Standard Chartered gives Duy Tan Plastics $1.5m loan to support COVID-19 response

Saturday, Nov 07, 2020 09:09

Duy Tan Plastics Corporation is set to expand production of plastic bottles for supply to sanitiser manufacturers using a credit facility from Standard Chartered Bank. Photo courtesy of Standard Chartered Bank

Standard Chartered Bank has extended to Duy Tan Plastics Corporation, a leading plastics manufacturer, a credit limit of VND35 billion (US$1.5 million) as working capital to expand the production of plastic bottles it supplies to sanitiser manufacturers.

The bank said on November 5 that the company tapped the bank’s US$1 billion COVID-19 financing commitment to help companies tackle the pandemic.

“Since the beginning of the COVID-19 outbreak, we have been working closely with our clients and stakeholders to tackle the virus and restore economic activity,” Nirukt Sapru, the bank’s CEO, Viet Nam and ASEAN & South Asia cluster markets, said.

“The loan extension to Duy Tan Plastics is part of our ongoing commitment to help more Vietnamese companies benefit from our global US$1 billion financing programme and contribute to the international effort to curb the pandemic.”

Le Anh, deputy CEO of Duy Tan Plastics, said his company could play an active role in the fight against the virus by leveraging its manufacturing capabilities.

It had been supporting production of COVID-19 preventive products, he said.

“The credit facility from Standard Chartered will enable us to meet the increasing demand for plastic bottles from sanitiser manufacturers, thus making sanitisers available to more people.”

This drawdown by Duy Tan Plastics follows recent disbursals from the programme in Viet Nam, Uganda, Kenya, Malaysia, Sri Lanka, the US, and China.

The bank unveiled the programme to provide financing on a non-profit basis in March.

Products and services being financed under the programme include diagnostic equipment and ventilators, masks and other personal protective equipment, antiviral medicines, and conversion into emergency facilities. —VNS

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