IFC, TPBank sign deal on US$100 million loan
Wednesday, July 11,2018AsemconnectVietnam - The International Finance Corporation (IFC) and Tien Phong Commercial Joint Stock Bank (TPBank) have inked a deal under which the IFC will provide a syndicated loan of US$100 million to help TPBank extend long-term funding to mirco-, small- and medium-sized enterprises (MSMEs), and individual borrowers through digital delivery channels.
It is expected to create between 35,000 and 56,000 jobs over the next five years.
A lack of financial access is one of the key challenges for MSMEs, which employ about 77% of Vietnam’s labour force and contribute to around 41% of the country’s GDP.
According to the IFC - the financial arm of the World Bank (WB) - about 70% of MSMEs have financing needs, resulting in a US$23.6 billion gap, equivalent to 12% of GDP.
The IFC’s long-term funding commitment will enable TPBank to double its MSME portfolio over the next five years, providing more than US$1.8 billion in about 46,000 loans by 2022. Notably, up to 65% of the transactions will be made digitally.
The much-needed syndicated funding from the IFC and international lenders will help TPBank to implement a long-term digital strategy to capture the digital demographic growth opportunity and increase its reach to the unbanked and under-served segment, said TPBank CEO Nguyen Hung.
The syndicated facility is expected to have a catalytic impact for the Vietnamese banking sector, which is at a key juncture of mobilising long-term private funding needed to support the country’s key development goals of developing SMEs and creating jobs, said Kyle Kelhofer, IFC Country Manager for Vietnam, Cambodia and Laos.
The IFC-TPBank partnership started in early 2016 and has expanded over the years, allowing the bank to help more local companies increase trade, generate revenues and create employment opportunities.
Dabaco Vietnam (DBC): Record loss of VND320.73 billion in Q1/2023
Vingroup (VIC) reached VND4,264 billion consolidated pre-tax profit in Q1/2023, up 121% yoy
MBBank (MBB) will increase capital to VND53,683 billion
Ha Do (HDG) estimated to reach VND250 billion profit after tax in Q1/2023
PNJ achieved VND749 billion profit after tax in Q1/2023
VietinBank will increase charter capital to VND60,387 billion or over VND66,000 billion
KienlongBank (KLB) aims to reach VND700 billion pre-tax profit in 2023
Bao Viet Securities (BVSC) target VND155.7 billion profit after tax in 2023
Vincom Retail (VRE) recorded VND1,024 billion consolidated profit after tax in Q1/2023
TPBank (TPB): Profit before tax reached VND1,765 billion in Q1/2023, up nearly 9% yoy
Vinhomes (VHM) recorded VND11,923 billion profit after tax in Q1/2023
Bao Minh (BMI) sets profit target of VND375 billion in 2023
FPT Securities (FTS) pays 5% cash dividend and 10% stock bonus
PV Drilling (PVD) sets profit target of VND100 billion in 2023
Plan on implementing national strategy on climate change ...
Actively and effectively adapting, reducing vulnerability, loss and damage due to climate change; reduce greenhouse gas emissions ...Scheme on attracting, restructuring and improving quality ...
Urban development plan of Binh Phuoc province in a period ...
Plan on implementing Decision No. 327/QD-TTG dated March ...
Hung Kings Temple Festival 2023 kicks off
The Hung Kings Temple Festival 2023 and the Culture and Tourism Week of Ancestral Land 2023 kicked off in the northern province of Phu Tho ...Vietnam trounce Palestine at AFC U-17 Women's Asian ...
Phu Tho: Festival honours UNESCO intangible cultural ...
Saigontourist Group Food and Culture Festival 2023 opens
Vietnam’s top swimmer Huy Hoang to hold Vietnamese flag at ...