainability (OSS) of MFIs by
both qualitative and and quantitative methods with 2 models. Nadiya Marakkath's
model (2014) has been applied with adjustment in which "legal form" variable is
added to be siutable with the characteristics of MFIs in Vietnam and analysing factor

affects OSS. Previous studies have shown that the "average loan value" variable
negatively affects OSS, the "scope of activities" and "legal forms" variable of the
CPOs do not affect OSS clearly. However, contrary to the above results, the thesis
results show that: (i) "average loan value" do not have statistically significant
correlation with OSS; (ii) "scope of activities" and "legal form" are in correlation
with OSS. The main reason for the difference between these results is due to: (i)
There have been numerous of MFIs serving middle-income customers or applied new
operating methods in many other countries. Meanwhile, Vietnam MFIs still focus on
poor customers and operate in the traditional way; (ii) Viet Nam has specific legal
framework for different types of MFIs, while other countries apply a common legal
framework for all MFIs. . In the two-step testing model, three variables affecting the
level of accessibility to MFIs’s loans of clients has been added namely "customer
qualification", "debt repayment methods", "loan conditions ". The highlight results of
this model are: (i) variables: "loan value", "educational level", "number of people in
working age" have reversely effects "borrowing possibility”. ”Meanwhile, the
variables“ age ”,“ gender ”,“ interest rate ”and“ loan term ”do not have a clear impact

on the“ ability to borrow ”. (ii) The model of factors affecting the loan value
indicates that “number of people in working age”, “Loan term” are proportionally
related to “loan value”; “disbursement procedure” is inversely associate to “Loan
value”; “Age”, “Gender”, “Educational level”, “Economic status” “Loan used
purpose”, “Interest rate” have no clear effects to “Loan value”. This is due to
different characteristics in their activities and targeted customers in compare to other
microfinance
institutions.
1.7.2. New findings and proposals are drawn from the research results and surveys
of the dissertation
Based on the research results, two groups of recommendations to develop MFIs'
activities in Vietnam are proposed with: (1) MFIs need to have a specific
development roadmap based on the influencing factors such as legal form. reason,

scope of operations, capital, products and technology, ... (2) State Bank and related
agencies: need to supplement and complete the legal framework, create a good
environtment for the operation of MFIs, create a solid basis for microfinance
institutions activities, and at the same time, creating policy for supporting capital,
human resources, interest rate, infrastructure, suitable to particular microfinance
institutions in order to create favorable conditions for them to improve their
competitiveness and sustainable development.
1.8. The layout of the thesis
In addition to the introduction and conclusion, the thesis content consists of
05 chapters:
Chapter 1: Introduction to research
Chapter 2: Theoretical basis of MFIs and factors affecting MFIs' operations
Chapter 3: Actual situation of microfinance institutions in Vietnam
Chapter 4: Models and results of research on factors affecting MFIs'
operations in Vietnam
Chapter 5: Recommendations to develop activities of microfinance
institutions in Vietnam
CHAPTER 2
THEORETICAL FRAMEWOR OF MICROFINANCE
ORGANIZATION AND FACTORS AFFECTING THE OPERATION OF
MICRO-FINANCIAL INSTITUTIONS
2.1. Development history and the role of microfinance institutions (MFIs)
The development history of the microfinance industry has started a long time
with starting from savings groups and unofficial credit groups for the poor. Until now
microfinance is not only considered as a tool of poverty reduction, but also a tool of
socio-economic development.
Microfinance is one of the ways of economic development to provide other
financial services and services to low-income people in society to serve the needs of
spending and investment. Microfinance is both a banking tool and a development
tool.

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MFIs are official and semi-official organizations (programs and projects are
registered to operate with any state management agency) providing microfinance
services, for non-profit purposes. Institutions providing microfinance services are
divided into 3 areas: (i) official sector: commercial banks, development banks, formal
MFIs registered under the law of credit institutions; (ii) Semi-official sector: NGOs
providing microfinance, NGOs providing microfinance; (iii) unofficial sector: units,
individuals, population groups, shops, mutual funds, groups, savings groups ...
(J.Ledgerwood, 2003).
2.2. Activities of microfinance institutions
MFIs can choose to provide services in a single or integrated approach with the
following main activities: (1) financial intermediation activities, (i) credit operations,
(ii) activities capital mobilization, (iii) micro insurance activities, (iv) other financial
activities; (2) social intermediary activities: (i) business development activities, (ii)
social service provision activities
To assess microfinance activities, the following groups of indicators are often
used:
(1) Analyzing and assessing the level of customer accessibility: (i) Width of
access (number and level of customer growth, credit balance and savings; product
diversification) service provision); (ii) Depth of access (average loan level, average
loan level); (2) Analysis and assessment of MFOs sustainability: (i) Sustainability
index group: Self-sustaining ratio operational stability (OSS), FSS self-sustainable
financial ratios, equity capital growth and ISS institutional leverage and
sustainability; (ii) Profitability indicators: Return on total assets (ROA), Return on
equity (ROE); (iii) index of loan portfolio quality (overdue debt ratio, bad debt ratio).

2.3. Factors affecting the operation of microfinance institutions
MFI's activities depend on many factors, dividing into 2 groups: (1) Factors
belonging to MFIs, including: (i) Factors belonging to organizational characteristics
of MFIs (such as: age, property nature and organizational model); (ii) Factors
belonging to the conditions and operability of MFIs (such as financial capacity,
human resources, service products, distribution systems, information technology
systems); (iii) Factors of governance and operation of MFIs (such as objectives,
missions, development strategies and business plans, operational management
capacity of MFIs, financial management capacity, risk management and crisis
response capabilities; (2) The environmental factors are analyzed according to the
PESTLE model, including 7 groups: (i) key political factors; (ii) key economic
factors; (iii) major social factors; (iv) Infrastructure and technology factors; (v) Legal
factors; (vi) The factors of natural conditions; (vii) other factors. This is an important
theoretical framework for analyzing the operational status of MFIs in Vietnam as
well as analyzing the factors affecting MFIs' operations, serving as a foundation for
proposing solutions for operational development of MFIs. in Vietnam in the near
future.

