HSBC’s fund welcomes its first Vietnamese business – Nguyen Hoang Group. (Photo: VietnamPlus) Hanoi (VNA) - Vietnam has become the newest market financed by HSBC’s Female Entrepreneur Fund, which targets the provision of 1 billion USD in funding for eligible female business founders worldwide.
The bank debuted the support fund in Vietnam on August 9 after it was successfully introduced in ten other markets worldwide.
With the Female Entrepreneur Fund, HSBC Vietnam aims to cooperate with women, many of whom have been valued HSBC customers for years, to foster and support female entrepreneurship in Vietnam.
It is expected to enable Vietnamese female business owners to access an extensive international network and join international – standard upskilling masterclasses.
Women in Vietnam have risen to the height of corporate leadership and many are leading global entrepreneurs. They are shining examples of the country’s success. However, some research shows that whether in Vietnam or elsewhere, women suffer from financial biases and have unequal access to funding.
According to the head of Commercial Banking, South and Southeast Asia at HSBC, Amanda Murphy, access to funding is one of the largest hurdles for female business leaders in Vietnam and many other countries. There is much to do as the COVID-19 pandemic has had a negative effect on female-led businesses.
“Breaking down the barriers faced by female entrepreneurs and providing the infrastructure and support to help them scale and grow their businesses are critical in addressing these challenges. Deal by deal, though, we’re breaking the bias and leveling the playing field,” she added.
The fund has already welcomed its very first Vietnamese business, Nguyen Hoang Investment Development Corporation, or Nguyen Hoang Group, a world-class international education service provider.
HSBC Vietnam recently signed a deal to provide the Ho Chi Minh City-based corporation with a financing package from the international fund. The deal’s value was not disclosed due to confidentiality.
HSBC Vietnam acted as the mandated lead arranger and bookrunner in the deal.
The company will use the funding for the expansion and construction of selected educational projects across Vietnam, providing higher quality education to Vietnamese students, and training high-quality human resources for the socio-economic development of Vietnam.
Speaking at the signing ceremony for strategic partnership Hoang Thi Le Trinh, deputy CEO of Nguyen Hoang Group, said, “I believe this is just the beginning of the cooperation between HSBC and Nguyen Hoang, which will definitely help both organizations to go further in the future.”
| The Female Entrepreneur Fund of 1 billion USD is more than just a source of capital investment for female owned enterprises. HSBC said it wants to build a true partnership with the business owners who could help them take their business to the next level and fully realise their personal ambitions. |
