Vietnam: Microfinance

Because I am a girl…
I have the right to manage my own money.

Cho is inspired by her mother and sets high goals for herself.
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Village Savings and Loans for Women

Burdened by the demands of raising their children without the means to earn an income, young mothers in poor regions of Vietnam can end up trapped in a cycle of poverty with little hope of a better life. However, with even basic financial literacy, young women can truly take control of their lives and plan for their futures. Additionally, with financial security comes a tremendous sense of empowerment. Over time, the community starts to see these young women and girls as valuable contributors to their households rather than as financial burdens.

We are partnering with the Vietnam Women’s Union to set up Village Savings and Loan (VSL) associations in two of the poorest provinces in central Vietnam: Quang Tri and Quang Binh. The project targets 22 communities and expects to improve the economic security of 11,000 households.

We aim to create 625 sustainable VSL groups that will operate independently without continued support from Plan. We’ll connect with partners in Vietnam and overseas to share best practices of VSL methodology.

And we’re not stopping here - we’re using VSL groups as platforms to address other pervasive societal issues, such as gender-based violence and health and sanitation.

While traditional microcredit focuses solely on lending, VSL associations give women and girls the opportunity to save money for the first time in their lives. Using simple, straightforward VSL methods that are accessible to multiple individuals regardless of educational background, we are working with communities to create dynamic, relevant groups to help young women develop financial literacy and plan for their futures.

This project has been fully funded! Make a donation to the Because I am a Girl fund.

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Find project updates from the field at the Because I am a Girl Blog.