CHAPTER 3
ACTUAL SITUATION OF MICRO-FINANCIAL ORGANIZATIONS
IN VIET NAM
3.1. Development history of microfinance activities in Vietnam
The microfinance market in Vietnam has been formed and developed since
the 90s until present, along with changes in the viewpoint of recognizing from a
hunger eradication and poverty reduction tool to an important role in socio-economic
development. With two parallel approaches that are led by the State and market-based
in providing microfinance services, Vietnam's microfinance market still has potential
to develop but also requires MFIs to be more competitive serve target customers
better.
3.2. Assessing the status of microfinance activities of MFIs in Vietnam

3.2.1. Achievements
(i) The level of accessibility: MFIs have achieved relatively good access and
depth to their target customers. (ii) Regarding sustainability: Sustainability of MFIs is
gradually being improved. Highlights of MFIs compared to commercial banks are
good portfolio quality with low NPL ratio.
3.2.2. Limitation
(i) The level of accessibility: The level of accessibility of MFIs is
increasingly improved. However, it is still very low compared to Vietnam's potential.
(ii) Sustainability: The level of sustainability of MFIs is still unstable and
differentiated among organizations; most MFIs have not reached the institutional
sustainability level.
3.2.3. Reasons
Causes from factors of microfinance institutions: (i) Factors of MFIs'
characteristics (age, legal form, asset size, scope of activities); (ii) Factors under
conditions and operational capability of MFIs (human resources, information
management system - MIS); (iii) Factors of governance and operation of MFIs
(objectives, missions, business plans, products and services provided, distribution
channels; awareness of laws regulating activities and regulations) regulations related
to conversion);
Causes from factors of operating environment of MFIs, including: (i)
Economic factors (capital from the state budget decreases, foreign capital sources
decline after Vietnam becomes a country middle income, macro policies on lending
rates); (ii) Social factors (characteristics of population groups such as age,
educational level, gender, geographical and ethnic characteristics); (iii) Legal factors
(regulations on operation and management, supervision of activities of different types
of microfinance organizations; regulations related to capital mobilization; regulations
related to conversion. types of MFIs, regulations relating to expanding the scope of
operations and customers of MFIs; (iv) Factors of natural conditions (climate change
is increasingly strong); (v) Factors from the market and competitors (competitive
market is increasingly fierce and not really equal); (vi) Microfinance development

strategy at the national level (Microfinance is a core element in the national
comprehensive financial strategy).


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CHAPTER 4
MODELS AND RESULTS OF RESEARCH ON FACTORS AFFECTING
MFIS' OPERATIONS IN VIETNAM
4.1. Model and results of research on factors affecting the sustainability of MFIs
4.1.1. Models and research hypotheses
In order to analyze the factors affecting MFI's performance in Vietnam, the
author uses binary regression models (Binary logistics Regression) and Stata software

GLP
AGE

Operational selfsustainability
index (OSS)

Capital structure
Total loan portfolio

Scope of activities of
MFIs

Figure 4.1: Factors affecting the sustainability of MFIs' operations
Source: Author's synthesis from previous studies based on Nadiya Marakkath's

model, 2014; Pinky Dutta and Debabrata Das, 2014; Francisco Olivares-Polanco &
Tradha Ramanan, 2012)
LnOSS = β 0 + β 1 LnPAR > 30 + β 2 LnEAR + β 3 LnALSPB + β 4 GLP + β 5 AGE +
Regression
model is defined as follows:

+
MFIs' operation by
the time of research

LOC1

Scope
of (= 1) if MFI operates
activities of nationwide;
MFIs
(=0) if MFIs operate
in 1 province or
within districts

+

LOC2

Scope
of (= 1) if MFIs operate
activities of
in the whole
MFIs
province,

(= 0) if MFIs operates
in one district only

+

Legal forms (= 1) if MFIs operate in
LEGAF1 of MFIs
the semi-formal form of
microfinance
programs/projects, (= 0)
if MFIs operate in the
forms of Social Funds
or lisenced MFIs
LEGAF2 Legal form (= 1) if MFIs operate
of MFIs
in the form of social
funds, (= 0) if MFIs
operate in the form of
lisenced MFIs or
programs/projects
OSS
Operational
Operating income
SelfTotal operational
sustainability
expenses
ratio

-

Legal form of MFIs

amount

+

Gross loans
portfolio
Age of MFIs
Numbers of Year of

Age of MFIs

Risk ratio of portfolio

Average loan
per customer

loans
per
loans
borrower
Number of borrowers

β 6 LOC 1 + β 7 LOC 2 + β 8 LEGAF1 + β 9 LEGAF2 + µ

Figure 4.1: Dependent variables, explanatory variables and hypotheses in the
model summarized from literature review

Variable

Definition

Formula

PAR
30

> Portfolio at
risk (>30)

Overdue debts>30
days
Total outstanding
loans

EAR

Capital
structure
Average

Total Equity
Total assets
Total outstanding

ALSPB

Expected
References

signals
Cull
&
partners
(2007);
Ghatak (2000); Francisco
Olivares-Polanco
&
Tradha Ramanan (2012);
Intellecap( 2010); Ayayi
& Sene (2007); Ayayi and
Sene
(2010);
Becker(2013);
Pinky
Dutta
Debabrata
Das(2014);
Nadiya
Marakkath (2014)
+
Nadiya Marakkath (2014);
Bogan (2008)
Nadiya Marakkath (2014);

