Foreign banks pour capital into Vietnam

August 12, 2020 | 09:31

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The International Finance Corporation (IFC), a member of the World Bank Group, announced on August 11 that it will provide a 70 million USD loan to Indo Trans Logistics Corporation (ITL Corp), with the aim of improving logistics, trade and competitiveness in Vietnam’s economy amid the COVID-19 pandemic.

Illustrative image (Photo: itlvn.com)

HCM City - The International Finance Corporation (IFC), a member of the World Bank Group, announced on August 11 that it will provide a 70 million USD loan to Indo Trans Logistics Corporation (ITL Corp), with the aim of improving logistics, trade and competitiveness in Vietnam’s economy amid the COVID-19 pandemic.

ITL Corp General Director Ben Anh said the IFC’s long-term loan and expertise will help the company improve the efficiency of its logistics system and expand portfolios to better serve customers.

Bac Giang LGG Garment Corporation, which specialises in personal protective suits, recently received a 63 billion VND (2.7 million USD) loan in a preferential credit package from Standard Chartered in support of Vietnam’s fight against the pandemic.

Standard Chartered launched the package in March for companies specialising in the production and distribution of pharmaceuticals and anti-pandemic products such as ventilators, medical masks, personal protective suits, and hand sanitiser.

General Director of Standard Chartered in Vietnam Nirukt Sapru said the lender wishes to join hands with LGG in the fight against COVID-19.

HSBC Bank Vietnam, meanwhile, became the first foreign bank to issue bonds in Vietnam recently, totalling 600 billion VND. Each bond, worth 100,000 VND, has a three-year maturity and an annual interest rate of 5.8 percent.

HSBC Vietnam General Director Tim Evans said the move marks the bank’s 150th anniversary in Vietnam and affirms its long-term commitment to the country.

It also plans to regularly issue bonds in Vietnam to contribute to the growth of local companies and the country’s capital market, he said.

VNA

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