Standard Chartered, VWEC Join Hands to Support Women-Owned Enterprises

Standard Chartered Bank Vietnam and Vietnam Women Entrepreneurs Council (VWEC) under Vietnam Chamber of Commerce and Industry (VCCI) recently inked a Memorandum of Understanding (MoU) to launch a financial support program for women-owned enterprises.

Accordingly, Standard Chartered will provide US$25 million of uncommitted credit facilities with tenor of up to 365 days to meet the financial needs of women-owned enterprises as they seek to fulfil their growth ambitions. Particularly, those operating in prioritized sectors as identified by the State Bank of Vietnam will enjoy preferential interest rates from the bank, currently at 5% per annum. The program will be applicable for loan applications made in the period from 8 June 2020 to 8 June 2021 or an earlier date when the credit limit is fully used up.

In addition to access to Standard Chartered Bank Vietnam’s credit facilities, women-owned businesses will also benefit from the Bank’s international expertise through complimentary trainings on financial education, market updates and regular sharing sessions on topics of interest.

Mr. Nirukt Sapru, CEO Vietnam and ASEAN & South Asia Cluster Markets, Standard Chartered Bank, said: “In Vietnam, women own 24% of all businesses and at Standard Chartered, we are committed to empowering women to be successful leaders in their fields. We know many businesses in Vietnam are facing unprecedented challenges caused by the Covid-19 pandemic. Through this financial support programme, we hope to help women entrepreneurs navigate through this challenging period and gain access to capital financing and high-quality financial advice to successfully build their business for the long run.”

Ms. Nguyen Thi Tuyet Minh, Chairwoman of Vietnam Women Entrepreneurs Council, said: “Women are playing an increasingly important role in Vietnam’s economic development. Thus, facilitating their success will be crucial to the country’s sustainable success. We are pleased to partner with Standard Chartered Bank Vietnam to bring meaningful support to women entrepreneurs, especially during this challenging time.”

Source: Vietnam Business Forum