Recently, in Long Xuyen City, International Development & Investment Corporation (IDI), a member of Sao Mai Group, signed a strategic cooperation agreement with Vietnam Prosperity Bank (VPBank). Accordingly, VPBank will continue to fund VND670 billion to IDI in 12 months.
Before offering the financial package of VND670 billion to IDI, VPBank funded VND330 billion to this company. The pledged credit of VND670 billion from VPBank will be used to supplement IDI’s working capital for seafood processing. In addition to credit financing, VPBank also carried out service fee preference programmes on domestic and international money transfer, letter of credit (L/C) for export and import, foreign exchange services and cash management for IDI.
Speaking at the signing ceremony, Mr Fung Kai Jin, Deputy General Director and Head of Corporate Banking for Small and Medium Businesses at VPBank, said, "VPBank is one of a few lenders to have a professional division at the service of SMEs. With its profound profession, VPBank SME will look to provide perfect financial solutions to bring benefits for customers and support customers to achieve business goals. In addition, VPBank SME has boosted investment in personnel, products and systems to fulfil its commitment to long-term services the SME community.”
The cooperation agreement with IDI is one of key activities of VPBank in the last four months in the Mekong Delta where the bank looks to serve SMEs. For IDI, the strategic partnership with VPBank will enable IDI to have more abundant financial resources, enjoy high-quality services and rapidly meet investment demand for production and business expansion.
About IDI:
International Development & Investment Corporation (IDI) set up in 2003 in Lap Vo district, Dong Thap province. The company now has registered capital of more than VND983 billion and has over 3,500 employees. In 2005, IDI embarked on the construction of an industrial complex to locate its machinery to culture and process aquatic products and created value-added products. Added values of pangasius include fillet for export, fish oil processing, fish feed production and packaging production. In mid-2008, IDI started to export pangasius and became a Top 5 catfish exporter in Vietnam by the end of 2012 - the position it has gained till now. IDI’s products are now mainly for export. The company now has more than 150 customers in 50 countries and territories in the world. In 2014, its revenue grossed VND2,120 billion and was expected to reach VND3,012 billion in 2015.
About VPBank:
VPBank, founded in 1993 with more than 200 transaction offices nationwide now, harbours an ambition to become a Top 5 commercial bank in Vietnam in 2017. In 2015, VPBank was presented six prestigious awards by international institutions, including the “Best Bank for SME in Vietnam” by Asian Banking & Finance Magazine.
With the principle of adding forces for SMEs, VPBank is currently creating seven strategic areas and the Mekong Delta is a key region where rice and seafood are key products. The lender has seven customers service centres, serving 1,500 customers.
Quoc Hung
Vietnamese
