CEP. Capital Aid for Employment of the Poor Microfinance Institution. Annual Report 2017

Transcription

1 CEP Capital Aid for Employment of the Poor Microfinance Institution Annual Report 2017

2 Contents 2 Message from the Director A comment on CEP s performance and the key activities undertaken by CEP during CEP Overview A brief outline of CEP s history, institutional focus and current position 5 CEP s Activities in 2017 A summary of the financial and non-financial activities undertaken by CEP in Summary of CEP s Projects and Branch Network A description of the projects undertaken by CEP in 2017 and a map of CEP s branch network 7 Governance and Management Structure An outline of CEP s Board of Management and organisation chart 8 Community Development An overview of CEP s community development activities in CEP Poverty Targeting A description of how CEP prioritises the poor in the delivery of its financial services 10 Clients A profile of CEP s clients 11 Financial Position A brief summary of CEP s financial position and the changes to CEP s financial position in Financial Performance A brief summary of CEP s financial performance and financial trends in Outlook for 2018 A brief outline of CEP s development strategy and the activities planned for Contact Details CEP s Head Office and Branch contact details 1

3 Message from the Director In October 2017 CEP began its life as a microfinance institution after 26 years as a social institution. CEP now has a slightly different name and there have been some minor changes to comply with regulation, but our operations, principles and mission have not changed. In many ways CEP the microfinance institution is indistinguishable from CEP the social institution. Where the change to a microfinance institution will have an effect is to CEP s long-term future, and its impact will be seen in the stronger legal basis and the platform that it provides for CEP to further grow and develop to better serve the working poor. In the short-term however there will be no deviation from CEP s previous operating model and development strategy and we will continue to grow slowly but steadily as we seek to add further products and improve the services and support that we provide to our clients. The process of becoming a formal microfinance institution took a considerable amount of time and effort in 2017, but with the support of CEP s stakeholders and the hard work of CEP s staff we were able to successfully navigate through the process without disrupting our operations. During 2017 CEP experienced a very moderate level of growth and we did not add to our existing branch network, but despite this we were able to expand our outreach to serve an additional 12,000 poor and low-income families. During the year we focused on providing community development activities to complement our microfinance program, which included an increased allocation of food and material support, education scholarships and housing support for our poorest clients. We would very much like to thank the Labour Confederation, the People s Committee of HCMC, CEP s donors, and the many CEP partners and collaborators for their support during the year. There have been a number of important moments over the past 26 years that have spurred CEP s development and it is very likely that CEP s transformation to a microfinance institution will be another of these moments. The one feature that each of these moments share is that they would not have happened without the support of CEP s stakeholders. The advocacy, funding, technical assistance and political support provided to CEP by our stakeholders, has enabled CEP to become the organisation that it is today. CEP has been built through their support and commitment, for which CEP is very grateful. Nguyen Thi Hoang Van - CEP Managing Director 2

