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IFC and Japan Train Vietnamese Banks to Strengthen Trade Finance


In Hong Kong:
Andrew Mak

Phone: +852 2509 8110

E-mail:
AMak@ifc.org

In Washington, D.C.:

Lotte Pang
Phone: + 1 202 458 0952

E-mail:
LPang@ifc.org


Hanoi, Vietnam, November 4, 2008—IFC, a member of the World Bank Group, is helping train banks in Vietnam on how to mitigate risks associated with trade finance, which could improve the banks’ ability to assist local entrepreneurs and small businesses amid turmoil in global financial markets.

In cooperation with the government of Japan, IFC is hosting a seminar in Hanoi, Vietnam, that will bring together local banks that focus on international trade. The seminar began Monday and ends Friday, November 7. It includes sessions on documentary credit, trade finance rules, guarantee instruments, and the process of applying IFC guarantees to various financing structures.


Serge Devieux, IFC Senior Manager for East Asia and Pacific, Global Financial Markets, said, “The training program aims to upgrade the trade finance operational skills of local banks. In these times of tight global liquidity, these skills will allow bankers in Vietnam to optimize trade financing opportunities.”


The seminar was organized with the assistance of the Bank Training and Consultancy Company, an organization that focuses on developing the banking industry. The company was originally established by a group of joint-stock banks with support from IFC and other development partners.


Tomohiro Fujiyama, First Secretary at the Embassy of Japan in Hanoi, said, “We are delighted to support IFC’s trade finance training in Hanoi. We believe that this will enable Vietnamese banks to expand and improve their trade finance offerings to small and midsize exporters and importers, as well as promote more trade between Vietnam and other countries.”


Launched in 2005, the IFC Global Trade Finance Program supports trade with emerging markets worldwide. It aims to increase developing countries’ share of global trade and promote South-South flows of goods and services. Globally, the program has provided more than $3.1 billion worth of guarantees to 153 issuing banks in 63 countries, where more than 74 percent are issued for small and medium enterprises. It has also delivered 42 trade finance training courses reaching 734 bankers from 47 countries worldwide.


About IFC

IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit
www.ifc.org.