A photo of the signing ceremony. (Source: vpbank.com.vn)Hanoi (VNA) - The International Finance Corporation (IFC), theprivate equity arm of World Bank group, has sanctioned an additional 80 millionUSD credit package to Vietnam Prosperity Bank (VPBank).
With this, the total credit package to VPBank has topped 200 million USD in thepast eight months.
The package includes a syndicated loan worth 58 million USD with a five-yearterm, and trade finance support of 25 million USD. The goal is to step uplending to small- and medium-sized enterprises (SMEs), micro-scaled businesses,especially businesses run by women and import-export companies that want to tapinto international trade opportunities.
In 2016, IFC, Cathay United Bank (CUB) and VPBank signed a co-financed loan of 125million USD.
SMEs and micro-scaled businesses make up more than 90 percent of the country’stotal firms, and play an important role, contributing to economic growth and tojob creation.
However, most of these companies have difficulty getting bank loans. The IFC’strade finance through VPBank is expected to provide valuable supports to SMEs.
VPBank has used the 125 million USD credit package to provide active support toprojects with commitments towards environmental protection and social benefits.
“The IFC is one of the world’s largest financial institutions focusing onoffering support to the private economic sector in developing countries. It hasfollowed international principles in credit assessment and approval as well asin choosing partners based on their administration, business strategies,financial healthiness and environmental protection commitments,” said Nguyen DucVinh, VPBank General Director.
Vinh said the IFC’s decision to increase its trade finance to VPBank has shownits trust in the bank’s contributions to the development of the Vietnamesebusiness community, especially SMEs and micro firms.
The bank’s integrated financial report in 2016 showed that its total assetswere nearly 226 trillion VND, posting a 16.5 percent year-on-year increase. Itspre-tax profit was 4.9 trillion VND, a record high level since itsestablishment. The results made it one of the banks with the most effectiveoperations last year.
In 2016, its total capital mobilisation was 172 trillion VND, a 13 percent risefrom the previous year.
The State Bank of Vietnam has also allowed VPBank to increase its chartercapital from around 9.18 trillion VND to 10.7 trillion VND. The additionalcharter capital will be used for its business operations, investments inconstruction and for buying fixed assets under the current laws andregulations.-VNA
With this, the total credit package to VPBank has topped 200 million USD in thepast eight months.
The package includes a syndicated loan worth 58 million USD with a five-yearterm, and trade finance support of 25 million USD. The goal is to step uplending to small- and medium-sized enterprises (SMEs), micro-scaled businesses,especially businesses run by women and import-export companies that want to tapinto international trade opportunities.
In 2016, IFC, Cathay United Bank (CUB) and VPBank signed a co-financed loan of 125million USD.
SMEs and micro-scaled businesses make up more than 90 percent of the country’stotal firms, and play an important role, contributing to economic growth and tojob creation.
However, most of these companies have difficulty getting bank loans. The IFC’strade finance through VPBank is expected to provide valuable supports to SMEs.
VPBank has used the 125 million USD credit package to provide active support toprojects with commitments towards environmental protection and social benefits.
“The IFC is one of the world’s largest financial institutions focusing onoffering support to the private economic sector in developing countries. It hasfollowed international principles in credit assessment and approval as well asin choosing partners based on their administration, business strategies,financial healthiness and environmental protection commitments,” said Nguyen DucVinh, VPBank General Director.
Vinh said the IFC’s decision to increase its trade finance to VPBank has shownits trust in the bank’s contributions to the development of the Vietnamesebusiness community, especially SMEs and micro firms.
The bank’s integrated financial report in 2016 showed that its total assetswere nearly 226 trillion VND, posting a 16.5 percent year-on-year increase. Itspre-tax profit was 4.9 trillion VND, a record high level since itsestablishment. The results made it one of the banks with the most effectiveoperations last year.
In 2016, its total capital mobilisation was 172 trillion VND, a 13 percent risefrom the previous year.
The State Bank of Vietnam has also allowed VPBank to increase its chartercapital from around 9.18 trillion VND to 10.7 trillion VND. The additionalcharter capital will be used for its business operations, investments inconstruction and for buying fixed assets under the current laws andregulations.-VNA
VNA
