RELEASED DATE 22 Dec 2020
The USD5 million “Covid-19 relief for women-led small and medium-sized enterprises” project funded by the Women Entrepreneurs Finance Initiative (We-Fi) aims to incentivize participating banks in Vietnam to restructure existing loans or extend new loans to at least 500 women-led small and medium-sized enterprises (WSMEs) whose access to finance has been weakened due to Covid-19.
SBV Governor Nguyen Thi Hong, on behalf of the Government of Vietnam, and Mr. Andrew Jeffries, ADB Country Director for Vietnam, on behalf of the ADB, signed the Grant Agreement for the Project
The project is expected to be implemented between December 2020 and December 2022 and close in June 2023. The State Bank of Vietnam acts as the executive agency while the 5 commercial banks as project implementers. A leading financial institution in Vietnam and the leading partner bank of ADB in Vietnam, BIDV has strongly deployed solutions to help businesses overcome difficulties caused by the Covid-19 pandemic. The Vietnamese lender has cut lending rates by up to 2% p.a. for existing loans and up to 1.5% p.a. for new loans for customers affected by Covid-19. With the achieved results, BIDV is trusted by ADB to participate in the project implementation.
Mr. Tran Long - Senior Executive Vice President, Head of Wholesale Banking Division of BIDV, signed the agreement for the Project
Addressing the signing ceremony, the Governor of the State Bank of Vietnam Mrs. Nguyen Thi Hong said that the SBV, following the instructions of the Government, has issued and implemented a host of credit support policies for businesses affected by Covid-19 such as: encouraging credit institutions to restructure loans to support customers affected by Covid-19; deploying measures to extend credit to priority sectors and areas, particularly loans for maintaining and recovering industries and sectors affected by the Covid-19 pandemic. According to the State Bank Governor, the support of resources by international communities is of great significance for successful implementation of such policies and measures.
WSMEs qualified for the program will be supported with a maximum amount up to USD10,000. In addition to the financial support, each participating WSME will also be provided free access to a business advisory program which helps them better organize their business activities during the Covid-19 period.
For further information, please contact:
Bank for Investment and Development of Vietnam JSC
Tel: (+84) 024.22205544 - Hotline: 19009247