Vietnamese bank gets 150 million USD loan from IFC

A logo of VIB. (Photo courtesy of the bank)

Hanoi (VNS/VNA) – The Vietnam International Bank (VIB) has just completed the procedures for the disbursement of a 150 million USD loan from the International Finance Corporation (IFC), a member of the World Bank Group.

With a term of five years, the IFC-led loan aims to support VIB to boost its loan portfolio for individual customers who are looking to buy, build, and repair houses. Meanwhile, at least 30% of the disbursement value will be financed for home loans worth less than 35,000 USD.

Having established a partner relationship since 2011, IFC has provided VIB with many medium and long-term direct credit packages and hundreds of millions of USD worth of syndicated loans.

VIB is also one of the most active banks in the IFC's Global Trade Finance Programme with a trade finance limit of up to 144 million USD.

In 2021, total disbursement amount for VIB via IFC's guarantee in GTFP reached over 242 million USD, up 17% year-on-year. VIB has been honoured with prestigious awards six times within the framework of this programme - 2021 Fastest Growing Bank Partner in East Asia and the Pacific and 2019 Best Operations Bank in East Asia and the Pacific. 

“IFC is proud to support VIB with this loan which will help make more home loans available to low- and middle-income families. This will, in turn, boost the development of the housing sector, create more jobs and spur economic growth in the country,” said Allen Forlemu, IFC Regional Industry Director for Financial Institutions Group, Asia & Pacific. 

Han Ngoc Vu, CEO of VIB, said: “In the context of the global economy sending many warnings over a looming recession, the international capital market will also suffer certain impacts. IFC's continued disbursement of a loan with a term of up to 5 years to VIB continues to affirm VIB's prestige and capacity in the international capital market, as well as the trust of its partners for the bank."

"The capital from this new loan will be added to the bank's capital structure, used to better meeting customers’ demands and enhancing stability in the face of market fluctuations," he said.

In March, VIB also successfully mobilised a syndicated loan worth 260 million USD from the Asian Development Bank and some major banks in the region./.

VNA