Modern Australian
Men's Weekly

.

IFC and HDBank have strategic cooperation, supporting to scale up finance for small and medium enterprises and participation in the global supply chains, including high-tech agricultural chain

HO CHI MINH CITY, VIETNAM - Media OutReach - 12 May 2022 - On May 11, IFC and Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) have signed a Memorandum of Understanding (MoU) to become strategic partners, supporting small and medium enterprises (SMEs) to scale up finance and participate in the global supply chains, including financing the high-tech agricultural chain.




Stephanie von Friedeburg – IFC's Senior Executive Vice President (second from left) and Tran Hoai Nam – HDBank's Deputy General Director (first from right) hand over the signing document under the witness of Viet Nam's Prime Minister Pham Minh Chinh (second from right).

The event took place on the occasion of the visit to the United States of America of the Prime Minister of the Socialist Republic of Vietnam Pham Minh Chinh, who leading the Vietnamese delegation to attend the US – ASEAN Special Summit in Washington D.C (USA).

This cooperation is expected to help HDBank build its supply chain finance (SCF) portfolio of USD1 billion in the next 3 years; Accordingly growing its SCF portfolio – currently active in construction materials, agribusinesses sector, FMCG as well as supporting industries and downstream petroleum distribution.

IFC will assist HDBank to design an SCF strategy for agricultural sector, broaden its SCF products – especially supplier and distributor financing – and bring on board anchor firms along with their suppliers and distributors, among others.

"SCF that links buyers, suppliers, and financial institutions will efficiently support the trade cycles. IFC's timely support will enable local businesses to leverage emerging trade opportunities and improve their linkages to formal supply chains, contributing to Vietnam's economic growth," said Mr. Pham Quoc Thanh, HDBank's CEO.

"Small and medium enterprises are the backbone of the economy and being essential to Vietnam's goal of becoming a manufacturing hub in the region", said Stephanie von Friedeburg, Senior Vice President, Operations at IFC. "IFC's supports to domestic financial institutions as HDBank will contribute to increase SMEs' linkages with the global supply chains and open up the opportunities for development and job creation."

Previously, on April 14, 2022, IFC granted HDBank a trade finance limit of USD 40 million within the framework of the Global Trade Finance Program (GTFP) to enhance payment risk guarantee capacity in trade finance for domestic enterprises, mainly SMEs.

In 2021, IFC provided a long-term loan of USD70 million to HDBank to support renewable energy business. IFC also subscribed USD95 million to international convertible bond issued by HDBank to support increased lending to micro, small and medium enterprises. Currently, the total value of commitments and cooperation between IFC and HDBank has reached more than USD200 million and continuously increasing and developing in the coming time.

#HDBank

The issuer is solely responsible for the content of this announcement.

How to Choose the Right First Aid Kit for Your Workplace

Ever walked past your workplace first aid kit and wondered if that dusty box actually contains what you'd need in a real emergency? We know that fee...

The Role of Mining Equipment Suppliers in the Industry

Mining is one of the most essential industries, driving the global economy by providing raw materials for manufacturing, energy production, and infr...

From White Belt To Warrior: How To Train Your Body For BJJ Endurance

Brazilian Jiu-Jitsu (BJJ) is as much a mental chess match as it is a physical grind. Whether you’re new to the mats or prepping for high-level com...

Driving After Brain Injury: Common Challenges and How To Overcome Them.

Suffering a traumatic brain injury (TBI) can drastically influence a person's ability to drive safely. For many, driving represents independence, bu...

The Psychology of Stepping Up: Why We Avoid Helping—and How to Fix That

Most of us like to think of ourselves as kind, helpful people. We imagine that if someone needed assistance—especially in an emergency—we’d st...

Cross-Continental Collaboration: Nutifood and Viplus Dairy to Create Australian- Standard Premium Dairy Brand

Vietnam’s Nutifood has officially entered a strategic partnership with ViPlus Dairy, a heritage-rich dairy manufacturer with over 130 years of ex...

Commercial Plastering Can Boost Your Business Appeal

In business, appearances matter. The way your space looks sets the tone for how clients, customers, and even your staff perceive your brand. A well-...

How to Transfer Registration When You Buy a Used Car in Brisbane

Purchasing a second-hand car can be a thrilling experience, but there's more to it than simply handing over the cash and driving off. One very impor...

Expert Tips for Comparing Budget Movers and Energy Providers For a Modern Apartment

Starting a new life in a modern apartment can be a challenging yet exciting step. While moving into a modern apartment, people always need reliable ...

Slowing Down in Nature: My Experience on Orchid Classic Cruise in Lan Ha Bay

Why Orchid Classic is a Top Choice for Lan Ha Bay Lan Ha Bay, a hidden gem adjacent to the more famous Ha Long Bay, offers travelers a quieter and ...

Your Next Travel Essential? Why Aussies Love Lightweight Electric Wheelchairs

Planning for a trip or just getting around town? A lightweight electric wheelchair could be your perfect travel mate. Whether it’s a stroll throug...

Australian Study Woes – What is a Confirmation of Enrolment?

Recent changes to Australian study visas are altering the landscape for international students who want to learn and work on our shores.  To secur...

Metal lockers vs. wooden lockers: which is better?

Lockers—the ultimate background hero of the workplace. They might not have the flashiness of that overpriced espresso machine in the break room, b...

Invisalign Treatment: What Your Dentist Wants You to Know

When straightening the teeth, out-of-date metal braces are no longer the only option. Nowadays, Invisalign is among the most highly sought-after alt...

The Best Nail Art for Short Nails

Short nails often get overlooked in the world of nail art, but they’re actually the perfect canvas for stylish, sophisticated designs. Whether you...

How Much Does a Skip Bin Cost? Skip Bin Prices, Sizes & What Influences the Price

Regardless of whether you're renovating a house. You are tidying up your backyard, or running a construction site. Chances are you'll require a skip...

Panoramic Elevators: Combining Functionality with Aesthetic Appeal

In the evolving world of building design, the demand for architectural features that are both practical and visually striking continues to rise. One...

No Dig, No Drama: Sydney Pipe Relining Explained

You know that feeling when water starts pooling where it shouldn't? Or received a quote for pipe repairs that made your eyes water? Let's chat about...