+

M Nadiya, Francisco
Olivares-Polanco
&

Tradha Ramanan (2012)
Nadiya Marakkath (2014)
Venkatraman
&
RajSekhar (2008); Ayayi
&
Sene
(2007)
Crombrugghe & partners
(2008); Venkatraman &
TrajSekhar (2008)
Venkatraman
&
RajSekhar (2008); Ayayi
&
Sene
(2007)
Crombrugghe & partners
(2008); Venkatraman &
RajSekhar (2008)
Venkatraman
&
RajSekhar (2008); Ayayi
&
Sene
(2007)
Crombrugghe & partners
(2008); Venkatraman &
RajSekhar (2008)
Venkatraman

&
RajSekhar (2008)

Venkatraman
RajSekhar (2008)

&

Source: Authors’ synthesis basing on existing literature


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4.1.2.Results and Discussion
4.1.2.1. Descriptive statistics of the variables
Figure 4.2: Descriptive statistics of variables
Minimum Maximum
Average
Standard
Variable
Unit
Observation
value
value
value
deviation
OSS
%
104
39
290

139.39
43.08
PAR
%
104
0
224
4.80
29.72
EAR
%
104
0
100
43.34
27.98
ALSPB VND 1,000
104 1,458,31
63,000,00
5,207.81
63.25
GLP
VND 1,000
104 983,601 2,400,000,000 119,285,419.24 328,052,477. 28
AGE
Year
104
1
24
8.73

6.41

Source: Statistics results from Stata based on financial reports of 34 MFIs period
(2011-2015)
The statistics describe the variables of the model, except for the dummy
variable LOC (scope of operation) and LEGAF (legal form), in Table 4.2, which
shows that in general MFIs have achieved sustainable performance targets (The
average value of OSS is 139.39. However, there are MFIs that only meet OSS target
of 39%, which is much diffirent with MFIs obtaining the highest OSS of 290%. Other
variables such as PAR, EAR, ALSPB, GLP, AGE have asignificant difference
between the highest and the lowest value with the relatively high standard deviation,
indicating a big difference between MFIs on observed indicators.
4.1.2.2. Regression results
Multivariate regression model with the least squares method (Ordinary least
squares - OLS) with Stata software is used to verify, then check the phenomenon of
variance of the variance by heteroskedasticity test for conclusion fruit Chi2 (1) =
49.46; Prob> spend 2 = 0.0000, which means the model has variance change
phenomenon. Therefore, the author fix this phenomenon by Robust technique.
Table 4.3: Estimated results of factors affecting OSS
Original
Variable
Coefficient
P-value
Intercept
-3.217808
LnPAR>30
-0.0316416*
0.072*
LnEAR
0.3305043*** 0.000***

LnALSPB
0.1341518ns
0.511
LnGLP
0.1194703*
0.081*
ns
LnAGE
0.0287681
0.718
LOC1
-0.148921ns
0.464
LOC2
0.381412**
0.009**
LEGAF1
0.0594789ns
0.540
LEGAF2
0.4691555*** 0.000***
R2
0.4655
0.0000***
No of Observation
104
-

Note: ***, **, *: statistical significance at α = 1%, 5%, 10%
ns: not statistical significanct

Source: Statistics results from Stata based on financial reports of 34 MFIs period
2011 – 2015.

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4.1.2.3. research results discussion
The research results of factors affecting the sustainability of MFIs in Vietnam
show that there are 5 factors affecting the sustainability of MFIs' operations, which
are ranked according to the degree of influence gradually, including: (1) MFI's legal
form, (2) MFI's scope of operations, (3) capital structure, (4) total investment
portfolio, (5) portfolio risk ratio (PAR > 30).
The legal form of MFIs has the greatest impact on the sustainability of MFIs.
MFIs operating in the form of microfinance programs /projects, social funds or
official MFIs will be governed by legal documents at different levels in conditions
and standards to ensure security, limiting the increase of MFIs operational risks when
they become "mature".
Research results of the model are carried out in the period (2011-2015) as the
initial stage of very few formalized MFIs (only 3 MFIs). There are many difficulties
that can affect the performance of MFIs after transforming makes the short-term
sustainability of these organizations lower than before (when operating in the form of
social funds). However, in the long term, the increase in professionalism in MFIs'
operations will play an important role in supporting these organizations to develop
sustainably. Therefore, officialization MFIs is still considered as a way to conform to
the law.
The operational scope of MFIs is also an important factor affecting the
sustainability of MFIs' activities. If MFIs self-limit their activities within a small area,
they will limit their ability to reach customers and increase market share thus
affecting the sustainability of the organization. However, MFOs / MFIs that expand
their scope of operation too quickly can also reduce the level of sustainability due to
the increase in management costs and operating costs while the market share
expansion will be more difficult because of the fierce competition of large credit

institutions such as commercial banks and PCFs, etc. This shows that MFIs need to
determine the scope of activities in accordance with the scale and development
capacity of the organization.
The structure of capital impacted positively with sustainability means that MFIs
will have a higher level of sustainability if they increase the proportion of equity.
Therefore, there should be a policy to attract resources to develop equity, especially
resources from the private sector.
The portfolio has a positive influence on sustainability. Increasing the portfolio
will contribute to sustainable development of MFIs. In order to increase the
investment portfolio, MFIs need to research and develop appropriate products and
services in capital mobilization, lending and other financial services such as
diversifying types of savings, lending and collection. debt at interest rates, by term,
by season, deploying micro insurance products; taking part in collecting and paying
taxes, electricity and water charges, telephone, internet and mobile banking,
proceeding to provide non-cash payment services to better meet the increasing
demands of customers who are the poor or and living in rual areas.


