IFC, a member of the World Bank Group (WB), has provided a US$120 million trade finance facility to Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) so that the lender can help local companies increase their imports and exports, generate foreign exchange, and create jobs.
As part of IFC’s Global Trade Finance Programme (GTFP), this facility will improve VietinBank’s capacity to cover payment risk in granting trade financing to local companies, mostly small and medium enterprises. Since its launch in 2005, more than 500 banks from 150 countries have joined the programme, which aims to promote trade in emerging markets by linking up local financial institutions with major international banks and enable the local lenders to offer more competitive financing.
VietinBank is the country’s first state-owned commercial lender to join the trade finance programme, which was introduced in Vietnam in 2007. Since then, more than 570 guarantees have been issued by participating banks to support US$2.5 billion worth of trade finance, making Vietnam one of IFC’s top trade finance markets. In fiscal year 2013 (July 2012 – June 2013) alone, the programme has committed a record US$800 million to participating banks.
Q.C
Đăng ký: VietNam News
