VIB's logo.— Photo courtesy of the bank

Vietnam International Bank (VIB) has had the trade finance limit upgraded to US$144 million by IFC, a member of the World Bank Group within the framework of the Global Trade Finance Program (GTFP).

"IFC’s guarantee will help local banks significantly extend trade finance to more importers and exporters, some of which are credit-constrained and rely on bank trade facilities to manage cash flows and purchase raw inputs,” said VIB Chief Executive Officer Han Ngoc Vu.

Joining GTFP in 2011, VIB has had the trade finance limit increased by IFC five times. Total disbursement for VIB via IFC’s guarantee in 2019 reached over $120 million. That helped the bank effectively sponsor small- and medium-sized businesses operating in the fields of import and export.

The increase in the IFC trade finance limit reaffirms VIB's capacity and reputation in accessing long-term funding from foreign partners to promote Viet Nam's development goals, the bank said in a statement.

Previously in 2017, VIB was honoured by IFC as the best GTFP-issuing bank in East Asia and the Pacific. — VNS