HANOI, VIET NAM – The Asian Development Bank’s (ADB) Trade Finance Program and two Vietnamese banks—Ho Chi Minh City Development Bank and Saigon Hanoi Commercial Joint Stock Bank (SHB)— today signed agreements enabling the program to provide guarantees of up to $100 million a year to support trade finance in Viet Nam.
“Under these agreements, ADB and our new Vietnamese bank partners will support exporting and importing companies in Viet Nam, including small and medium-sized enterprises,” said Steven Beck, ADB’s head of trade finance. “This agreement will help create economic growth and jobs.”
ADB’s Trade Finance Program has been operating in Viet Nam since 2009. The new agreements add to nine other existing bank partnerships in Viet Nam under the program. Since 2009, the program has conducted 4,303 transactions, supporting $6.5 billion in Vietnamese trade.
“Viet Nam is one of the Trade Finance Program’s most active and important markets and signing these agreements adds to the program’s significant record of support for trade in the country,” said Santosh Pokharel, Trade Finance Program relationship manager for Viet Nam. “We are pleased to be working with these new partners.”
The Trade Finance Program’s loans and guarantees will be complemented by workshops and seminars to increase knowledge and expertise on trade finance, resulting in more support to exporting and importing companies in the country.
Backed by ADB's AAA credit rating, the Trade Finance Program provides guarantees and loans to over 200 partner banks to support trade, enabling more companies throughout Asia to engage in import and export activities. With dedicated trade finance specialists and a response time of 24 hours, the program has established itself as a key partner in the international trade community, providing fast, reliable, and responsive support to fill gaps in the region’s most challenging markets.
Since 2009, the Trade Finance Program has supported more than 6,000 small and medium-sized enterprises across the region, with about 10,000 transactions valued at over $20 billion, in sectors ranging from commodities and capital goods, to medical supplies and consumer goods.
For more information, visit the TFP website: http://www.adb.org/tfp
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members – 48 from the region.