09:52 | 07/03/2016 Economy
The Asian Development Bank (ADB)’s Trade Finance Programme will provide the Ho Chi Minh City Development Joint Stock Bank (HDBank) and the Saigon-Hanoi Commercial Joint Stock Bank (SHB) with guarantees of up to 100 million USD a year to support trade activities in Vietnam.
The signing ceremony was held on March 2 (Photo:VNA)
Agreements to this effect were signed between the programme and its two Vietnamese partners in Hanoi on March 2.
Accordingly, ADB and its new Vietnamese bank partners will support exporting and importing companies, including small and medium-sized enterprises, thus helping boost economic growth and create jobs, said Steven Beck, ADB’s head of trade finance.
The deals raised the number of Vietnamese banks involving in the programme to 11, said Eric Sidwig, ADB Country Director in Vietnam .
Since 2009, the programme has conducted over 4,300 transactions, supporting 6.5 billion USD in trade in Vietnam , he said.
Backed by ADB's AAA credit rating, the Trade Finance Programme provides guarantees and loans to over 200 partner banks to support trade, enabling more companies throughout Asia to engage in import and export activities.
With dedicated trade finance specialists and a response time of 24 hours, the programme has established itself as a key partner in the international trade community, providing fast, reliable, and responsive support to fill gaps in the region’s most challenging markets.
Since 2009, the programme has supported more than 6,000 small and medium-sized enterprises across the region, through about 10,000 transactions valued at over 20 billion USD, in sectors ranging from commodities and capital goods, to medical supplies and consumer goods./.