The banks include Asia Commercial Bank, Military Bank, Saigon Thuong Tin Bank, Techcombank, Vietnam Bank for Agriculture and Rural Development, Vietnam Bank for Industry and Trade, Vietnam Export Import Bank, and Vietnam International Bank. ADB is expecting to sign similar agreements with two more Vietnamese banks shortly.
Philip Erquiaga, Director General of ADB’s Private Sector Operations Department, said: “Credit for trade financing has declined everywhere, including in Viet Nam. These agreements will have ADB work with Vietnamese banks to support local companies doing international trade. That will, in turn, help keep people in jobs.”
Ayumi Konishi, ADB’s Country Director for Viet Nam, said: Financing under the TFFP can be made available to both private firms and to state-owned enterprises. Viet Nam needs to promote trade to counter the adverse impact of the global economic slowdown. Through the TFFP and other assistance, ADB is committed to helping Viet Nam strengthen its resilience and to promoting its economic recovery.
