Validus Vietnam collaborates with IFC to expand supply chain financing to SMEs in Vietnam
Validus Vietnam collaborates with IFC to expand supply chain financing to SMEs in Vietnam
Validus Vietnam is collaborating with the International Finance Corporation (IFC) to promote supply chain financing to corporates, especially small and medium enterprises (SMEs) in Vietnam, who usually have limited or no access to unsecured bank financing. This collaboration strengthens Validus Vietnam's effort in supporting the Vietnam economy through its work with SMEs.
The collaboration kicked off with an event in Ho Chi Minh City which saw representatives from IFC, Validus Vietnam and Validus Vietnam's Corporate Partners Pharmacity and Bach Hoa Xanh, as well as SME suppliers discussing the benefits and support of the Validus’ Supply Chain Financing Programme. About 80 senior executives from Vietnamese corporates and SMEs in various sectors such as pharmacies, super markets, retail, agriculture and solar energy, etc… attended the meeting.
Swaroop Shah - Chief Executive Officer of Validus Vietnam - highlighted, SMEs play a crucial role in Vietnam's economy, especially as the country is starting to emerge from the pandemic. Validus Vietnam is honoured to collaborate with global organisations such as the IFC for our efforts in enabling access to financing so SMEs can become more resilient and to empower their growth.
Mr JinChang Lai - Principal Operations Officer of IFC
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Validus Vietnam seeks to actively work with more Vietnamese corporates who are looking to strengthen their SME supply and distribution ecosystem and provide them with financing, via Validus Vietnam's Corporate Partnership programme. Also Vietnamese SMEs who wish to receive financing from Validus can submit their information via an online form to check for their financing eligibility within two business days.
Mr Huynh Van Hai - Deputy General Director of Fruit Farm Company Limited who has benefited from Validus Vietnam's SME financing platform, shared - people are staying at home more today due to the pandemic, and we have seen a surge in demand for food in general. Thanks to Validus Vietnam, we are able to receive financing on time to purchase the necessary materials and sell our fruits on time, especially when fruits have a very short shelf life.
Ms Tran Thi Thuy Ha - Chief Commercial Officer of Validus Vietnam - added, SMEs each play an important role in supporting Vietnam's economic growth. Validus is proud to be known as the go-to SME financing platform to help support the SMEs who play an important role in fostering economic growth, income and employment for the nation.
Ms Tran Thi Thuy Ha - Chief Commercial Officer of Validus Vietnam
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Since November 2019, Validus Vietnam has been working with prominent Vietnamese partners such as Vietnam's agri-food business and manufacturer Nafoods Group JSC, the leading pharmacy, health, beauty and personal care retail group Pharmacity, and one of the leading private construction enterprises in Vietnam Unicons, a member of Coteccons Group.
These partnerships have allowed Validus Vietnam to provide supply chain financing to Vietnamese businesses across the agriculture, pharmaceutical and construction industries, which helps significantly boost SME lending and address the US$21 billion SME financing gap in the country. IFC, as a strong supporter of private sector development in Vietnam, will help Validus Vietnam reach out to many more businesses including SMEs through its diverse network of clients and partners in the country. This will help connect local SMEs with Validus’ supply chain financing services, enhancing Vietnam's SME ecosystem to further SME growth and financial inclusion, especially in the nation's key burgeoning industries - agriculture, manufacturing, wholesale trade and healthcare.