4 CEP Overview The vision of CEP is to see significant improvements in the living conditions of the poor and the poorest in Vietnam through the efficient, effective and sustainable provision of microfinance services, delivered by CEP and other microfinance institutions operating within a sound legal framework. The Labour Confederation of HCMC established CEP in 1991 as a social institution based on the Grameen Bank model in order to reduce poverty among workers and the self-employed through the provision of credit. In 2017 CEP transformed into a formal microfinance institution and continued to operate as a nonprofit microfinance provider in Ho Chi Minh City and the eight provinces of Ben Tre, Binh Duong, Dong Nai, Dong Thap, Long An, Tay Ninh, Tien Giang and Vinh Long. In each of the 26 years since its establishment CEP has grown steadily through the hard work of its staff and the support of the Labour Confederation and CEP s many partners. By December 2017 CEP served 320,901 active loan clients making it the largest microfinance institution in Vietnam. CEP provides a range of financial products to poor families, with a primary focus on credit for income generation and employment creation, so as to facilitate direct improvements in household well-being. CEP targets a clientele that consists of those among the poor and poorest in an effort to contribute significantly to the reduction of poverty. CEP has established a reputation as a poverty-focused microfinance institution, and has developed longstanding relationships with local NGOs, local Government agencies, and key international microfinance stakeholders including the Grameen Bank, the World Bank, and the Australian Aid Program. CEP is an open and transparent institution and is compliant with international standards of microfinance. CEP has received awards for poverty reduction from the HCMC People s Committee and the Government of Vietnam, and financial transparency awards from the Consultative Group to Assist the Poor (CGAP). CEP is annually audited by KPMG and is listed on the Microfinance Information Exchange ( where CEP s reports and information on CEP s financial and social performance are publicly available. CEP s growth in outreach is underpinned by a consistently stable financial performance. By the end of 2017, CEP had 34 branches, 576 staff, a loan portfolio of USD 134 million, and continued to be operationally selfsufficient. Despite the institutional development and many changes experienced by CEP since 1991 CEP has effectively maintained the same mission over the past 26 years. The mission of CEP is to work with, and for, the working poor and low-income members of the community to realise sustained improvements in well-being, through the provision of microfinance and complementary non-financial services in an honest, efficient and sustainable manner. In 2018 CEP will continue to strive to serve greater numbers of the poor with increases in the loan portfolios of its existing branches being financed primarily through the mobilisation of client savings, increased borrowings, and the on-going contribution of CEP s existing projects. The development of new CEP branches will occur if sufficient funding can be attained, and primarily in the provinces outside HCMC, as CEP seeks to extend its outreach to the provincial poor currently without access to financial services. CEP will also commit itself in 2018 to improving efficiency, and maintaining financial sustainability, while retaining a strong poverty focus. This will include a strengthened commitment to CEP s poorest clients that are unable to reduce poverty through financial services alone, and encompass greater community development, enterprise development, and financial education activities. 3

5 CEP Indicators Number of Districts (Provinces) 81 (9) 76 (9) 73 (9) 71 (9) 58 (7) Number of Branches Number of Staff Active Clients 341, , , , ,954 Active Savings Clients 285, , , , ,211 Active Loan Clients 320, , , , ,725 Active Loan Clients in HCMC 167, , , , ,383 Active Loan Clients outside HCMC 153, , , ,693 99,342 Number of Loans Disbursed 365, , , , ,639 Value of Loans Disbursed (USD) 280,231, ,301, ,416, ,087, ,572,550 Average Loan Size (USD) Average Savings per Client (USD) Number of Loan Clients per Branch 9,438 9,116 8,742 8,150 8,091 Number of Loan Clients per Staff Outstanding Loans (USD) 133,710, ,553, ,828,242 85,218,409 67,551,072 Client Savings (USD) 68,452,225 44,751,433 38,407,475 32,704,110 29,027,579 Borrowings (USD) 25,794,276 39,658,435 37,238,213 24,077,155 18,109,310 Equity (USD) 44,409,137 35,740,767 30,208,512 25,955,149 22,220,583 Total Assets (USD) 143,743, ,401, ,355,339 86,732,423 71,728,592 4

