POST Online Media Lite Edition


ADB signs new trade finance program deals with two Vietnam banks

Staff writer |
The Asian Development Bank’s (ADB) Trade Finance Program and two Vietnamese banks signed agreements to provide guarantees of up to $100 million a year to support trade finance.

Article continues below

The two Vietnamese banks are Ho Chi Minh City Development Bank and Saigon Hanoi Commercial Joint Stock Bank (SHB).

“Under these agreements, ADB and our new Vietnamese bank partners will support exporting and importing companies in Vietnam, including small and medium-sized enterprises. This agreement will help create economic growth and jobs,” said Steven Beck, ADB’s head of trade finance.

ADB’s Trade Finance Program has been operating in Vietnam since 2009. The new agreements add to nine other existing bank partnerships in Vietnam under the program. Since 2009, the program has conducted 4,303 transactions, supporting $6.5 billion in Vietnamese trade.

“Vietnam 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 Vietnam. “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 ADB Vietnam 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.

What to read next

African Development Bank supports Sumitomo in Africa
Standard Chartered and IFC to invest up to $1 billion in emerging markets
Boeing delivers 10th 787 Dreamliner to Vietnam Airlines