ADB Supports Seabank to Expand Trade Finance in Viet Nam
New Delhi: 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 Viet Nam by providing loans and other credit facilities.
ADB will provide guarantees and revolving loans to help SeABank build relationships with global commercial banks. TSCFP now works with 14 commercial banks in Viet Nam.
“This further demonstrates our commitment to supporting trade in Viet Nam,” said Investment Specialist and Relationship Manager at ADB’s Trade and Supply Chain Finance Program Can Sutken. “We are delighted to team with SeABank to support its many small- and medium-sized enterprise (SME) customers.”
“The TSCFP program will help SeABank to develop trade finance activities to serve customers, especially SMEs,” said General Director of SeABank Le Thu Thuy. “We are committed to the most effective use of capital to support enterprises om Viet Nam, especially SMEs and their supply chains, thereby contributing to economic development and job creation.”
Since 2004, TFSCP has supported $13.5 billion in commercial activities through 13,530 transactions covering both guarantee and direct funding in Viet Nam, 63% of them related to SMEs. Since 2009 the program has supported approximately 20,000 SMEs in developing 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 import and export opportunities for enterprises across Asia and the Pacific.
Established in 1994, SeABank is one of the leading joint stock commercial banks in Viet Nam with nearly 1.3 million customers, more than 4,000 employees and nearly 170 transaction points nationwide.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.