6 CEP s Activities in 2017 In 2017 CEP continued to operate its microfinance program through 17 branches located in HCMC and 17 branches located in the adjacent provinces of Ben Tre, Binh Duong, Dong Nai, Dong Thap, Long An, Tay Ninh, Tien Giang and Vinh Long. In 2017 CEP s core microfinance program offered clients three savings products and two loan products, which were used for income-generation. The two loan products differ primarily with respect to the frequency of loan repayments and are hence designated as weekly and monthly. The weekly loan product is targeted at unsalaried labourers with variable and infrequent incomes and the monthly loan product at workers who receive a monthly salary, but are in need of further income to supplement their salaries. Each of these loan products provides clients with capital to invest in a micro-enterprise that in turn enables the client to improve their well-being by facilitating sustainable increases in household income. CEP also offered two additional loan products, a housing improvement loan and an education loan, but these products constitute less than 1% of CEP s loan portfolio and are tied to specific projects. CEP provided the following financial products in 2017: Two basic income generating loan products: a weekly loan; and a monthly loan. Three savings products: compulsory savings tied to CEP credit; a voluntary savings product; and a term-deposit savings product. A housing improvement loan. An education loan. In addition, CEP provided the following non-financial services in 2017, which are intended to enhance the impact of CEP s microfinance program on reducing client poverty: Financial education training to CEP clients, focusing on budgeting and saving. Education scholarships to the children of clients at risk of leaving school. Livelihood development programs for clients unable to meet their basic needs. Provision of housing for clients that do not have access to adequate shelter. Facilitation and purchase of health insurance for vulnerable clients. Immediate financial assistance to clients experiencing difficulties. This includes assistance to clients and their immediate families to pay for emergency medical treatment and funeral costs. Provision of basic foods and goods. This consists of the provision of packages of rice, cooking oil and other basic necessities for client families. CEP s microfinance program was supported in 2017 by a number of donor-funded projects that were centred on providing microcredit for specific activities and to specific target groups. In HCMC, in 2017 CEP continued to implement a large-scale project funded by the People s Committee of HCMC to provide income-generating loans to poor migrant labourers. CEP continued to manage the BTC revolving loan fund, which provides loans to improve the housing of low-income families in HCMC. CEP also received general funding for its loan portfolio from BIDV, Saigonbank, Vietcombank and the VietinBank. In addition, in 2017 the funds of the provincial Labour Confederations, BNP Paribas, Cordaid, the Ford Foundation, Oxfam Novib - Triple Jump, and the Rabobank Foundation were used to finance CEP s branches outside HCMC. CEP completed a project funded by the Australian Aid Program to provide microfinance and support to households in Dong Thap. CEP also implemented a project with Bankable Frontier Associates and the MetLife Foundation to develop and improve the delivery of CEP s products and services. 5

7 Summary of CEP s Projects Australian Aid Program Housing/Livelihood Restoration (2014 to 2017) (USD 0.4m) A 3-year grant to provide microfinance and support to relocated and vulnerable households in Dong Thap. Bankable Frontier Associates & MetLife Foundation Product Optimisation (2015 to 2018) (USD 0.5m) A 3-year project providing grants and technical assistance to develop and improve CEP s products and their delivery. Cordaid Expansion in Long An (2017 to 2020) (USD 2.9m) A 3-year loan funded project to provide financing for CEP s branches located in Long An province. Oxfam Novib - Triple Jump Expansion in Rural Areas (2011 to 2018) (USD 1.1m) A 7-year loan fund to provide income-generating loans to self-employed labourers living in poor rural communities. Rabobank Foundation Mekong Delta Expansion (2017 to 2022) (USD 1.1m) A 5-year loan funded project to support the expansion of CEP branches located in the Mekong Delta. Vietcombank Credit Facility (2015 to 2017) (USD 6.6m) A credit facility to finance the extension of outreach of CEP s microfinance operations. BIDV Credit Facility (2014 to 2017) (USD 4.4m) A credit facility to finance the extension of outreach of CEP s microfinance operations in HCMC. BNP Paribas Credit Facility (2013 to 2018) (USD 7m) A credit facility to finance the extension of outreach of CEP s microfinance operations. Ford Foundation CEP Branch Replication (2008 to 2018) (USD 1.7m) A 10-year grant and loan funded project to support CEP to establish 9 branches in provinces outside HCMC. People s Committee of HCMC Fund for Migrant Labourers (2008 to 2022) (USD 8.8m) An 14-year revolving loan fund to create employment and generate income for poor migrant labourers in HCMC. Saigonbank Credit Facility (2017 to 2018) (USD 8.8m) A credit facility to finance the extension of outreach of CEP s microfinance operations. VietinBank Credit Facility (2014 to 2018) (USD 11m) A credit facility to finance the extension of outreach of CEP s microfinance operations. CEP Branch Network in Branches in HCMC 6

