ADB doubles trade finance limit for SeABank to $60 million

April 04, 2023 - 08:42

This also helps affirm and enhance SeABank's strength in the field of international payment and trade finance, helping the bank to approach and establish transaction relationships with more banks around the world.

Transactions at SeABank. — Photo courtesy of the bank

HÀ NỘI — The Asian Development Bank (ADB) has announced it would double the trade finance limit for the Southeast Asia Commercial Joint Stock Bank (SeABank) to US$60 million, and at the same time increase the revolving loan limit from $5 million to $10 million.

The increase in trade finance limit demonstrates ADB's trust and appreciation for SeABank in terms of prestige, transparency, healthy operations as well as efficient use of capital, and always towards sustainable development.

SeABank is committed to using capital in the most effective way to support Vietnamese businesses, especially small and medium-sized enterprises and their supply chains, thereby contributing to economic development and job creation.

ADB's new credit line will help SeABank develop trade finance activities with an expanding scale.

Previously, in November 2020, SeABank officially joined ADB's Trade Finance Program (TFP) to support trade activities in Việt Nam by providing loans and other financial instruments with a limit of up to $18 million guarantee and a $5 million revolving loan. — VNS

Tags vietnam seabank Asia Development Bank ADB banking

Việt Nam needs development of green products exported to UK

Economy

UK’s carbon tax to affect VN exports

Economy

Việt Nam expects to officially export passion fruit to the US next year

Economy

VN faced with increasing trade defence investigations on rising protectionism

Economy

Experts point out economic growth drivers, challenges for next year

Economy

Thái Nguyên supports businesses to take advantage of UKVFTA to expand exports to UK

More on this story

Economy

Ministry urges close watch on rice market as Indonesia aims to import two million tonnes

The Import-Export Department under the Ministry of Industry and Trade said that as Indonesia was among the major rice import markets of Việt Nam, any policies, moves and market developments of Indonesia would partly affect the export of Việt Nam into this market.

Economy

Ministry proposes lower tax rate for small, micro-enterprises

Lowering CIT rates on small and micro enterprises was important as a support to help them overcome the difficult time and have resources for investing in production and business.

Economy

Việt Nam-Sichuan investment and trade promotion conference opens

At the conference, Lê Hoàng Tài, deputy head of Vietrade, said the recovery of economic and trade cooperation between Việt Nam and China after the pandemic brings many opportunities for economic and trade development cooperation between Việt Nam and Sichuan Province.

Economy

Market rallies on SBV's policy rate cuts

HOSE-listed advancers outnumbered decliners by 269 to 73, with 18 stocks hitting ceiling prices whereas two being at rock bottom.

Economy

Việt Nam, Israel conclude FTA negotiations

Việt Nam and Israel on Sunday announced the conclusion of negotiations for their free trade agreement (FTA), creating a premise for the two countries to sign the deal right this year.

Economy

Profit margin of chemical enterprises to decrease in 2023

Due to weaker demand amid the global economic downturn, VNDirect forecasts that the net profit of chemicals companies will decline in 2023.

Economy

Private sector remains driving force for economy

Capital from the private sector also makes a great contribution to socio-economic development.

Economy

EVN proposes electricity price hike to combat losses

In a recent report submitted to the Ministry of Industry and Trade (MoIT) and the Committee for Management of State Capital at Enterprises (CMSC), EVN delivered a bleak picture of its financial balance in 2022 due to high fuel prices and volatile foreign exchange rates.