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Risk ratio of portfolio has reversed effect on sustainability. Therefore, it is
necessary to apply the financial management system in accordance with current
regulations and international practices, including liquidity management, credit
management, debt quality management, financial management and coefficient
management, capital safety ... to reduce the risk ratio of the investment portfolio,
ensure MFIs can operate more safely and sustainably.
4.2. Models and of research results on factors affecting customers' accessibility
to loans

4.2.1. Research model and research hypotheses
Through literature review and taking into account the characteristics of MFIs
in Vietnam, the factors affecting the level of access to loans of microfinance
customers are divided into two groups as follows: (i) Dependent factors
characteristics of customers: age, gender, educational level, professional
qualifications, living conditions and income of customers, number of employees in
the family, purpose of loan use; (ii) Factors of credit institutions: loan term,
disbursement procedures, loan conditions, lending interest rates.
Heckman's two-step regression model is used to test hypotheses based on the
relationship between dependent variables and independent variables. Dependent
variable is the level of access to customers' loans from MFIs. The two criteria used to
assess the level of access to loans by microfinance clients are: (1) the ability to
receive loans; (2) the total loan amount that a microfinance customer receives.
The first step: using the probability unit model to estimate the dependent
variable value based on the probability that microfinance customers receive or not
receive micro credit. The Binary Logitis model is used to examine the extent to which
the independent variables affect the possibility of getting a loan.
k
(1)

Table 4.5: Independent variables in the model of factors affecting the
probability to borrow loans from MFIs of cusomer and research hypotheses

Pi = E ( Y = 1 | X i ) = β

0

+

∑

i =1

βiX

i

+ U

Pi is the probability that a customer can borrow a loan ( Y =1); β 1 , β 2 …, βk are
regression coefficients; Xi ( i =1,…,k) are independent variables. The specific model
is as follows:

Independent variable
Variables
Factor 1:
Loan value
(GTVVMi)

Measurement
the value of the loan that
customers access or borrow
from MFIs each time

Factor 2:
Customer age
(TUOI)

the borrower's age

Expected
relationship
+

+

-

Factor 3:
Customer
gender
(GIOITINH)

the borrower's gender, is 1 if the
borrower is male, is 0 if the
borrower is female.

+

+

Factor 4:
Customer
education
level
(HOCVAN)

a dummy variable, if the
customer has graduated from
high school, it will receive a

value of 1, a non-graduated
customer of level 3 will receive
a value of 0
Factor 5:
s a dummy variable, is 1 if the
Professional
customer is a unskilled worker,
qualification
is 0 if a customer with a
of customers
professional qualification from
(PROFENMO an unskilled worker
N)
Number of people in working

Sources

Nguyen Phuong Le,
Nguyen Mau Dung
(2011) Nguyen Minh
Ha & Lai Thi Thu
Huyen (2012)
Zeller (1994), Phan
Đình Khôi (2013),
Nguyễn
Văn
Tâm
(2010), Nguyễn Quốc
Oánh & Phạm Thị M ỹ
Dung (2010)

Nathan Okurut (2006)
và Võ Thị Thúy Anh
(2010), Ha (1999),
Barslund, M & Tarp, F,
(2006)
Nathan Okurut (2006),
Nguyen Van Tam
(2010)
Barslund, M & Tarp, F,
(2006)
Vaessen, 2000; Võ Văn
khúc, 2010 Nguyễn Thị
Kim Anh, Vũ Tú Bang
(2015)

+
Vo Van Khuc (2010),
Phan Dinh Khoi (2011)

+


13
Independent variable
Measurement
Variables
Factor
6: age of borrowers' households.
Number
of

people
in
working age
(LAODONG)

14
Expected
relationship

-

Factor 7:
Customer's
economic
status
(HONGHEO)

Okurut (2006), Vu Van
Khuc (2008), Truong
Dong Loc & Tran Ba
Duy (2010), Do Ngoc
Tan (2012)
Vuong Quoc Duy, Le
Long Hau & Marijke
D'haese (2010), Ha
(2010)

a dummy variable, the value is 1
if the client is poor, is 0 if the
client is not the poor

+
Factor
8:
Purpose
of
using
loans
(MUCDICH)

a dummy variable, if the
purpose of using a client's loan
for production or business, the
value is 1; if customers using
funds for other purposes the
value is 0
Is the term of the loan
Factor
9: calculated by month
Loan
term
(THOIHAN)
Factor 10:
Form of debt a dummy variable, if the debt is
repayment
paid at the end of the period, the
(HINHTHUC value is 1; Repayment in other
TRANO)
forms such as monthly, weekly
or non-fixed times the value is 0

a dummy variable, if the loan
Factor
11: conditions simply, the value is
1, if not simply the value is 0
Loan
(MFIs do not have conditions
conditions
(DIEUKIENV for collateral)
AY)

Independent variable

Sources

Khalid
Mohamed
(2003), Nguyen Quoc
Oanh and Pham Thi My
Dung (2010), Khalid
Mohamed (2003)
Nguyen Quoc Oanh &
Pham Thi My Dung
(2010)

-

Nguyen Quoc Oanh &
Pham Thi My Dung
(2010)

-

The author proposed

+

The author proposed

Variables
Factor 12:
Disbursement
procedure
(THUTUC)

Factor 13:
Interest rate
(LAISUAT)

Measurement

Expected
relationship

Sources

+
a
dummy
variable,
the

disbursement procedure is fast
and convenient, the value is 1; if
the disbursement procedure is
not fast, convenient the value is
0
The loan interest rate is
calculated by year