8 Governance and Management Structure CEP s Board of Members is appointed by the HCMC Labour Confederation and approved by the State Bank of Vietnam. The Board of Members consists of the authorised representative of the HCMC Labour Confederation, CEP s Managing Director and three members appointed at the discretion of the HCMC Labour Confederation. Mr. Hoang Van Thanh and Ms. Phan Thi Kim Lan were appointed as members of the Board for the first time in The other members have served on the Board continuously since The day-to-day operations of CEP are the responsibility of the Managing Director and CEP s senior management team that oversee CEP s Head Office departments and branch network. CEP s management team and structure in 2017 remained unchanged from Members of the CEP Board of Members in 2017 Hoang Van Thanh CEP Chairperson and Representative of HCMC Labour Confederation Nguyen Huy Can Chairperson of HCMC Study Promotion Association Nguyen Thi Hoang Van CEP Managing Director Phan Thi Kim Lan CEP Deputy Director Nguyen Van Xe Deputy Director of Office of Labour, Invalids and Social Affairs CEP Organisational Structure Board of Control Board of Members Risk Committee Personnel Committee Managing Director Deputy Directors Internal Audit Non-Credit & Training Finance & Planning HR & Administration Credit Management IT & Systems Management CEP Branch Network 1. Ben Nghe 2. Binh Chanh 3. Binh Tan 4. Binh Thanh 5. Can Gio 6. Cu Chi 7. District 6 8. District 8 9. District District District Go Vap 13. Hoc Mon 14. Nha Be 15. Tan Binh 16. Thu Duc 17. Trung An 18. Thu Dau Mot 19. Bien Hoa 20. Cao Lanh 21. Duc Hoa 22. Long Thanh 23. My Tho 24. Tan An 25. Nhon Trach 26. Bien Hoa D 27. Sa Dec 28. Can Duoc 29. Ben Tre 30. Thuan An 31. Vinh Long 32. Tay Ninh 33. Chau Thanh 34. Ben Luc 7

9 Community Development CEP s community development program is designed to enhance the impact of CEP s financial services on the well-being of clients and their families. The general community development program provides additional support to CEP s self-employed clients, which account for 72% of all CEP s clients. However, there are specific components of the program that target solely the families of CEP s poorest clients, and in particular clients that have been unable to improve their well-being while receiving CEP s financial services. CEP s community development program consists of: a financial education program to increase financial literacy among clients; education scholarships to the children of clients; livelihood development support; the provision of housing; financial assistance to clients experiencing difficulties; and the provision of basic foods and goods. CEP s community development program served around 230,000 clients in 2017, primarily through the financial education initiative and the provision of basic foods and goods. Other highlights of the program in 2017 were: CEP disbursed 9,451 gifts of school books, bags, lamps and bicycles to the children of clients, and awarded 2,080 scholarships to poor and disadvantaged children. The scholarships entailed the payment of school fees, school uniforms, bags, books and other school materials. The children of CEP s poorest clients were chosen to receive the scholarships. Children without parents that were being cared for by their grandparents or other relatives, and children with disabilities, were given priority. The scholarships were awarded in ceremonies in HCMC and each of the provinces in which CEP operates. During the year CEP with the support of local authorities built or reconstructed 120 houses for CEP s poorest clients. The houses were given to a small number of CEP s clients living in extreme poverty without permanent housing and were built on land allocated by local authorities. Single parent families were prioritised. The homes were given to CEP s clients in each of the provinces in which CEP operates. CEP purchased health insurance for 1,102 families and provided 2,553 clients with direct financial assistance to cover funeral and healthcare expenses. CEP also provided livelihood development support for clients unable to utilise CEP s credit effectively and having difficulty in meeting their basic needs. This support consisted of intensive assistance to clients in extreme difficulties to establish a small and manageable income-generating activity. 8

