The International Finance Corporation (IFC) has granted a US$10mn loan to Vietnam’s Orient Commercial Joint Stock Bank to increase US dollar financing for small exporters.

This is the IFC’s second loan in support of small Vietnamese exporters under its Vietnam small and medium enterprises (SME) liquidity Facility programme, after extending a US$30mn instalment to Techcombank at the end of June.

Orient Commercial Bank’s acting CEO Nguyen Dinh Tung says: “As small and medium businesses are our key clients, we are committed to expanding our lending in this market. Participating in IFC’s Vietnam [SME] liquidity programme will allow us to provide US dollar financing for small exporters and importers, helping them improve their operations to withstand a global economic slowdown.”

Over the last five years, the IFC has provided more than US$1bn to support small and medium importers and exporters in Vietnam through its Global Trade Finance Programme.

Simon Andrews, IFC’s regional manager for Vietnam, Thailand, Cambodia, and Laos, adds: “We expect to have more partner banks participating in this programme, creating more opportunities for importers and exporters and other businesses along the supply chain.”