ADB supports SMEs in VN
The Asian Development Bank (ADB)'s Trade Finance Program (TFP) is aimed at assisting Viet Nam and its businesses to expand trading opportunities, increasing competitiveness and promoting equitable growth with trade as a driving force, said head of Trade Finance Steven Beck.
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| Photo: VGP/Huy Thang |
Agreements were inked on May 24 between the ADB and leaders of
the An Binh Commercial Join Stock Bank (ABBANK) and the Tien Phong Commercial Joint Stock Bank (TPBANK) for a guaranty of US$50 million each year to support commercial activities, especially for Small and medium-sized enterprises (SMEs) in Viet Nam.
The cooperation with the TFP not only brings higher operation effectiveness but also helps banks to affirm its brand name and launch banking services, said General Director of the ABBANK Cu Anh Tuan.
General Director of the TPBANK Nguyen Hung affirmed that the guaranty of US$30 million, widespread network of the ADB and other financial institutions will bring huge opportunities for the TPBANK to expand its global partnership relations.
The guaranty of the ADB will be used to assist Viet Nam’s SMEs in contributing to the economic development.
The TFP has supported commercial activities worth US$8.2 billion through 5,824 transactions, including direct capital provision and guaranty in Viet Nam.
The program is now cooperating with 13 commercial banks in Viet Nam.
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