ADB and HDBank Partner to Boost Trade in Viet Nam
HA NOI, VIET NAM (24 June 2020) — The Asian Development Bank’s (ADB) Trade Finance Program (TFP) and HDBank from Viet Nam today signed a credit agreement to support trade in the country.
“We have had a relationship with HDBank since 2016 and we are pleased to be able to both deepen that relationship and to further increase our commitment to boost trade in Viet Nam,” said ADB Relationship Manager for Viet Nam, Can Sutken.
“This credit agreement will enable HDBank to access trade loans from ADB, which is expected to support the import and export activities of our customers as well as further promote the trade activities in Vietnam,” said CEO of HDBank, Pham Quoc Thanh. “This again highlights the fruitful collaboration between ADB and HDBank in recent years.”
Since 2004, TFP has supported $13.5 billion in trade in Viet Nam through 13,530 transactions covering both guarantees and direct funding, nearly two-thirds of which supports small and medium-sized enterprises (SMEs). TFP works with 14 commercial banks in Vietnam.
Backed by ADB's AAA credit rating, TFP provides guarantees and loans to over 200 partner banks to support trade, enabling more companies throughout Asia and the Pacific to engage in import and export activities. Since 2009, ADB’s TFP has supported around 20,000 SMEs across developing Asia—through over 26,000 transactions valued at over $41 billion—in sectors ranging from commodities and capital goods, to medical supplies and consumer goods.
TFP complements its financial support with knowledge products, including a study that quantifies market gaps for trade finance, initiatives to increase the role of women in banking, efforts to enhance environmental safeguards, and initiatives to fight crime through greater transparency in the global financial system. TFP also provides workshops and seminars to increase knowledge and expertise in matters related to finance, trade, risk management, and fraud prevention.
HDBank is currently one of the top banks in Viet Nam, with a client base including SMEs, retail and consumers. It is committed strongly to sustainable development, regional reach, integration of international financial markets, being a trusted partner for investors and customers, and contributing actively to the country's economic development.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.