Hanoi, June 4, 2018 – Vietnam International Commercial Joint Stock Bank (VIB) was awarded the “Best Trade-Operations Bank Partner in East Asia and Pacific in 2017″ within the framework of the Global Trade Finance Program (or GTFP) by IFC, a member of the World Bank Group. VIB is the only bank among IFC’s issuing bank partners in East Asia and the Pacific to achieve the award in 2017.
This is a prestigious award to honor the banks that have strong and accurate operation capacity for import and export transactions in the GTFP. According to IFC, the award aims to recognize VIB’s innovation and flexibility in providing trade finance products, especially trade operations processing which has been quick and accurate. Besides, VIB has successfully connected and worked with more than 7,500 banks and branches of the correspondent banks in 61 countries and territories to support Vietnamese import-export enterprises in many fields such as oil, metals, chemicals, agricultural products and food to access to global markets.
Mr. Anurag Mishra, IFC Asia Trade Regional Lead, said: “The award given to VIB is the recognition of VIB’s efforts and success in trade finance in general and IFC’s GTFP in particular. It will not only help increase trade, contribute to boosting economic growth and creating jobs in the region, but also demonstrate IFC’s commitment to fostering the development of the Vietnamese banking industry.”
The GTFP helps to expand and enhance the trade finance capacity of domestic banks in supporting import-export enterprises in emerging markets, including Vietnam. Thanks to participation in the GTFP’s banking network , VIB is known by banks worldwide, helping it access to other markets and have a good liquidity. On that basic, the Vietnam-based bank is ready to meet the demand for loans of import-export enterprises at preferential and competitive interest rates. IFC also advised VIB on SME banking to serve SMEs effectively and sustainably as one of the main development orientations of the bank in the coming time.
Since joining the GTFP in 2011, VIB has been increased trade finance line four times by IFC with the current limit up to US$120 million. Total disbursement to VIB through IFC’s guarantee in 2017 reached US$260 million.
In November 2017, IFC announced US$185 million of syndicated loan to VIB, including US$100 million from IFC and US$85 million from three international banks as Cathay United Bank, Industrial and Commercial Bank of China – Hong Kong Branch and Kiatnakin Bank of Thailand. This loan aims to solve two key development challenges in Vietnam, including the financing gap faced by SMEs and lack of affordable housing.
