ADB SUPPORTS SEABANK TO STRENGHTHEN TRADE FINANCE IN VIET NAM

13/11/2020

HANOI, VIET NAM (November 13, 2020) – The Asian Development Bank (ADB) has signed an agreement with Southeast Asia Commercial Joint Stock Bank (SeABank) under the Trade and Supply Chain Finance Program (TSCFP) to support trade in Vietnam by providing loans and other credit facilities.

ADB will provide guarantees and revolving loans to help SeABank build relationships with global commercial banks around the world. With the new contract signed with SeABank, TSCFP now works with 14 commercial banks in Vietnam.

“This further demonstrates our commitment to supporting trade in Viet Nam,” said ADB Investment Specialist and Relationship Manager for Viet Nam Can Sutken. “We are very pleased to team up with SeABank to support the many small- and medium-sized companies they have as customers.”

“The TSCFP program will help SeABank in developing trade finance activities to serve customers, especially SMEs,” said General Director of SeABank Ms. Le Thu Thuy. “We are committed to the most effective use of capital to support Vietnamese enterprises, especially SMEs and their supply chains, thereby contributing to economic development and job creation for the employees.”

Since 2004, TFSCP has supported $13.5 billion in commercial activities through 13,530 transactions covering both guarantee and direct funding in Vietnam, of which 63% transactions related to SMEs. Since 2009, the program has supported approximately 20,000 SMEs in developing countries in Asia--through more than 26,000 transactions valued at more than $41 million--in sectors ranging from commodities and capital goods, to medical supplies and consumer goods.

Backed by ADB's AAA credit rating, TSCFP provides loans and guarantees to more than 200 partner banks to support trade, creating opportunities for more enterprises across the Asia-Pacific region to engage import-export activities./.