-

Nguyen Quoc Oanh,
Pham Thi My Dung
(2010) Nguyen Minh
Ha & Lai Thi Thu
Huyen, 2012 Nguyen
Phuong Le & Nguyen
Mau Dung (2011)
Nguyen Minh Ha & Lai
Thi Thu Huyen (2012)

Source: Author's synthesis from previous studies - The second step, the ability to
access loans is measured by the amount of loans that customers receive from MFIs.
The least squares method (OLS) is used in the second step in Heckman's model. The
regression model used here is as follows:
GTV

VMi

= α + βiX

i

+ εi

In particular, the dependent variable is the value of the loan that the ith
customer receives from MFIs; Xi is a vector of independent variables that can affect
the dependent variable, including: Including age, gender, education, professional
qualifications, living conditions and income of customers, number of employees in
the family, purpose of loan use, loan term, disbursement procedures, loan conditions,
lending interest rates.


15

16

Table 4.6: Independent variables in the model of factors affecting customer loan
value from MFIs and research hypotheses

Independent variables
Factor

Independent variables
Factor

Measure

Factor 1: Customer Measured by the borrower's
age
age (TUOI)

Factor 2: Customer The borrower's gender, if
gender (GIOITINH)
the borrower is male, the
value will be 1 and if the
borrower is female, the
value is 0
Factor 3: Customer
A dummy variable, if the
education level
customer has graduated
(HOCVAN)
from high school, a value of
1 and a non-graduated
customer of level 3 will
receive a value of 0
Factor 4: Professional
qualification of
customers
(PROFENMON)

Factor 5: Number of
people in working age
(LAODONG)

A dummy variable, if a
customer is a unskilled
worker, the value is 1; if a
customer
with
a

professional qualification
from an unskilled worker,
the value is 0

Expected
relationship
+

Ha (2001)

-

Barslund, M &
Tarp, F, (2006)

+

Nguyen
Quoc
Oanh, Pham Thi
My Dung (2010)

Vo Van Khuc
(2010)

+
Number of people in
working age of borrowers'
households.
-

Factor 6: Customer's
economic status
(HONGHEO)

a dummy variable, the
value is 1 if the client is

Source

Truong Dong
Loc & Tran Ba
Duy (2010), Do
Ngoc Tan (2012)
Vuong Quoc
Duy, Le Long
Hau & Marijke
D'haese (2010),
Ha (2001)
Nguyen Quoc
Oanh & Pham
Thi My Dung

Measure

Expected
relationship

(2010)
Nguyen Thi Kim

Anh & Vu Tu
Bang (2015)

poor, is 0 if the client is not
the poor

Factor 7: Purpose of a dummy variable, if the
using
loans purpose of using a client's
(MUCDICH)
loan for production or
business, the value is 1; if
customers using funds for
other purposes the value is 0
Is the term of the loan
Factor 8: Loan term calculated by month
(THOIHAN)
Factor 9: Form of debt a dummy variable, if the debt
repayment
is paid at the end of the
(HINHTHUCTRANO) period, the value is 1;
Repayment in other forms
such as monthly, weekly or
non-fixed times the value is 0
a dummy variable, if the
Factor
11:
Loan loan conditions simply, the
value is 1, if not simply the
conditions

value is 0 (MFIs do not
(DIEUKIENVAY)
have conditions for
collateral)
Factor 12:
a dummy variable, the
Disbursement
disbursement procedure is
procedure (THUTUC) fast and convenient, the
value is 1; if the
disbursement procedure is
not fast, convenient the
value is 0
Factor 13: Interest rate The loan interest rate is
(LAISUAT)
calculated by year

Source

+

Tran Lam et al
(2015)

+

Phan Dinh Khoi
(2013)

The

author
proposed

The
author
proposed

The
author
proposed

+

Nguyen Thi Kim
Anh & Vu Tu
Bang (2015),
Nguyen Minh Ha
& Lai Thi Thu
Huyen (2012)


17

18

4.2.2. Research results
4.2.2.1. Descriptive statistics
Figure 4.7. Statistics describing variables in the model

= 0.000), showing that the model reflects the relationship between GTV and

independent variables. With R2 = 0.1253 independent factors in the model explained
12.53% of the change of GTV dependent variable.

Number of Minimum Maximum Average Standard
observations value
value
value deviation
GTV
1.000.000 đ
291
0
30 10,82199 0,50295
TUOI
năm
291
21
68 44,52234 0,66405
LAODONG
người
291
0
15 2,50859 0,07405
THOIHAN
tháng
291
10
18 12,96735 0,12461
LAISUAT
%/năm
291

1,2
21 13,50227 0,23676
Source: Statistical results from Stata based on microfinance customer survey data
4.2.2.2. Results of model testing
Variables

Unit

Table 4.9: Dimension of the impact of factors on customer borrowing posibility
Hypothesis Research Conclusion
Factor
Variable name
result
Research
results are
contrary to
Loan value
+
GTVVMi
the
hypothesis
Customer age

Figure 4.8: Results of estimation of factors affecting the posibility of customer to
borrow a loan at MFIs
Variables

Coefficient

P-value

Marginal
probability

Customer gender

TUOI

+/-

GIOITINH

+/-

P-value

Free coefficient (blocking factor)
0,2361663
GTV
-0,1460151
0,001 -0,0064713*** 0,009***
TUOI
0,0367981
0,176
0,0016309ns 0,241ns
LAODONG
-0,4524528
0,024
-0,0200524* 0,056*
THOIHAN