10 Poverty Targeting Throughout 2017 CEP continued to deliver its financial and non-financial services directly to the poor communities of Ho Chi Minh City and the surrounding provinces. CEP ensures that it remains a poverty-focused institution by employing an overall poverty classification in identifying potential clients. This is an indicator that incorporates the elements of household dependency level, income, assets and housing condition, and provides a measure by which comparisons can be undertaken and improvements can be quantified. All prospective clients are assessed in this manner before joining the CEP program. CEP clients are categorised into three groups; the poorest, the poor, and the moderately poor. CEP s clientele is weighted toward the poor and the most vulnerable, and it is a CEP requirement that a minimum of 80% of all new clients are either poor or poorest on entry into the CEP program. A description of the CEP poverty classification is contained in the table below. CEP Poverty Classification Summary Household Classification Dependency Ratio Income (USD per day)* Assets Housing Poorest 3 or more Less than 1.32 None to minimal, and of low quality Low quality, nonpermanent housing, lacking access to water and electricity Poor Between 2 and to 2.57 Old and of low quality Low quality, semipermanent, but with access to electricity and water Moderately Poor Less than 2 More than 2.57 Low to medium quality Permanent, owned outright with direct access to electricity and water * This measure is the same for clients in both urban and rural areas. 9

11 CEP Clients CEP s clients undertake a diverse range of income-generating activities. However they are primarily engaged in either petty trading, the production of handmade goods or other production activities based on client labour. Clients are predominately women, and their households are vulnerable to food shortages and health problems. CEP s clients work long hours and commonly travel large distances to earn money. Client houses often need new floors, roofs, walls, and lack proper sanitation systems. Clients are also highly likely to have migrated from other parts of Vietnam and therefore do not have permanent residency status, which makes access to education and healthcare services more costly than is the case for nonmigrant residents. CEP s clients use their loans for a variety of purposes, from the purchase of a bicycle to help the client in recycling plastic and paper, to materials for making baskets, incense, brooms, and for animal husbandry. A portion of borrowed funds is frequently used to pay for housing improvements, school fees, food, necessities, and large expenditure items. Overview of CEP Clients in 2017 CEP has 320,901 active loan clients with an average loan size of USD % of CEP clients repay their loans in equal weekly instalments over a 40-week period, and 28% on a monthly basis. 34% of all loans were used for working capital to fund trading activities, and 15% of all loans were used for animal rearing and agriculture. CEP has 285,384 savings clients with an average savings balance of USD % of CEP clients are women. 62% of CEP clients live in urban areas and 38% live in rural areas. 89% of CEP s first-time clients, are defined as either poor or poorest with respect to the CEP poverty classification. The basis for this classification is the income-based poverty line defined by the HCMC Hunger Eradication and Poverty Reduction Program augmented by a measure of assets, housing quality and dependency. Clients are prioritised for loans on the basis of their poverty status, with the poorer the client the higher the priority they are given for inclusion within the program. 10

