Productivity and profitability are the most complex areas of financial decision making due to their interrelationship with other financial decision variables. At the same time, productivity and profitability are factors affecting the operations and goals of formal microfinance institutions (MFIs) in Vietnam. This study's purpose was to discover the interaction and causal relationship between productivity and profitability and to examine factors that affect the productivity and profitability of formal MFIs. After regression analysis on a set of panel data from 2010 to 2018 of all formal MFIs in Vietnam, it appeared that profitability and debt-to-equity ratio have positive relationships with productivity and that the number of branches and deposits have negative relationships with productivity. Productivity has a positive relationship with profitability and both the debt-to-equity ratio and equity have negative impacts on profitability. The study found bidirectional interactions and a causal relationship between productivity and profitability. Based on the findings the study proposes policy measures that could be implemented by the managers of formal MFIs to increase productivity and ensure a more efficient distribution of economic resources. This study also helps managers of formal MFIs understand the key determinants for better management of formal MFIs. Contribution/ Originality:This study is one of very few studies which have investigated panel data on the interactive and causal relationship between productivity and profitability of Vietnam's Formal Microfinance Institutions and the results could serve as a valuable reference for other developing countries.

Productivity and financial sustainability are the most complex areas of financial decision making due to its interrelationship with other financial decisions variables. At the same time, productivity and financial sustainability are factors affecting the operations and the goals of people's credit funds (PCFs) in Vietnam. The purpose of this study is to discover the interaction and causal relationship between productivity and financial sustainability and to examine factors that affect productivity and financial sustainability of PCFs. After regression analysis on a set of panel data from 2013 to 2018 of tweenty-four selected PCFs in Vietnam, it appears that deposit, credit growth rate and financial sustainability have positive relationships with productivity; depth of outreach has a negative relationship with productivity. Productivity, capital adequacy ratio, income have positive relationships with financial sustainability; credit growth rate has a negative impact on financial sustainability. The study finds bidirectional interactions and the causal relationship between productivity and financial sustainability. Based on the findings the study proposes policy measures that could be implemented by the managers of PCFs to increase productivity and ensure a more efficient distribution of economic resources. Beside, this study recommends that managers of PCFs and helps researchers, managers to understand the key determinants for better management of PCFs.

This study purposes to discover the interactive relationship between credit growth and profitability and to examine factors that affect the credit growth and profitability of people's credit funds (PCFs). After regression analysis on a set of panel data from 2013 to 2018 on 24 selected PCFs, it appeared that deposit growth and loan-to-deposit ratio had positive relationships with credit growth, and capital adequacy ratio and profitability had negative relationships with credit growth of PCFs. The age of PCFs has a positive relationship with profitability, while the credit growth, debt-to-equity ratio, non-performing loan ratio, economic growth and inflation have negative relationships with profitability of PCFs. The study found the credit growth and profitability have relationships with each other in a contrary trend. Based on the findings the study proposes policy measures that could be implemented by the managers to increase PCFs' credit growth rate and profitability.

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Co-operative credit institutions (CCIs) play an important role for achieving the national mission of financial inclusion. Therefore, we should be taking a wider view of productivity and credit and assessing productivity and credit growth. These are factors affecting the CCIs' operations and goals. This study used the panel data regression method with research data from thirty-two selected CCIs in Vietnam from 2013 to 2018. This study’s purpose to discover the reciprocity relationship productivity and credit growth in Vietnam's CCIs. By assessing the factors affecting the productivity and credit growth, the research results have determined the bidirectional interactions and causal relationships between productivity and credit growth. Based on the findings the study offers policy implication and new insights for developing a more sustainable CCIs and further emphasizes optimal policies to CCIs management that helps the policy-makers, CCIs managers and executives in improving the overall productivity, and the credit growth of CCIs going forward.

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Background: One of the main ways to strengthen the health-system capacity by the intersectoral approaches is to promote social health by linking microfinance with healthcare support activities. The aim of the study was to discover the interaction relationship between the diversification of health care support activities and the health care services outreach of formal microfinance institutions (MFIs) in Vietnam. This study proposes policy measures that could be implemented by the policy makers, managers of MFIs to diversify the health care support activities and to promote the health care services outreach.Methods: This study used the panel data regression method from 2010 to 2019 of all formal MFIs in Vietnam, the study found out the interaction relationship between the diversification of health care support activities and the health care services outreach of formal MFIs in Vietnam.Results: The results showed that number of branches and the health care services outreach had positive relationships with the diversification of health care support activities; productivity had a negative impact on the diversification of health care support activities. The diversification of health care support activities, and productivity had positive relationships with the health care services outreach; number of branches had a negative impact on the health care services outreach. At the same time, this study found bidirectional interactions and the causal relationship between the diversification of health care support activities and the health care services outreach of formal MFIs in Vietnam.Conclusions: This study found bidirectional interactions and the causal relationship between the diversification of health care support activities and the health care services outreach. The study results encourage and provide opportunities to diversify the health care support activities and to promote the health care services outreach of formal MFIs in Vietnam.