IFC raises trade finance limits to help Vietnamese businesses deal with challenges from the COVID-19 outbreak The spread of COVID-19 has caused business disruptions in Vietnam since the first case was announced in late January. Apart from a fall in tourism and associated services, the epidemic has affected cross-border trade, impacting manufacturing, agribusiness, and other sectors. In response, IFC is supporting Vietnamese businesses by increasing trade limits for four client commercial banks, including An Binh Commercial Joint Stock Bank, TienPhong Commercial Joint Stock Bank, Vietnam International Commercial Joint Stock Bank, and Vietnam Prosperity Joint Stock Commercial Bank. The increased total limit of $294 million will enable these banks to improve their capacity to cover payment risks in granting trade financing to local companies, mostly small- and medium-sized enterprises. “VIB welcomes this timely and meaningful initiative to cope with possible liquidity constraints and de-risking trends during this challenging period,” said Han Ngoc Vu, CEO cum member of the Board of Directors of Vietnam International Commercial Joint Stock Bank (VIB). “IFC’s guarantee will help local banks significantly extend trade finance to more importers and exporters, some of whom are credit-constrained and rely on bank trade facilities to manage cash flows and purchase… Read full this story
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