Vietnam International Bank (VIB) has been named “Leading SME Trade Bank”” in Vietnam by Asian Development Bank (ADB). This is a prestigious award honoring partner banks of the ADB’s Trade Finance Program with outstanding achievements are .
The award ceremony took place on September 3, 2019 in Singapore, as the only awards and dinner event of the Global Trade Review Asia 2019.
The “Leading SME Trade Bank” award was given to VIB based on the number of transactions the bank carried out to facilitate and sponsor trade for small and medium-sized enterprises (SMEs) under the ADB’s Trade Finance Program. Between July 1, 2018 and June 30, 2019, VIB assisted more than 80 businesses through trade finance transactions worth over 177 million USD in total. VIB is the only bank in Vietnam to win this award in 2019. This is also the third consecutive year that VIB has won this award by ADB..
VIB joined the ADB’s Trade Finance Program in 2009, in order to provide financial assistance to SMEs in importing and exporting sectors, and boost their productivity and competitiveness on the market.
Backed by ADB’s AAA credit rating, the Trade Finance Program provides guarantees and loans to over 200 partner banks to support trade, enabling more companies throughout Asia and the Pacific to engage in import and export activities. Since 2009, ADB’s Trade Finance Program has supported more than 15,000 SMEs across developing Asia—through over 21,000 transactions valued at over $36 billion—in sectors ranging from commodities and capital goods, to medical supplies and consumer goods. In 2018, the Trade Finance Program grew almost 40% to support $6.2 billion in trade through 4,470 transactions. .
Vietnam International Bank (VIB)
Thanks to the confidence that international financial institutions have in VIB, VIB has been given a credit limit of up to USD 300 million from institutions such as the ADB, the IFC (International Finance Corporation) for its trade finance activities.
This is the fourth time in 2019 that VIB has received a prestigious award from international financial institutions for its activities. Recent awards include: The international card organization MasterCard recognized VIB as one of the leading banks in Vietnam in credit card spending in 2018; The financial magazine The Asset (headquartered in Hong Kong) awarded VIB “Digital Bank of the Year” and “Digital Bank with Best Customer Experience” for three consecutive years; and The financial magazine International Finance (UK) awarded VIB “Bank with the most innovative working environment in Vietnam” for its efforts to improve the workspace and strengthen ties among employees.
Besides international recognition, VIB is also one of the first two banks to apply Basel II risk management standards, and has contributed positively to the push for a cashless society in Vietnam.