The IFC, a member of the World Bank Group, said in a statement that it has increased its trade finance and supply chain finance over the past 12 months to help Vietnamese companies, especially garment and agribusiness companies, continue importing and exporting goods while protecting thousands of jobs.

SeABank is one of Vietnamese banks to benefit from the IFC's programme.

The IFC first expanded its trade finance limits for Vietnamese banks to pre-empt potential trade finance challenges triggered by the first outbreak of the pandemic in February 2020.

In 2021, the IFC continued expanding its trade finance operations in Vietnam to further support increased trade flows to help accelerate Covid-19 recovery.

The IFC's Global Trade Finance Programme has boosted the capacity of six Vietnamese banks to cover payment risks in granting trade financing to local companies, mostly small and medium enterprises.

The six banks include ABBank, SeABank, TPBank, VIB, Vietinbank and VPBank.

With the IFC's support, the banks have issued 974 guarantees valued at US$686 million, to support exporters and importers.

The IFC has also provided US$418 million to local suppliers, helping them maintain liquidity and give payment term extensions required by buyers.

Demand for supply chain finance surged during the pandemic due to the liquidity gap faced by suppliers as a result of disrupted supply chains.

In response, the IFC increased its financing for Vietnamese garment and agribusiness companies by 28% in the 2021 fiscal year, allowing 31 companies to sustain operations and secure more than 100,000 jobs.

Bac Giang defers tax payments to over 900 businesses

(BGO) - Implementing Government’s Resolution No. 52/2021/ND-CP on April 19, 2021, the Taxation Department in Bac Giang province popularized to local businesses about payment period extension for value added tax, business income tax, individual income tax and land lease fees.

Boarding houses await… businesses

(BGO) – Learning from the Covid-19 epidemic prevention and control process over the past time, Bac Giang province has directed authorities of Viet Yen district to build a model of "safe boarding house" - dormitory for workers in industrial parks (IPs). 

Virtual expo to connect food and beverage businesses from Vietnam and ROK

The virtual Vietfood & Beverage - Propack Ho Chi Minh City international expo is scheduled to be held from August 12 to September 12 with the participation of leading enterprises from both the Republic of Korea (ROK) and Vietnam.

Export businesses speed up production, ensure safety against pandemic

(BGO)- Thanks to the good implementation of the "dual goals" of both fighting the pandemic and promoting production, in July 2021, the export value of Bac Giang province was estimated at 885 million USD, a surge of 79.8 percent year-on-year.  

Government always accompanies businesses amid Covid-19: PM

The Government always accompanies businesses and strives to seek solutions to remove difficulties facing the business community amid the Covid-19 pandemic, Prime Minister Pham Minh Chinh has said.

Source: NDO