An $80 million funding package has been made available by the Asian Development Bank and Lien Viet Post Joint Stock Commercial Bank to assist women-owned small and medium-sized businesses in Vietnam. The finance comes from the Export-Import Bank of China (30 million), the ILX Fund (20 million), and an ADB loan of $30 million.
Through their partnership with LPBank, ADB is able to offer customised consulting services and financial access to female entrepreneurs in Vietnam. The intention is to enable these women to prosper and support the economic development of the nation. The ADB seeks to raise funds for private sector development that supports women-owned enterprises in Vietnam in collaboration with other development partners.
SMEs make up half of all jobs and 40% of the GDP in Vietnam, making them an important component of the country’s economy. However, barriers like a lack of collateral and inadequate financial knowledge prevent women borrowers from obtaining commercial financing. The funding from We-Fi will assist LPBank in creating new policies and offerings to better assist women-owned small and medium-sized businesses.
LPBank places a high priority on helping its SME clients obtain financing, offering practical financial solutions, and aiding the WSME in the event of a pandemic. Vice-chairman Le Minh Tam highlights how critical it is to support SMEs in their efforts to bounce back and expand. Leading private joint-stock bank in Vietnam, LPBank provides cutting-edge products via strong digital channels for retail and SME clients.
