… with Eight Viet Nam Banks to Boost Trade
Published on Asian Development Bank ADB, May 20, 2009.
MANILA, PHILIPPINES – The Asian Development Bank (ADB) is signing financing agreements with eight Vietnamese banks aimed at bolstering trade.
At a ceremony in Ha Noi, Viet Nam today, ADB signed pacts with Asia Commercial Bank, Military Bank, Saigon Thuong Tin Bank, Techcombank, Vietnam Bank for Agriculture and Rural Development, Vietnam Bank for Industry and Trade, Vietnam Export Import Bank, and Vietnam International Bank. ADB is expecting to sign similar agreements with two more Vietnamese banks shortly, taking the total number of participating Vietnamese banks to 10 …
… Viet Nam’s exports dropped by 19% on year in April to US$4.3 billion while imports tumbled 35% to $5.5 billion in the same time period, according to the Viet Nam government’s customs department. That left Viet Nam with a trade deficit of $1.2 billion in April after recording surpluses for the first three months of the year.
The agreements are part of ADB’s recently expanded $1 billion Trade Finance Facilitation Program (TFFP) that is expected to garner up to $15 billion in trade support in Asia by the end of 2013.
“Financing under the TFFP can be made available to both private firms and to state-owned enterprises. Viet Nam needs to promote trade to counter the adverse impact of the global economic slowdown. Through the TFFP and other assistance, ADB is committed to helping Viet Nam strengthen its resilience and to promoting its economic recovery,” said Ayumi Konishi, ADB’s Country Director for Viet Nam. (full text).