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Accordingly, VIB was granted with a trade finance limit by FMO through the Global Trade Finance Program of the Asian Development Bank (ADB). The trade finance facility will allow VIB to offer competitive interest rates for importers and exporters to expand their business and production.
There is no doubt the local economy is facing difficulties and the government and the State Bank of Vietnam (SBV) are encouraging commercial banks to further support enterprises. In this context, VIB wil have the opportunity to expand the trade finance line for key export sectors in line with the government’s guideline with support from FMO.
VIB is also committed to applying quick and simple disbursement procedures to make it easy for importers and exporters to expand their business relations with foreign partners.
“The three-party cooperation between FMO, ADB and VIB under ADB’s Global Trade Finance Program indicates we have used the source of credit from international financial institutions and banks efficiently to support importers and exporters to maintain and grow their operations in the current difficult economy. This also demonstrates VIB’s financial capability and reputation in the local and international financial markets and makes us a trusted bank in providing loans to importers and exporters” said Duong Thi Mai Hoa, CEO of VIB.
FMO is the Dutch development bank. FMO supports sustainable private sector growth in developing and emerging markets by investing in ambitious entrepreneurs. FMO believes a strong private sector leads to economic and social development, empowering people to employ their skills and improve their quality of life. With an investment portfolio of EUR 5.9 billion, FMO is one of the largest European bilateral private sector development banks.
By February 2012, after 15 years of operation, VIB has become one of the leading commercial joint stock banks in Vietnam, with total assets of more than VND100trillion ($5 billion). Currently, the bank has more than 4,300 staffs serving more than one million customersat 160 branches and transaction offices in 27 key provincesand cities across the country.
VIB is one of the banks that make the choice for safe operation and sustainable development, with capital adequacy ratio (CAR) at approximately 14per centin comparison with the 9per centratio regulated by the SBV.