OPEC Fund provides US$50 million to SeABank to boost small business and climate finance in Viet Nam

The loan will help SeABank increase lending to micro, small and medium-sized enterprises (MSMEs), which account for around half of employment in Viet Nam but continue to face a significant financing gap. Part of the OPEC Fund’s funding will also support investments in energy efficiency, green buildings, rooftop solar and electric mobility.

OPEC Fund President Abdulhamid Alkhalifa said: “Small businesses are central to Viet Nam’s economy and an important source of jobs and growth. This financing will help more companies access the capital they need to invest and expand, while supporting practical climate solutions that can strengthen competitiveness and resilience.”

The new loan agreement strengthens the partnership between SeABank and the OPEC Fund that began in 2022 with a first loan in support of local SMEs, including women-owned businesses, as well as climate projects.

Le Thu Thuy, SeABank’s Vice Chairwoman of the Board of Directors, said: “This financing marks an important milestone in our partnership with the OPEC Fund, reinforcing SeABank's commitment to inclusive and sustainable growth. It also advances our role as a financial intermediary in mobilizing and channeling international capital to support Viet Nam's sustainable development priorities.”

About the OPEC Fund

The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$32 billion to development projects in over 125 countries. These projects represent a total value exceeding US$240 billion, equivalent to approximately US$7.50 mobilized for every US$1 committed by the OPEC Fund. The OPEC Fund is rated AA+/Outlook Positive by Fitch and AA+, Outlook Stable by S&P. Our vision is a world where sustainable development is a reality for all.

About SeABank

Established in 1994, Southeast Asia Commercial Joint Stock Bank (SeABank) is one of Viet Nam’s leading commercial joint stock banks, with over 5,300 employees serving more than 4 million customers through a nationwide network of 181 branches and transaction offices. Guided by its vision of becoming a leading retail bank, SeABank pursues a customer-centric strategy, offering a diverse range of financial products and services to retail customers, SMEs, and large corporates. SeABank is among the systemically important banks in Viet Nam, with a charter capital of VND 34.288 trillion. The bank has maintained Ba3 ratings from Moody’s across key categories for consecutive years and is among the pioneering banks in Viet Nam to implement Basel III international risk management standards.

Under its “Digital Convergence” strategy, SeABank is focused on digitizing products and services, leveraging technology across its operations, and investing in modern technology infrastructure. These efforts aim to optimize operational efficiency, enhance customers’ digital banking experience, and support the bank’s goal to become the favorite retail bank in Viet Nam.