VIB named “Best Trade Partner Bank in East Asia and Pacific”

The award aimed to honour banks which made significant contributions in the GTFP, which helps to expand and improve local banks’ capacity of trade finance for exporters and importers in emerging markets, including Vietnam.

Previously, in January 2016, IFC raised the trade finance line of VIB to $120 million. Since joining the programme, this is the fourth time VIB has had its trade finance line raised, from an initial trade finance line of $15 million.

In 2015 alone, the total disbursement for VIB via IFC’s guarantees reached $161 million, up by 130 per cent compared to the previous year, while its total service fee increased by 34 per cent.

Vietnamese importers and exporters highly praise the bank’s innovative and dynamic support in providing trade finance products, which are well tailored to meet individual businesses. Besides, VIB has successfully connected and worked with more than 630 global banks to help hundreds of local importers and exporters in different sectors such as petroleum, metals, chemicals, food, agricultural products, etc to penetrate in potential markets worldwide.

“The award reflects IFC’s recognition of the achievements and success which we have obtained in financing the import and export sector in general and in the GTFP in particular during the past years. It encourages us to improve our capacity and enhance our reputation in the international market, helping our customers to expand their business, generate more incomes and more jobs as well,” said Han Ngoc Vu, chief executive officer of VIB.

“VIB has efficiently used up the entire trade finance line granted to facilitate local SMEs’ business, helping them increase their market share. It is also an important factor to enhance trade among SMEs, which then will boost economic growth and create jobs and foreign currencies. The award underscores IFC’s long-term commitment to fostering the development of the Vietnamese banking industry.” said Kyle Kelhofer, IFC regional manager for Vietnam, Laos and Cambodia.

In addition to IFC, VIB has also worked with the Asian Development Bank (ADB) and Netherlands Development Finance Company (FMO) under the Trade Finance Program (TFP). In 2015, VIB was awarded the title “Leading Partner Bank & SME Trade Bank in Vietnam” by ADB.