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Economic News

Last updated: Friday, October 20, 2017

 

ADB Funds US$50 Mln Trade Finance Annually via Two Vietnamese Banks

Posted: Monday, June 05, 2017

The Asian Development Bank (ADB)’s Trade Finance Programme (TFP) and two Vietnamese banks - An Binh Joint Stock Bank (ABBank) and Tien Phong Commercial Joint Stock Bank (TPBank) - recently signed agreements enabling the programme to provide guarantees of US$50 million annually to support trade finance in Vietnam.

Mr Steven Beck, Head of Trade Finance at ADB, said, “Trade and trade finance are critical to the global and regional economy, in particular to small and medium-sized enterprises and job creation. Our Trade Finance Programme aims to help Vietnam and Vietnamese businesses expand trade opportunities, increase competitiveness, and promote trade-led inclusive growth.”

To date, TFP has supported US$8.2 billion in trade through 5,814 transactions covering both guarantees and direct funding in Vietnam. Out of TFP’s total transactions in Vietnam, 67 per cent are related to small and medium-sized enterprises. TFP is currently working with 11 banks in Vietnam and, after the signing ceremony, this increased to 13 banks.

Le Minh

 








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