The event, held for the second time in Vietnam, is funded by the Citi Foundation and organized by the State Bank of Vietnam and the Vietnamese Micro-finance Working Group.

This year, the Citi Foundation pledged over US$1.3 million to organize the Citi Micro-entrepreneur Awards in 26 nations, including Vietnam.

The goal of the awards is to support micro-entrepreneurs and raise their awareness about micro-finance’s role in providing financial support for the poor, especially small loans to help people start their own businesses.

The award aims to honour excellent micro-entrepreneurs who have made efforts to boost their household income through their businesses and to promote local economic development.

“Besides organising this year’s awards ceremony, we plan to bring out some new rating standards for businesses who registered to participate in the awards, which will assess the amount they have increased in revenue in the past three years and their ability to apply advanced technology,” said director of the Micro-finance and Development Centre, Nguyen Bich Vuong.

Additionally, 2008’s ceremony will reward three micro-finance organisations that have provided new products for the local market.