Ho Chi Minh City, Vietnam, January 16,
2012—IFC, a member of the World Bank Group, has expanded a trade finance
line for LienVietPostBank, allowing the bank to further help small and
medium enterprises in Vietnam sustain import and export activities and
create jobs despite tighter global credit markets.
LienVietPost Bank's trade finance line
under IFC's Global Trade Finance Program has now quadrupled to $20 million.
Since joining the program in May 2011, LienVietPostBank has expanded its
trade-finance products to small and medium businesses in key export and
import sectors, particularly in the Mekong Delta.
“The initial modest trade line of $5
million was used up right after one month,”
said Nguyen Thi Thanh Son, LienVietPostBank’s
Deputy CEO. “We believe that the new expanded trade line will enable us
to satisfy the increasing demand of import – export enterprises in difficult
economic times and help LienVietPostBank gain a firm foothold in the global
Since its inception in 2005, IFC’s
award-winning program has issued more than 10,000 guarantees totaling $14.3
billion to banks on trade-related payment obligations of its financial
institution clients in emerging markets. The program extends and complements
the capacity of banks to deliver trade finance for importers and exporters
on a per-transaction basis in markets where trade lines may be limited.
LienVietPostBank is among more than 200 issuing banks in over 90 emerging
markets covered by the program.
“By complementing LienVietPostBank’s
capacity to deliver trade finance solutions, IFC is helping ensure continued
trade flows vital to enterprise growth despite liquidity constraints,”
said Aliou Maiga, IFC Financial Markets Manager for East Asia and the Pacific.
“LienVietPostBank's participation in our Global Trade Finance Program
marks the first steps of our partnership with the bank to expand access
to finance for small and medium enterprises in Vietnam, a key growth engine
for the economy.”
In fiscal year 2011, more than half
of the total volume of the program went to support trade in the world’s
poorest countries and nearly 80 percent went to small and medium enterprises.
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. We help developing countries achieve sustainable growth
by financing investment, providing advisory services to businesses and
governments, and mobilizing capital in the international financial markets.
In fiscal 2011, amid economic uncertainty across the globe, we helped our
clients create jobs, strengthen environmental performance, and contribute
to their local communities—all while driving our investments to an all-time
high of nearly $19 billion. For more information, visit www.ifc.org
LienVietPost Commercial Joint Stock
Bank, abbreviated as LienVietPostBank, received a banking license in 2008
and is one of Vietnam's newest banks. In 2011, the bank merged with Vietnam
Postal Savings Company and received exclusive rights to take deposits and
deploy services using VPSC's network of more than 11,000 branches and transaction
offices nationwide. This merger has put LienVietPostBank among the top
five banks with the largest network in Vietnam. For more information, visit