IFC Increases USD Financing for Vietnam’s Exporters, Importers

IFC, a member of the World Bank Group, has agreed to provide Vietnam’s Techcombank with a US$30 million loan to increase U.S. dollar financing for small businesses in the export and import sector, helping sustain their operations amid the global credit tightening.

 

Techcombank will be one of the first two banks to benefit from IFC’s newly launched Vietnam Small and Medium Enterprises Liquidity Facility program, which offers U.S. dollar financing to local banks for lending to businesses involved in trade-related activities.

 

“Joining IFC’s Vietnam Small and Medium Enterprises Liquidity Facility program is part of our effort to grow our core business of lending to trade-oriented small and medium enterprises,” said Simon Morris, Techcombank’s CEO. “Thanks to IFC’s support, Techcombank will be able to expand the availability of loans in U.S. dollars for importers and exporters that are facing difficulties finding capital.”

 

“IFC is committed to improving U.S. dollar liquidity in Vietnam’s banking sector so that banks can keep financing small businesses in today’s tight credit conditions,” said Simon Andrews, IFC’s Regional Manager for Vietnam, Thailand, Cambodia, and Lao PDR. “We expect to have more partner banks participating in this program, creating more opportunities for importers and exporters and other businesses along the supply chain.”