The International Finance Corporation (IFC) of the World Bank Group on April 28 said it will work with a Vietnamese partner to better micro-enterprises’ access to finance services.

Under a recently signed agreement, IFC will help the Vietnam’s Microfinance Institution Limited (M7) extend its financial advisory services to small- and micro-enterprises, which are in need of money to expand their operations, raise incomes and create more jobs.

M7 General Director Nguyen Duc Binh said the partnership with IFC will help the institution improve its capacity and provide more services to clients.

Rachel Freeman, IFC manager for Access to Finance Advisory Services in East Asia and the Pacific, said Vietnam’s microfinance sector is in a transitional period when a number of local microfinance organisations becoming official institutions and integrating into the financial system.

As of February 2014, M7 gave 4.7 million USD in loans to individuals and miro-enterprises.-VNA