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 International Relations

Information on Activities of the DID Vietnam Project Office.

(Cập nhật ngày: 02/09/2009 - 05:00:00 PM )
“Rural- Urban Connectivity to Help Fight Poverty” Project

Mr Jean Marc Crevier, The DID Program director completed his visit to Vietnam from September 1st to 10th, 2009. During his visit, he had the opportunity to meet the leaders of the State Bank of Vietnam - Banking Inspectorate and Supervision Agency,  that is the representative of the SBV to receive the Interconnectivity Project and also the Project Implementing Agency. The Chief Inspector of the Agency introduced the new organization structure of the Banking Inspectorate and Supervision Agency, as the result of the merger of some Departments. Among those Departments, the Cooperation Credit Institutions Dept. and the Banking Inspectorate had formerly been responsible to undertake the role of state management to the PCF network.

Mr Jean Marc Crevier also met with management and staff of the Central People Credit Funds and discussed the issues, difficulties during the project implementation and the measures to accelerate the project progress. Mr. Crevier highly appreciated the CCF team for their proactive and initiative working spirit and it is hoped that the two organizations will strengthen their cooperation to implement this Project successfully.

Following the his visit, the management and experts of the CCF and DID-Vietnam has been making efforts to push up the negotiation process for the estimated budget and the terms and conditions of the Cooperation Agreement between DID and the CCF so as to enable the signing expectedly by the end of September 2009.

It is intended that after the Agreement was signed, CCF, assigned by the SBV to be the Coordinator to implement this project, will set up an implementation unit (PIU) within the CCF to implement money transfer and interconnectivity transactions between CCF and the pilot PCFs which has already installed BMS-PCF software. DID will actively support the CCF to speed up the PIU establishment process.

Simultaneously, the CCF has been urgently accomplishing an evaluation report on the feasibility and efficiency of the proposed transactions and the infrastructure, foundation of the Processing Center in order to submit to the SBV for consideration and approval.

Mr. Jean Marc Crevier also visited the SBV branches in Hanoi and Ho Chi Minh city and 2 PCFs in Ho Chi Minh City and 1 PCF in Hanoi to discuss the issues regarding the development of the PCF network and the deployment progress of BMS-PCF system. The BMS-PCF.Net was developed by the VAPCF-IT Development Company.

Support to VAPCF project
As mentioned above, Mr Jean Marc Crevier – The Program director of DID has completed his business trip in Vietnam from 1st to 10th of September. During his trip, Mr. Crevier has come to visit the VAPCF and had a meeting with the leaders, managers and employees of the VAPCF in order to discuss about a general Agreement between DID and VAPCF and also about Support to VAPCF project.
First, the Memorandum of Understanding which will be sign by September, will govern the relationship between DID and VAPCF and establish the frame work for any future specific agreement to be sign by both parties. Mr. Crevier has expressed his appreciation for the collaboration of the VAPCF during the project with DID period and the hope for the long term, co-operate relationship between DID and the VAPCF in future.
Secondly, the VAPCF will have to submit to SBV for approval the project document for “Support to VAPCF” project. The purpose of the project is to contribute to improve living conditions in rural Vietnam by favorizing access to quality financial services.  The impact sought by the project is to improve the institutional capacity of the PCF to provide efficient and sustainable financial services to the population in rural areas.
This project is composed of 2 following major components:

·   Support for the Deployment of the BMS-PCF Solution:
·   Human Resource Development Support

    + Transfer of a distance learning program;     
   + An awareness-raising internship within apex organizations of two emerging foreign financial cooperative networks in Russia and Lithuania.
The Proxfin 2009 Annual Meeting and Workshop to be held in Vilnius, Lithuania from November 2 to Nov 5, 2009. VAPCF has registered to attend to this meeting supported by DID. The main topic of this meeting is “ The financial crisis: observations, challenges and outlook”. During this meeting, the Proxfin members will have the opportunity to discuss different issues regarding this topic and sharing their experiences on combating the financial crisis. The members will also attend to the presentation of the “Interconnectivity”  project and its progress.

The following article has been published in the Proxfin’s official website and it has discussed about the requirement for capitalization during the financial crisis.

After confidence, capitalization

Capitalization requirements must be high, very high even, especially in a period of crisis.

