IFC has increased trade finance limits for VIB to USD144 Million

Vietnam International Bank (VIB) has been upgraded trade finance limit to USD 144 Million by IFC (a member of the World Bank Group) within the framework of the Global Trade Finance Program (GTFP).  Joining GTFP in 2011, VIB has been increasing the trade finance limit by IFC 5 times. Total disbursement amount for VIB via IFC’s guarantee in 2019 reached over USD120 million.

As formerly announced by IFC, this is a prompt initiative for Vietnamese banks including VIB to cope with granting trade financing difficulties and support local businesses, which may be affected by the COVID -19 outbreak.

“VIB welcomes this timely and meaningful initiative to cope with possible liquidity constraints and de-risking trends during this challenging period. IFC’s guarantee will help local banks significantly extend trade finance to more importers and exporters, some of which are credit-constrained and rely on bank trade facilities to manage cash flows and purchase raw inputs.” said Han Ngoc Vu, Chief Executive Officer, Member of the Board of Directors of Vietnam International Commercial Joint Stock Bank (VIB).

IFC's GTFP program helps domestic banks to expand and upgrade trade finance capacity of them for import-export businesses in emerging markets including Vietnam. With the grant from the program, VIB has effectively sponsored small and medium business in the field of import and export. The increase in IFC trade finance limit reaffirms VIB's capacity and reputation in accessing long-term funding from foreign partners to promote Vietnam's prior development goals. Previously, VIB was also honored by IFC as “Best GTFP issuing bank in East Asia and the Pacific 2017".