The IFC has lent a US$20mn-equivalent loan to Technological and Commercial Bank (Techcombank) to help support small and medium-sized enterprises (SMEs) to improve the sector's access to finance in Vietnam.
As well as the long-term local currency loan, IFC will provide Techcombank with a trade finance facility of US$10mn, and advisory services for small businesses. The trade finance portion is part of the IFC's global trade finance programme.
"We now serve more than 20,000 SMEs, which make up about 65% of our outstanding loans. SME banking will continue to be the main focus of our strategy. We provide a package of financial products and services to best meet their demands. These range from traditional products like working capital financing, trade financing, payments, and account services to more advanced products such as factoring, logistic financing, and supply-chain financing,” comments Luu Thi Anh Xuan, vice president of Techcombank.
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