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IFC raises trade finance limit in LienVietPostBank
International Finance Corporation (IFC), a member of the World Bank, has decided to raise the trade finance limit in Lien Viet Post Commercial Bank from $5 million to $20 million.
The new raised finance limit will allow the bank to help small and medium enterprises in Vietnam to sustain import and export trade activities and create jobs, despite a tight global credit market.
IFC's award-winning programme has issued more than 10,000 guarantees to banks totalling $14.3 billion for trade-related payment obligations to its financial institution clients in emerging markets.
Since joining the programme in May 2011, Lien Viet Post Bank has expanded its trade and financial facilities to assist small and medium businesses in key export and import sectors, particularly in the Mekong Delta.
LienVietPostBank is one amongst 200 banks in 90 developing countries taking part in the Global Trade Finance Programme (GTFP). Under GTFP, the IFC is supporting growth and development of Vietnamese small and medium enterprises (SMEs).
Established in 2008, Lien Viet Post Bank now has a total chartered capital of VND5.65 trillion and total assets of VND40 trillion. The bank has so far posted a steady uptrend in its trade finance revenue. In 2010, the bank financed exports worth $84.6 million and imports of up to $224.4 million.
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