12 Financial Position in 2017 There were no significant changes to CEP s financial position in 2017 other than a moderate level of overall growth that was funded principally by increases in savings. The composition of CEP s funding changed in comparison to 2016, with savings and equity as a proportion of total assets increasing, and borrowings declining as a proportion of total assets. The change was caused by a number of borrowings being converted into savings. Equity grew sufficiently to maintain its value after accounting for the impact of inflation. The quality of CEP s loan portfolio remained high, with the value of loans in arrears as a proportion of the loan portfolio marginally higher than in This reflected a concerted effort by CEP to ensure that loans are used productively and tailored to the requirements and repayment capacity of clients. The recovery of overdue loans continued to be good, the number of loans written off remained low, and CEP s provisions remained adequate to cover portfolio risk. CEP s loan portfolio remained a high proportion of total assets, with all available funds put into CEP s loan portfolio to serve a greater number of clients. Liquid assets as a proportion of total assets were higher than in 2016 and they remained at a level adequate to facilitate the liquidity of CEP s operations and meet prudential requirements. CEP Financial Indicators Equity / Total Assets (%) Total Liabilities / Equity Savings / Total Assets (%) Borrowings / Total Assets (%) Loan Portfolio / Total Assets (%) Liquid Assets / Total Assets (%) Portfolio-at-Risk > 30 days (%) Portfolio-at-Risk > 90 days (%) Write-Off Ratio (%) Risk Coverage Ratio (%) Outstanding balance of loans with arrears over 30 days / Total loan portfolio 2 Outstanding balance of loans with arrears over 90 days / Total loan portfolio 3 Value of loans written off during the year / Average total loan portfolio 4 Loan loss reserve / Outstanding balance of loans with arrears over 30 days 11

13 Financial Performance in 2017 As a non-profit institution, CEP seeks each year to generate a return on its loan portfolio that covers the full cost of its operations. In 2017, after adjusting for inflation, CEP was able to make a small operating surplus which was reinvested in its loan portfolio. During the year CEP was able to maintain its expenses relatively low principally because of low provisions, as a consequence of a high quality loan portfolio, and low financial costs due to the significant level of equity financing and concessional borrowings. In particular, several items drove the financial performance of CEP in 2017: High proportion of productive assets (CEP s loan portfolio represents 93% of total assets); Low overall cost of funds (CEP s equity equates to 31% of total assets and financial expenses were 2.3% of average total assets); Low portfolio arrears (PAR>30 days of 0.52%); High staff productivity (557 clients per staff); Adequate portfolio yield to cover the cost of operations; and Relatively low inflation. CEP Financial Indicators Portfolio Yield (%) Revenue / Average Total Assets (%) Financial Expenses / Assets (%) Operating Expenses / Assets (%) Loan Loss Provision / Assets (%) Inflation Provision / Assets (%) Staff Welfare Expenses / Assets (%) Return On Assets (%) Adjusted Return On Assets (%) Operating Self-Sufficiency (%) Full Financial Self-Sufficiency (%) Financial revenue from loan portfolio / Average loan portfolio 2 In each of the expense to asset ratios the term Assets refers to average total assets 3 Net operating revenue / Average total assets 4 Net operating revenue adjusted for provision for inflation and staff welfare payments / Average total assets 5 Total revenue / (Financial costs + operating costs + loan loss provision) 6 Total revenue / (Financial costs + operating costs + loan loss provision + imputed costs of capital), where imputed costs of capital includes an adjustment for subsidised borrowings + provision for inflation 12

14 Outlook for 2018 In 2018 CEP plans to provide access to credit and savings services to a larger number of poor and lowincome households. This will be achieved through the expansion of services within CEP s existing 34-branch network in HCMC, Ben Tre, Binh Duong, Dong Nai, Dong Thap, Long An, Tay Ninh, Tien Giang and Vinh Long and through the creation of new branches if sufficient funding can be acquired. The growth of outreach in CEP s branches will be funded by the mobilisation of client savings, borrowings from local sources and international organisations, and from retained earnings. CEP will utilise this funding to serve a larger number of households in the provinces and in the peripheral districts of HCMC that are currently experiencing considerable population growth and increasing urbanisation. CEP will focus primarily on providing households with credit to create self-employment and to a lesser extent on providing housing improvement and education loans. A key objective in 2018 will also be to improve the overall quality of CEP s services and better serve the poorest members of the community. This will be achieved by developing a greater array of financial products and undertaking more extensive community development activities, including financial literacy training, facilitating access to medical treatment, providing scholarships and housing, and developing livelihoods. 13

