VIB Appreciated in TFP Programme

The Trade Finance Facilitation Program (TFP) is the first region-wide programme undertaken by the Asian Development Bank (ADB) aiming to help banks in developing member countries to provide trade finance products to importers and exporters.

 

Vietnam International Bank (VIB) is one of the 10 issuing banks in Vietnam selected by ADB to finance credit lines in 2009. Through TFP, VIB issued letters of credit and letters of guarantee support Vietnamese importers of goods and equipment to settle payments through banks in France, Switzerland, the Netherlands, Germany, Belgium, Denmark, China and other nations which VIB had never had any credit relations before. Also through this programme, VIB has borrowed money from foreign TFP-member banks loans to refinance for companies to import goods, equipment and machinery to improve productivity and competitiveness.

 

The TFP programme, available throughout the VIB system since May 2009, is benefiting more than 120 companies. Customers are guaranteed by VIB to import such products as machinery, steel, and raw materials for textile industry, food processing and agriculture. After more than one year, VIB has guaranteed nearly 20 corporate customers which disbursed over US$30 million.