Business
ADB adds two more Vietnamese banks to trade finance program
  • | dtinews.vn | May 24, 2017 03:19 PM
The Asian Development Bank’s (ADB) Trade Finance Program (TFP) and two Vietnamese banks - An Binh Joint-Stock Bank (ABBANK) and Tien Phong Commercial Joint-Stock Bank (TPBank) on Wednesday signed agreements enabling the program to provide guarantees of up to USD50 million annually to support trade finance in Vietnam.


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

“This cooperation with the TFP will not only bring higher business efficiency, but also create an opportunity for our bank to affirm its brand in the banking and financial market,” said Cu Anh Tuan, Chief Executive Officer of ABBANK. “The signing with the TFP marks the start of a positive development and close relationship between ADB and ABBANK in developing our banking services. We hope for ADB’s continued trust and support to further promote trade development between Vietnam and other countries.”

ABBANK is among the top ten largest commercial banks in terms of charter capital in Vietnam. ABBANK’s current charter capital exceeds VND 5,319 billion (USD234 million) and it has an extensive network of 164 transaction offices located in 34 provinces nationwide.

"Apart from the trade finance guarantee limit of USD30 million, ADB's extensive network of banks and other financial institutions will provide opportunities for TPBank to expand its global partnerships," said Nguyen Hung, Chief Executive Officer of TPBank. “The guarantee limit from ADB shall be used to support Vietnamese small and medium-sized enterprises to optimize their businesses so they can contribute to Vietnam’s economic growth."

TPBank is one of the most dynamic commercial banks in Vietnam with total assets of around VND106,000 billion (USD4.6 billion), about 4,000 employees, and an extensive network of 55 branches and transaction offices in Vietnam. TPBank has been a pioneer in setting trends in modern banking services and aims to become the leading digital bank in Vietnam. Currently, with more than 1.5 million individual customers and businesses, TPBank has been asserting its position as a strong, sustainable and healthy bank in Vietnam.

To date, TFP has supported USD8.2 billion in trade through 5,814 transactions covering both guarantees and direct funding in Vietnam. Out of TFP’s total transactions in Vietnam, 67% are related to small and medium-sized enterprises. TFP is currently working with 13 commercial banks in Vietnam.

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