According to the bank document, "the proposed investment consists of a one-year, renewable senior loan of up to US$150 million to Vietnam Prosperity Joint Stock Commercial Bank (“VP Bank” or “the Bank”) under the FIG COVID-19 Emergency Response Working Capital Solutions (WCS) Envelope. The investment aims to support VP Bank's working capital and trade-related lending program to enterprises in Vietnam, including SMEs affected by the COVID-19 pandemic.
The Project is expected to be supported by the Women Entrepreneurs Opportunity Facility (“WEOF”) to incentivize on-lending of the proposed working capital loans to women and women-owned/women-led enterprises. WEOF is an initiative launched by IFC in partnership with the Goldman Sachs Foundation to help expand access to capital for women entrepreneurs in developing countries and demonstrate the commercial viability of investing in women.
The development impact of the proposed project is delivered through
(i) improved access to finance/liquidity to relevant stakeholders (VP Bank, and through them, their customers) which will support their capacity to sustain operations and to expedite post-crisis recover; and
(ii) promotion of trade finance markets and broader stability in Vietnam."
The total project cost is up to US$150 million, consisting of:
(i) up to US$100 million IFC A Loan from its own account; and
(ii) up to US$50 million B1 Loan and/or Parallel Loan including a green-shoe option.
IFC’s loan to VP Bank described in this SII is targeted for working capital and trade-related lending program to enterprises in Vietnam, including SMEs affected by the COVID-19 pandemic.
AIIB: up to USD100 million
VP Bank was established in 1993 with its headquarter in Hanoi, Vietnam. The Bank provides commercial banking products and services to both retail and commercial clients through a nation-wide network of 227 branches, 84 SME hubs, 137 Household centers, 4 Corporate, and 649 branded ATMs and CDMs.
The current main common shareholders as of December 31, 2019 are: Chairman Ngo Chi Dung and his related persons (14.96%), Vice Chairman Lo Bang Giang and his related persons (7.5%), and Vice Chairman Bui Hai Quan and his related persons (6.68%). As a publicly listed entity, VP Bank has a diversified pool of more than 18,600 shareholders.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
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1/ Project Contact
Vietnam Prosperity Joint Stock Commercial Bank
Ms. Vo Hang Phuong
Head of Financial Institutions and Transaction Banking
+84 24 393 85111
89 Lang Ha Street, Dong Da District, Ha Noi, Viet Nam
2/ IFC Contact
General IFC Inquiries
2121 Pennsylvania Avenue, NW
Washington DC 20433
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