The financial reports of the last few weeks have led major international analysts of the global economy to say that the worst of the recession is now behind us and that the entire financial system is beginning a slow climb back. We can only be thankful, because the state of gloom into which we have been plunged for several months does as much harm as the poor results themselves.
Nevertheless, we probably all agree that we should greet this news with certain reservations. Since the epicentre of the upheaval was in the United States, that is where we should look first. We cannot deny that the figures which have led analysts to say that trends have been reversed are not very substantial. They show that the job loss rate has slowed, that several banking institutions will be saved from bankruptcy by massive injections of capital, and that the stock exchanges are recovering.
For the moment the American economy is a ship sailing on calm seas. The waves have dropped and the fog has lifted somewhat. But although everything is calm on the surface, the volcano a few kilometres below has been awakened and could cause additional damage. The problem lies deep.
One of the leading economic sectors in the United States, the automobile industry, is on artificial respiration. Despite investments of several billion dollars, the banking sector and the financial sector in general continue to walk a tightrope. The insurance sector is unsteady. Airline companies are accumulating loss after loss. Most of the major media are in peril. All this, without even considering the threats to the strength of the dollar.
Each enterprise and each organization, wherever it is located and whatever its field of operation, must deal with this state of affairs by carefully preparing for the worst. This is also the case for Proxfin members. It is not a question of being pessimistic, but of being as realistic as possible.
A solid base
After doing everything necessary to maintain a high degree of member confidence in their institutions, the Proxfin networks must ensure that they have a solid foundation. This means capitalization.
How can we clearly illustrate the link between good (strong) capitalization and surviving a financial crisis? Increased capitalization means less debt. Less debt means less dependence on third parties, and less dependence signifies greater freedom and more room to manouevre.
In other terms, organizations that are deeply in debt, and therefore undercapitalized, will be rapidly gutted by creditors, particularly in a time of crisis. Strong capitalization is therefore essential for the survival of an enterprise, for its growth, and for its sustainability. It also provides the enterprise with greater negotiating power.
What is the ideal capitalization rate for an enterprise?
There is no ready answer to this question. Among other things, the rate depends on the age of the organization (maturity), the type of operations it is involved in, its market environment, its partners, the degree of risk involved in its projects and its propensity to manage them adequately. For some enterprises 20% would be a bare minimum, while for others 8% would be satisfactory. The secret is to establish the optimal capitalization rate for each enterprise individually.
In the world of microfinance, it has been established that the optimal capitalization rate must not be less than 16%, the double of the requirement for financial institutions under the Basel Accords. Why? Because microfinance is a relatively young sector and a high risk environment, personnel generally lack experience and/or qualifications, it requires major immobilized assets, and partners are more or less tolerant.
Building strong capitalization
The table below illustrates the elements influencing the capitalization of an enterprise.
Influence on capitalization
Variation in capital
•     Increase in the number of members
•     Increase in the cost of the membership share
•     Issuing of new shares
•     Operational surplus: detailed and balanced budget, realistic revenue objectives, low cost of funds, low risk portfolio, responsibilities shared among members of the management team, control, regular follow up, rapid corrective measures, etc.
•     Subsidies
•     In the case of a corporation, new partner
•     Decrease in the number of members
•     Decrease in the cost of the membership share
•     Operational deficit: expenses too high and uncontrolled, low revenues (branches or cooperatives not earning a return), high cost of funds, high rate of past-due loans, embezzlement, weak management team, weak control, lack of follow up, etc.
•     Payment of dividends to members
•     In the case of a corporation, buy back of shares
Variation in debt
•     Using liquidity surpluses to reduce medium and long-term debt increases the weight of capitalization
•     Fewer and less diverse creditors
•     Increase in medium and long-term debt
•     Additional and more diverse creditors
Variation in assets
•     Sale of unproductive assets that are not essential to operations
•     Acquisition of non-essential or unproductive assets
 Consequently, since all members of Proxfin operate in community finance which is a high risk market, their capitalization requirements must be high, very high even, especially in a period of crisis. A ratio superior to 20% is certainly not too great a requirement.
Once attained, this ratio will make it possible for the organization to:
•     Better absorb eventual shocks caused by an even greater crisis
•     Improve its capacity to deal with decreased returns
•     Pay its debts regularly
•     Reimburse members who leave the organization
•     Take advantage of opportunities that arise (projects that earn a profit) by injecting its own funds and/or negotiating a satisfactory loan
•     Eventually pay dividends to members.
However, since this can involve important and even fundamental decisions, a detailed plan officially adopted by the board of directors is required. These decisions could range from major cuts in expenses, to outright closure of entitles, to seeking subsidies. This undertaking cannot succeed without constant and enlightened involvement of all members of management and all the entities making up the organization.

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