-0,1777932
0,126 -0,0078797ns 0,151ns
LAISUAT
0,0245064
0,750 -0,0010861ns 0,750ns
GIOITINH
-2,192704
0,076 -0,2462552ns 0,321ns
HOCVAN
-1,88556
0,006 -0,1255466** 0,045**
CHUYENMON
-0,3698301
0,658
-0,014668ns 0,627ns
HONGHEO
1,870861
0,179
0,0465137** 0,036**
MUCDICH
3,05595
0,000 0,3893678*** 0,007***
DIEUKIENVAY
5,966833
0,000 0,8211193*** 0,000***
R2
0,7117 0,0000***
Number of observations
291
Note: ***, **, *: statistically significant at α = 1%, 5%, 10%, ns: not statistically

significant
(Source: Calculated from Stata software based on microfinance customer survey data)
- Step 2 Logit model results
Testing the multivariate regression model by OLS method on Stata software,
then checking the phenomenon of variance of errors by heteroskedasticity test (
result: Chi2 (1) = 13.79; Prob > chi 2 = 0,0002), the model has variance change
phenomenon. The results of model testing after correcting with Robust technique
descirbed in Table 4.10. Statistic F with statistically significant at 1% level (Prob> F

n/a
n/a
-

Education level of
customers

Professional
qualifications of
customers

HOCVAN

-

CHUYENMON

+

n/a

Number of people in
working age in the
familiy of customers

Economic status of
customers

LAODONG

HONGHEO

+/-

MUCDICH

+

+

Research
results are
consistent
with the
hypothesis
Research
results are
contrary to
the
hypothesis

+
Purpose of using loans

Research
results are
contrary to
the
hypothesis

Research
results are
consistent
with the
hypothesis


19

20
Figure 4.11: the impact of factors on customer loan value from MFIs

Loan term
Forms of debt
repayment

THOIHAN

HINHTHUCTRANO

-

-

n/a
Variables
are
excluded
from the
model
+

Loan conditions

Disbursement procedure

Interest rate

DIEUKIENVAY

+

THUTUC

+

LAISUAT

-

Factor

Research
results are
consistent
with the
hypothesis

Variables
are
excluded
from the
model

Customer age
Customer gender
Education level of
customers
Professional
qualifications of
customers
Number of people
in working age in
customer’s family

Variable name

Hypothesis

TUOI
GIOITINH

HOCVAN

+
+

n/a
n/a

CHUYENMON

-

n/a

Variables
Coefficient
P-value
Free coefficient (blocking factor)
1,718545
TUOI
0,003782ns
0,909ns
LAODONG
0,1022414**
0,011**
THOIHAN
0,0611533***
0,000***
LAISUAT
-0,0081705ns

0,477ns
GIOITINH
-0,0097988ns
0,939ns
ns
HOCVAN
0,0706336
0,368ns
CHUYENMON
-0,068218ns
0,393ns
HONGHEO
0,151747ns
0,105ns
DIEUKIENVAY
0,2256134ns
0,570ns
THUTUC
-0,3459569**
0,043**
R2
0,1253
0,0000***
Số quan sát
222
Note: ***, **, *: statistically significant at α = 1%, 5%, 10%
ns: not statistically significant

+/-

+

n/a

Economic status of
customers
Purpose of using
loans

HONGHEO

-

MUCDICH

+

Loan term

THOIHAN

+

HINHTHUCTRANO

-

Variables
are
excluded

from the
model

DIEUKIENVAY
THUTUC

-

n/a
-

Forms of debt
repayment

Loan conditions
Disbursement
procedure
Interest rate

LAISUAT

Conclusion

n/a

LAODONG

n/a

Source: Research results of the author

Figure 4.10: Results of estimating the factors affecting the loan value of
customers from MFIs

Research
result

Research results
are consistent
with the
hypothesis

Variables
are
excluded
from the
model
Research results
+
are consistent
with the
hypothesis

Research results
are consistent
with the
hypothesis

+
n/a
Source: Research results of the author

4.2.2.3. Discuss research results
Results of the research on the factors affecting the level of access to loans
of customers with MFIs in Vietnam show that:


21

22

There are 6 factors that affect the posibility of customers to access loans
from MFIs in Vietnam, which are arranged according to the degree of influence
gradually, including: (1) loan conditions, (2) loan purposes, (3) customer's
education level, (4) customer’s economic status, (5) Number of people in working
age in customer’s family , (6) Loan value. Borrowing conditions are the most
influential and favorable factor to the posibility of microfinance clients to access
loans. Because most microfinance clients are the poor who do not have stable
income, collateral therefore the simple loan conditions like lending without
collateral helping them easier to access the loan from microfinance institutions.
The results show that microfinance clients with a loan purpose for
production are more likely to access credit than other loan purposes. In fact, in
addition to the demand for loans for production, poor customers also need to
borrow for other legitimate purposes such as paying school fee for children,
covering expenses when being sick or other unexpected demand ... The "priority"
of MFIs for production loans has partly limited the ability of poor clients to
borrow capital from MFIs. The demographic factors of borrowers and the value
of the loan do not significantly affect the ability of customers to access loans.
Therefore, in order to increase the posibility of customers to access loans, MFIs
need to research to provide loan conditions and develop lending products in
accordance with the conditions of microfinance customers, able to meet the

