IFC - a long-term and prestigious partner
Having established a relationship with IFC through the Global Trade Finance Program (GTFP) since 2011,VIB is one of eight Vietnamese banks currently participating in this program as an issuing bank. Over the past 10 years of cooperation and development, VIB is currently the bank with the largest GTFP limit among banks in Vietnam, and is also one of the most active banks with 6 awards from IFC.
Most recently, in February 2022, VIB received the award for Fastest Growing Bank in Trade Finance in the East Asia and Pacific region of the program. Recently, in May 2023, IFC also officially increased the trade finance limit, making VIB the bank with the largest limit in Vietnam at 200 million USD.
Additional capital to boost core business activities
The new 5-year loan of 100 million USD from IFC has just been signed, increasing the total credit limit IFC provides to VIB to 450 million USD, including two loans totaling 250 million USD and a trade finance limit of 200 million USD. With this agreement, VIB will have more financial resources to strengthen and promote credit activities for individual customers to buy houses and repair houses.
Also within the scope of the agreement, VIB commits to spend at least 30 million USD (equivalent to 700 billion VND) to finance home purchases worth less than 55,600 USD (equivalent to 1.3 billion VND). This commitment also demonstrates VIB's support for the Government 's goals in removing difficulties for the real estate sector and promoting the disbursement of support packages under Resolution 33/NQ-CP.
Previously, in October 2022, VIB also completed withdrawing a $150 million loan from IFC with similar terms to support individuals to access home loans.
Representatives of VIB and IFC at the loan signing ceremony
“We believe that IFC’s support will help VIB further expand its affordable home loan portfolio, sending a positive signal to this credit segment.
This will promote the development of home loan products in Vietnam, helping more people have the opportunity to own a home, and promote the growth of the real estate and construction sectors to create more jobs,” said Mr. Allen Forlemu, IFC Financial Institutions Group Director for Asia - Pacific, at the loan signing ceremony in Singapore.
According to VIB representative: “In the context of the capital market being affected by economic and political fluctuations globally, VIB's continued signing of agreements with IFC affirms and strengthens the long-term and sustainable cooperative relationship between the two sides.
In addition, successful capital mobilization in the current economic context also helps VIB increase financial resources for credit activities for individual customers borrowing to buy houses, repair houses, and promote credit demand that has been slowing down in the real estate market since the beginning of the year.
Leading retail bank in terms of scale and quality
As one of the leading retail banks in Vietnam in terms of scale and quality, VIB is currently the only bank with a retail ratio of up to 90% of the total credit portfolio, twice as high as the industry average.
Of which, about half of the portfolio is used for home loans, construction and home repair. In addition to the lowest concentration risk in the market, VIB's retail portfolio also maintains a high level of safety and prudence with over 90% of loans having collateral and 100% of real estate collateral having full legal documents, high quality and liquidity.
In addition, thanks to its streamlined operating platform, digitalization and solid, effective risk management, VIB is also one of the banks with the best profitability ratio in the industry with ROE reaching 30% and remaining stable for 3 consecutive years from 2020 to 2022.
Pioneering in applying international standards, affirming prestige and capacity in the capital market
Always a pioneer in applying international standards, VIB is the first bank to complete the 3 pillars of Basel II at the end of 2019, applying and complying with Basel III standards on liquidity risk management in 2021. VIB is also one of the few banks to issue audited financial statements for 2020 and 2021 according to IFRS standards and is expected to soon publish the report for 2022.
By pioneering in complying with and applying international governance standards, VIB not only maintains high and sustainable profitability, but also enhances its reputation, brand and transparency when participating in the international financial market. Currently, VIB's total credit limit at IFC, ADB and leading international financial institutions has reached nearly 2 billion USD, demonstrating the trust that partners have in the bank.
The successful mobilization of syndicated loans in the international market with large value, attractive interest rates and terms is proof of that. With the successfully mobilized capital, VIB will have more resources to continue expanding credit to serve the needs of retail customers, while optimizing profit margins in the potential growth period and continuing to maintain profitability in the top group of the industry.
Nhat Le
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