Standard Chartered Vietnam on Monday announced that Garment 10 Joint Stock Company (Garco 10) has become the latest to make a drawdown from the bank’s US$1 billion COVID-19 financing commitment.

Earlier, the bank in March gave its commitment to provide not-for-profit financing to companies that provide goods and services to help combat the pandemic. The bank extended Garco 10 a credit limit of VND100 billion ($4.3 million) as working capital for the production of medical and cloth masks to meet the increasing global demand for personal protective equipment (PPE).

Garco 10 is one of the largest companies in Viet Nam's textile and garment sector. The company has added medical and cloth masks production to its product lines since early 2020 in response to the growing health threats posed by the pandemic.

Nirukt Sapru, CEO, Vietnam and ASEAN & South Asia Cluster Markets, Standard Chartered Bank, said: “The support for Garco 10 underscores our ongoing commitment to support local businesses in the pandemic response.”

Garco 10 CEO Than Duc Viet said: “Amid the unprecedented health concern caused by the COVID-19 pandemic, the provision of high-quality PPE is integral to safeguarding people’s health and safety. As we work hard to respond to this urgent global need, we are pleased to have received Standard Chartered’s support to strengthen our funding for the production of medical and cloth masks.”

Companies within the scope of this financing commitment include manufacturers and distributors in the pharmaceutical industry and healthcare providers, as well as non-medical companies that offer products including ventilators, face masks, protective equipment, sanitisers and other consumables. Organisations from other sectors that are planning to add manufacturing capabilities for such products are also eligible to apply for the programme. — VNS