demand of customers better.
There are three factors that affect the value of loans arranged according to the
degree of lower impact, including: (1) borrowing procedures, (2) Number of people
in working age in customer’s family, (3) the loan term . In fact, the increase in the
average loan value of MFIs to meet customers' needs is an inevitable trend. Decision
No. 20/2017 / QD - TTg has raised the maximum lending value for a semi-official
MFI customer to VND50 million and Circular 03/2018 / TT-NHNN also stipulates
the total outstanding loans of official MFIs for a microfinance customer must not
exceed VND 50 million, the total outstanding loans for another customer must not
exceed VND 100 million, higher than the VND 30 million value prescribed by
Circular No. 07. / 2009 / TT-NHNN. This is an important foundation for both official
and semi-official MFIs to increase the value of loans to customers.
Although the targeted customers of MFOs / MFIs aim the poor, many
customers who have escaped from poverty, expanded production and business still
need to continue borrowing and borrowing greater value from MFIs because they
have been working with MFIs for a long time. In addition, continued lending to
customers with good credit history and loyalty will help reduce risks and transaction
costs for MFIs. According to research results, disbursement procedures are the most
influential and negative factors to the value of loans. Therefore, in order for
customers to have access to loans with increasing value, MFIs need to be simplize
lending procedures to be compatible with customers status. At the same time, it is
necessary to improve customers knowledge in completing loan documents and
procedures, contributing to improving customers' borrowing capacity.

CHAPTER 5
RECOMMENDATIONS TO DEVELOP ACTIVITIES OF MICROFINANCIAL INSTITUTION IN VIETNAM
5.1. Recommendations to develop the activities of microfinance institutions in
Vietnam
5.1.1. Recommendations for microfinance institutions
In order to develop microfinance activities, MFIs need to implement

recommendations in the following priority order: (i) Developing a plan and a roadmap
to officialize MFIs appropriately. Microfinance programs and projects should
transform into QXH before officialize; (ii) Determining the scope of activities in
accordance with the scale and development capacity of MFIs. MFIs should develop
and operate in a province, then develop their activities out of the province cautiously
when the necessary conditions have been achieved to increase the level of access and
sustainability; (iii) Actively exploiting capital, paying special attention to developing
owners' equity from sources suitable to MFIs; (iv) Increasing loan portfolio by
designing loan products with diversification; simplization, flexiblization conditions and
procedures for borrowing, being suitable for each customer; appling technology to
products to increase competitiveness; (v) Strengthening governance and administration
especially risk management; (vi) Improving the quality of human resources. For credit
officers, it is necessary to recruit local people, stick to the local area to understand each
customer as well as credit history of customers to apply loan conditions, disbursement
procedures and capital recovery. suitable for each customer; (vii) Improving
understanding for MFIs' customers on lending and borrowing activities through
propaganda and opening training courses to raise awareness of customers about
financial knowledge; (viii) Completing information management system.
5.1.2. Recommendations for state administrative agencies
(i) For the Government: it is necessary to supplement and complete the legal
framework, create a solid legal background for MFIs' activities; budget allocation for
microfinance development; implementing preferential policies, developing
infrastructure to support MFIs' activities towards comprehensive finance.
(ii) For The Sate Bank: it is necessary to provide an appropriate mechanism to
create favorable conditions for MFIs to have opportunities to access capital sources at
appropriate costs; The promulgated interest rate policy for MFIs should be more
practical to ensure that MFIs can develop sustainably and be able to compete with
other credit institutions; There should be a support mechanism to improve the
transformation capacity of MFIs; policies need to be "unleashed" legally, helping
MFIs to develop new products; It is necessary to have a mechanism to create

conditions for official MFIs to develop credit and savings products, transfer money
through increasing the micro-debt balance for a customer and at the same time
increase the ratio of outstanding loans to other customers in the total outstanding
loans; The State Bank needs to supplement and complete legal documents related to
MFIs' activities to ensure consistency and conformity with the characteristics of
MFIs. At the same time, accelerating the process of implementing policies to meet
the development needs of MFIs.


23

24

(iii) For the Ministry of Finance: having appropriate tax and charge policies to
support the development of microfinance activities; Issuing accounting regimes
suitable to the characteristics of official MFIs.
(iv) For the Provincial People's Committees: it is necessary to create a favorable
environment to support MFIs to develop locally;
(v) For the microfinance working group: It is necessary to better complete the
role of connecting MFIs and propose policy recommendations

and development capacity of MFIs. MFIs should develop and operate in a province,
then develop their activities out of the province cautiously when the necessary
conditions have been achieved to increase the level of access and sustainability; (3)
Actively exploiting capital, paying special attention to developing owners' equity
from sources suitable to MFIs; (4) MFIs need to increase loan portfolio by designing
credit products with diversification; simplizing, and providing flexible borrowing
conditions and procedures suitable for each customer; apply technology to products
to increase competitiveness; (5) Strengthening governance and administration
especially risk management; (6) Improving the quality of human resources. For credit

officers, it is necessary to recruit local people, stick to the local area to understand
each customer as well as credit history of customers to apply loan conditions,
disbursement procedures and capital recovery. suitable for each customer; (7)
Improving understanding for MFIs' customers on lending and borrowing activities
through propaganda and opening training courses to raise awareness of customers
about financial knowledge; (8) Completing information management system.
Secondly, recommendations for the State Bank of Vietnam and related
agencies: (1) Supplementing and improving the legal framework, creating a solid
framework for MFIs' operations, (2) Having a mechanism to support capital , human
resources, interest rates, infrastructure, ... in accordance with the characteristics of
MFIs to create favorable conditions for MFIs to improve their competitiveness and
develop sustainably according to the strategy national finance.
In the future, the demand for financial products of the poor, low-income
customers, small-scale and super-small enterprise customers will increase. However,
in order to become one of the optimal choices for customers, MFIs need to have
specific action strategies to promote the advantages of the organization. Basing on the
operational development objectives of MFIs and the influence of the proposed factors
indicated in the disertation, MFIs should choose recommendations in order of priority to
develop
microfinance
activities
based
on
organizational
resources.
In the current situation, it is difficult for MFIs to expand their scale, scope of
operation or change quickly. Therefore, MFIs need to rely on the specific conditions
of each organization as well as changes of regimes and policies in each period to
build a sustainable development strategy, not being seperated from the initial
operational goal is to serve the poor abd low-income customers.

