Vietnam International Bank (VIB), has just become the only bank in Vietnam named by Asian Development Bank (ADB) as the Leading SME Trade Bank thanks to VIB’s trade financing nearly US$ 300 million in one year period ending June 30, 2018.
At the TFP Awards and Partners Dinner which was held on September 4, the first day of the Global Trade Review’s annual conference in Singapore, VIB received one of the prestigious awards to recognize leading partner banks in ADB’s Trade Finance Program (TFP).
Based on transactions supported by TFP in one year ending on June 30, 2018, VIB is leading bank in SMEs trade finance. Previously, the Vietnamese bank was also awarded the leading SME Trade Bank by ADB in 2015 and 2017.
Le Quang Trung, Deputy CEO of VIB at the TFP Awards and Partners event in Singapore | Photo credit: ADB/ VIB
VIB is one of 10 banks selected by ADB to join the TFP since 2009, aiming to provide companies with the financial support they need to engage in import and export activities and improve their productivity and competence in the market.
With the purpose to provide trade finance support, TFP works with over 240 partner banks. In 2017, the program supported US$4.48 billion in transactions and 2,822 small and medium-sized enterprises.
Recently, Moody’s Investors Service has upgraded the long-term local and foreign currency bank deposit and issuer ratings of VIB to B2 from B1. The ratings agency has also changed the outlook for the local currency deposit and local and foreign currency issuer ratings of VIB to stable from positive. All other ratings were affirmed.