15 CEP Contact Details CEP Head Office 14C Cach Mang Thang Tam, District 1 Ho Chi Minh City, Vietnam Telephone: (84) (28) Facsimile: (84) (28) cephcm@cep.org.vn Website: CEP Branch Network District 8 Branch 769A-B Pham The Hien Ward 4 District 8, HCMC Tel Ben Nghe Branch 14C Cach Mang Thang 8 Ben Thanh Ward District 1, HCMC Tel: Can Gio Branch An Nghia Hamlet An Thoi Dong Commune Can Gio District, HCMC Tel: Nha Be Branch 306/4 Nguyen Binh Phu Xuan Commune Nha Be District, HCMC Tel: Bien Hoa Branch 12 Hoang Minh Chau Hoa Binh Ward Bien Hoa City, Dong Nai Tel: Duc Hoa Branch 7 Khu B, Hau Nghia Town Duc Hoa District Long An Province Tel: Sa Dec Branch 2A Nguyen Truong To Ward 1, Sa Dec Town Dong Thap Province Tel: Thuan An Branch An Phu 3, An Phu Ward Thuan An Town Binh Duong Province Tel: Ben Luc Branch KP3, Ben Luc Town Ben Luc District Long An Province Tel: District 9 Branch 440 Le Van Viet Tang Nhon Phu A Ward District 9, HCMC Tel: Binh Chanh Branch 26 Street 3, Khu Dan Cu An Phu Tay Commune Binh Chanh Dist., HCMC Tel: Cu Chi Branch QL22 Hamlet Bau Tre 2 Tan An Hoi Commune Cu Chi District, HCMC Tel: Tan Phu Branch 27 CN6 Son Ky Ward Tan Phu District, HCMC Tel: Bien Hoa Dong Branch 99/5 Pham Van Thuan Tam Hiep Ward Bien Hoa City, Dong Nai Tel: Long Thanh Branch Le Duan, Khu Phuoc Hai Long Thanh Town Dong Nai Province Tel: Tan An Branch 2 Nguyen Trung Truc Ward 1, Tan An City Long An Province Tel: Vinh Long Branch 270 Pham Hung Ward 9, Vinh Long City Vinh Long Province Tel: District 10 Branch 27 Ngo Gia Tu Ward 2 District 10, HCMC Tel: Binh Tan Branch 184 Tran Thanh Mai Tan Tao A Ward Binh Tan District, HCMC Tel: Go Vap Branch 1 Le Loi Ward 4 Go Vap District, HCMC Tel: Thu Duc Branch 17 Le Quy Don Binh Tho Ward Thu Duc District, HCMC Tel: Can Duoc Branch 135B Hamlet 3, Long Hoa Can Duoc District Long An Province Tel: My Tho Branch 9 Rach Gam Ward 1, My Tho City Tien Giang Province Tel: Thu Dau Mot Branch 499 Yersin Thu Dau Mot City Binh Duong Province Tel: Tay Ninh Branch 816 Cach Mang Thang 8 Ward 4, Tay Ninh City Tay Ninh Province Tel: District 6 Branch 1612 Vo Van Kiet Ward 7 District 6, HCMC Tel: District 12 Branch 17 Nguyen Anh Thu Hiep Thanh Ward District 12, HCMC Tel Binh Thanh Branch 290 No Trang Long Ward 12 Binh Thanh Dist., HCMC Tel: Hoc Mon Branch 69/1 Quoc Lo 22 Trung Chanh Commune Hoc Mon District, HCMC Tel: Trung An Branch Thanh An Hamlet Trung An Commune Cu Chi District, HCMC Tel: Cao Lanh Branch 31 Ly Thuong Kiet Ward 1, Cao Lanh City Dong Thap Province Tel: Nhon Trach Branch Ton Duc Thang, Xom Ho Phu Hoi Commune Dong Nai Province Tel: Ben Tre Branch 6 Le Quy Don Ward 1, Ben Tre City Ben Tre Province Tel: Chau Thanh Branch Trung Hamlet, Dong Hoa Chau Thanh District Tien Giang Province Tel:

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