ADB And Seabank Partnered to Expand Trade Finance in Vietnam
The Asian Development Bank (ADB) has partnered with Southeast Asia Commercial Joint Stock Bank (SeABank) to help trade in Vietnam by facilitating loans and other credit facilities. The agreement has taken place under the Trade and Supply Chain Finance Program (TSCFP). Under the partnership, ADB will now provide guarantees and revolving loans to support SeABank to develop relationships with global commercial banks. TSCFP now operates with 14 commercial banks in VietNam.
The Investment Specialist and Relationship Manager at ADB’s Trade and Supply Chain Finance Program Can Sutken said, “This further demonstrates our commitment to supporting trade in Viet Nam. We are delighted to team with SeABank to support its many small- and medium-sized enterprise (SME) customers.”
The General Director of SeABank Le Thu Thuy said, “The TSCFP program will help SeABank to develop trade finance activities to serve customers, especially SMEs. We are committed to the most effective use of capital to support enterprises om Viet Nam, especially SMEs and their supply chains, thereby contributing to economic development and job creation.”
Since 2004, TFSCP has upheld $13.5 billion in commercial activities through 13,530 transactions covering both guarantee and direct funding in Viet Nam, 63% of them identified with SMEs. Since 2009, it has also supported around 20,000 SMEs in developing Asia through over 26,000 transactions valued at more than $41 million, in areas ranging from commodities and capital goods to clinical supplies and consumer goods.
Sponsored by ADB’s AAA credit rating, TSCFP facilitates loans and guarantees to over 200 partner banks to help trade, developing import and export opportunities for enterprises across Asia and the Pacific.
SeABank was established in 1994 and now it is one of the leading joint-stock commercial banks in VietNam holding almost 1.3 million customers, over 4,000 employees, and approximately 170 transaction points across the country.
Established in 1966, ADB is focused on accomplishing a wealthy, comprehensive, adaptable, and sustainable Asia the Pacific, while supporting its endeavors to eliminate extreme poverty. It is owned by 68 members, 49 from the region.