Vietnam

Standard Chartered Bank Vietnam joins hands with Vietnam Women Entrepreneurs Council to support women-owned enterprises

Standard Chartered Bank Vietnam and Vietnam Women Entrepreneurs Council (VWEC) have announced that they have signed a Memorandum of Understanding (MoU) to launch a financial support programme for women-owned enterprises.

According to the MoU, the Bank will provide USD25 million of uncommitted credit facilities with tenor of up to 365 days to meet the financial needs of women-owned enterprises as they seek to fulfil their growth ambitions, according to a press release by the Bank.

Particularly, those operating in the prioritised sectors as identified by the State Bank of Vietnam will enjoy preferential interest rates from the Bank, currently at 5% per annum. The programme will be applicable for loan applications made in the period from 8 June 2020 to 8 June 2021 or an earlier date when the credit limit is fully used up.

In addition to access to Standard Chartered Bank Vietnam’s credit facilities, women-owned businesses will also benefit from the Bank’s international expertise through complimentary trainings on financial education, market updates and regular sharing sessions on topics of interest.

Nirukt Sapru, CEO Vietnam and ASEAN & South Asia Cluster Markets, Standard Chartered Bank, said: “In Vietnam, women own 24% of all businesses (1) and at Standard Chartered, we are committed to empowering women to be successful leaders in their fields. We know many businesses in Vietnam are facing unprecedented challenges caused by the Covid-19 pandemic. Through this financial support programme, we hope to help women entrepreneurs navigate through this challenging period and gain access to capital financing and high-quality financial advice to successfully build their business for the long run.”

Nguyen Thi Tuyet Minh, Chairwoman, Vietnam Women Entrepreneurs Council, said: “Women are playing an increasingly important role in Vietnam’s economic development. Thus, facilitating their success will be crucial to the country’s sustainable success. We are pleased to partner with Standard Chartered Bank Vietnam to bring meaningful support to women entrepreneurs, especially during this challenging time.”

Established under the Vietnam Chamber of Commerce and Industry, VWEC brings together women entrepreneurs, businesses and organizations owned by women from all economic sectors across the country.

Amid the Covid-19 outbreak, the Bank has also reported that it has been actively supporting businesses and the communities. The Bank has donated USD200,000 and other in-kind items to Vietnam’s Covid-19 prevention and relief efforts, implemented a set of relief measures to help clients to alleviate financial burden and identified Vietnamese businesses to benefit from the Group’s USD1 billion of financing for companies that provide goods and services to help the fight against Covid-19.