In addition to the achieved results, the disertation also has some limitation: (i)
Factors affecting the accessibility of MFIs to customers only be identified and
evaluated through qualitative research results. Therefore, it is not possible to quantify
the impact of each factor on the accessibility of MFIs to customers from MFIs
perspective; (ii) Quantitative research model on factors affecting the accessibility of
customers with MFIs from new customers refers to the ability to access micro-credit
products (core products of MFIs). Currently, while other financial products of MFIs
have not been fully developed, research results can ensure certain consistency with the
operational characteristics of MFIs. However, if analyzing the factors affecting the
accessibility of customers to MFIs (including the ability to access all MFIs products
and services, not only credit products), the research results will be more completed.
Therefore, further studies are necessary to fix the above limitations of the study.

CONCLUSION
Basing on gathering, interpreting, demonstrating and analyzing data of MFIs
through scientific methods, the Research has completed the following contents:
The study has reviewed and systematized the theoretical framework of
microfinance activities of MFIs. Basing on the evaluation criteria of MFIs' activities
under the organization's perspective with 2 criteria: (i) the level of accessibility, (ii)
the level of sustainability the distersation deeply analyze the factors affecting the
activities of MFOs / MFIs' actions by investigating factors affecting the level of
access and sustainability of MFIs.
On the basis of (i) Generating of factors affecting microfinance activities of
MFIs, (ii) Assessing the situation of microfinance activities of formal and semiformal MFIs in Vietnam according to 2 sets of criteria are: level of access and
sustainability, (iii) Using 2 models to analyze image factors to clarify factors
affecting MFOs operations in Vietnam:
Model 1: Applying Nadiya Marakkath's model (2014), The disertation is based
on theoretical framework and adjusted and supplemented with legal forms to suit
Vietnamese MFIs, proposing a model of distribution factor that affects the level of
operational sustainability (OSS). The results show that there are 5 factors affecting

the sustainability of MFOs / MFIs in terms of the level of influence, including: (1) the
legal form of MFIs, (2) the scope of MFIs' activities, (3) capital structure, (4) total
portfolio, (5) portfolio risk ratio (PAR> 30).
Model 2: Basing on the theoretical framework, the disertation added 3
variables namely the professional level of the customer, the form of debt repayment,
loan conditions to propose models analyzing factors affecting the level of access to
loans of MFIs customers with 2 analysis steps. The results show that: 6 factors
affecting the ability of customers to access loans from MFIs in Vietnam arranged
according to the level of influence, including: (1) loan conditions, (2) loan purposes,
(3) the borrower's educational level, (4) the borrower's economic status, (5) the
number of working people in customer’s family (6) the value of the loan; There are 3
factors that affect the value of loans arranged according to the degree of the lower
impact, including: (1) borrowing procedures, (2) the number of working people in
customer’s family, (3) the loan term
(iv) Basing on the research results, two groups of recommendations to develop
microfinance activities of MFIs in Vietnam are proposed as follows: First, for MFIs :
(1) Need to build plan and have a roadmap to officialize MFIs appropriately.
Microfinance programs and projects should be transformed into QXH before being
officialized; (2) Need to determine the scope of activities in accordance with the scale


LIST OF ACADEMIC JOURNAL OF THE AUTHOR RELATED
TO THE DISERTATION
1.

Dao Lan Phuong, Le Thanh Tam (2017), "Factors affecting the selfsustainability of microfinance institutions in Vietnam", Journal of Economics &
Development, No. 243 (II) September 2017, ISSN 1859 - 0012, p. 69 -78.

2.

Dao Lan Phuong, Dao Thuy Van (2017), "Current situation and solutions to
develop microfinance activities in Vietnam", Journal of Forestry Science and
Technology No. 20, October 2017, ISSN 1859 - 3828, p. 50-60.

3.

Dao Lan Phuong (2016), "Experiences of countries and orientation to
improve institutions for microfinance in Vietnam", Forestry Science and
Technology Journal, October 2016, ISSN 1859 - 3828 , p.193 - 201.

4.

Dao Lan Phuong (2017), "Developing microfinance activities towards Financial
Inclusion in Vietnam by 2020", Proceedings of National Scientific Conference
"Perfecting financial institutions for development Vietnam stock market and
insurance market sustainably ”, Hanoi on April 7, 2017, National Economics
University Publishing House (lesson No. 25), p. 385 – 399

5.

Dao Lan Phuong (2017), Researching factors affecting the level of customers'
accessility to loans of microfinance institutions in Vietnam, Grassroots level
project under Decision 882 / QD-DHLN - Science and Technology on May 22,
2017, Acceptance according to Decision No. 2293 / QD-DHLN-KHCN dated
November 21, 2017.

6.

Dao Lan Phuong, Bui Thi Minh Nguyet, Dao Thi Hong, Nguyen Thi Lan Anh
(2018), "Financial sustainability of microfinance institutions in Vietnam:

Current situation and recommendations ”, Forestry Science and Technology
Journal No. 3/2018, ISSN 1859 - 3828, p. 63 - 73.

7.

Le Thanh Tam, Dao Lan Phương, Le Nhat Hanh, Do Ngoc Mai (2018),
"Determinants of operational self-sustainability of microfinance institutions in
Vietnam", International conference on Finance, Accounting and Auditing
"Accounting and Finance in the digital age", Hanoi City, November 23rd, 2018,
National economics university publishing house (bài số 55), tr. 666 - 680.