IFC award in recognition of bank's success in trade finance.
The International Finance Corporation (IFC), a member of the World Bank Group, has named Vietnam International Bank (VIB) as “Best Trade Partner Bank in East Asia and Pacific” under the global trade finance program (GTFP). The reputable award aims to honor banks that have made significant contributions to GTFP, a program that helps to expand and improve local banks’ capacity in trade finance for exporters and importers in emerging markets, including Vietnam.
IFC expanded its trade finance line for VIB to $120 million in January, the fourth time VIB has had its finance line expanded since joining the program, from an initial $15 million. In 2015 total disbursement by VIB via IFC guarantees reached $161 million, up 130 per cent compared to 2014, while its total service fees increased 34 per cent. Vietnamese importers and exporters have highly praised the bank’s innovative and dynamic support in providing trade finance products, which are well tailored to meet individual businesses. VIB has also 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, and agricultural products penetrate into potential markets worldwide.
“The award reflects the IFC’s recognition of the achievements and success that we have obtained in financing the import and export sector in general and in the GTFP in particular during recent years,” said Mr. Han Ngoc Vu, VIB’s CEO. “This is the basis for VIB continuing to connect and work with 630 banks globally. It also encourages us to further improve our capacity and enhance our reputation in the international market, helping our customers to expand their business and generate more income and more jobs as well.”
“VIB has efficiently used the entire trade finance line to facilitate local SMEs’ business, helping them increase their market share,” said Mr. Kyle Kelhofer, IFC Regional Manager for Vietnam, Laos and Cambodia. “It is also an important factor in enhancing trade among SMEs, which then boosts economic growth and creates jobs and foreign currency reserves. The award underscores IFC’s long-term commitment to fostering the development of Vietnam’s banking industry.”