ADB supports SHB in pre-shipment, post-shipment trade transactions
VGP - The Asian Development Bank (ADB) and the Sai Gon-Ha Noi Commercial Joint Stock Bank (SHB) on February 21 signed a Revolving Credit Agreement (RCA), which allows ADB’s Trade Finance Program (TFP) to provide a US$20 million direct loan to SHB to support pre-shipment and post-shipment trade transactions.
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SHB became a partner bank in ADB’s TFP in early 2016. In less than 12 months, TFP has supported a total of 25 SHB transactions worth over US$160 million. The revolving credit facility is TFP’s second agreement with SHB.
SHB is one of the largest commercial banks in Viet Nam with total assets of more than VND 215 trillion, about 7,000 employees, and an extensive network of nearly 500 outlets in Viet Nam, the Lao People’s Democratic Republic, and Cambodia. SHB serves nearly four million individual customers and businesses.
The TFP has been operating in Viet Nam since 2009 and currently works with 11 local partner banks. To date, the program has conducted 5,262 transactions, supporting US$7.8 billion in trade in Viet Nam, mostly benefitting small and medium-sized enterprises.
Since 2009, TFP has supported more than 9,200 small and medium-sized businesses across developing Asia through over 13,000 transactions valued at over US$25.5 billion in sectors ranging from commodities and capital goods, to medical supplies and consumer goods.
By Thuy Dung
