Vietnamese Bank of the Poor (VBP). As many predicted, The Bank for the Poor is now virtually dead. The state budget can't fund its huge deficit anymore. The gvt is trying to arrange a face saving mechanism to close this controversial institution. Vietnamese Bank of Agriculture (VBA). The VBA seems to be committed to replicate a vietnamese version of the Indonesian BRI. They have already created a separate microfinance department inside the Bank and they plan to establish a network of specialized microfinance units every 3 communes. People Credit Fund (PCF). The PCF under the direct management of the central bank replicates the Canadian Caisse Desjardin model. The project is funded by ADB and CIDA with TA from SDID Desjardin. This project is by far the best microfinance project in Vietnam. Results are impressive. As of September 1998, there are 983 caisses serving 625,000 clients and with consolidated assets of US$ 128 million . The arrears rate 1 day is at 4.2% and the average loan balance is US$ 297. However long tern sustainability is not ensured, the next challenge is to build the network and the APEX independently from the central bank. Microfinance Resource Center. (MRC). This new center located in the Hanoi National Economic University opened on December 9. The center supported by CGAP and GRET is likely to play an important role in the future. The center will be in a good position to lobby the central bank on microfinance issues and a very needed arm to train human resources in this new sector.