ADB doles out $25m loan to Vietnam’s Tien Phong Commercial Joint Stock Bank

The Asian Development Bank (ADB) has doled out a $25 million loan to Tien Phong Commercial Joint Stock Bank (TPB) to finance women-led small and medium-sized enterprises (WSMEs) in Vietnam, according to an announcement.

The project is also co-financed by DEG, the investment arm of German state-owned development bank KFW (DEG).

The funding, which is accompanied by a $750,000 technical assistance grant, will be used to build TPB’s capacity to lend to WSMEs, hire staff, and promote its services to female borrowers. It will also enable TPB to use digital systems to analyze the underserved WSME market.

The grant is funded by the Women Entrepreneurs Finance Initiative (We-Fi). We-Fi is a collaborative partnership among 14 governments, 8 multilateral development banks, and other public and private sector stakeholders, hosted by the World Bank Group.

“We are very pleased to partner with TPB and We-Fi to support WSMEs, which are important channels to increase women’s participation in Viet Nam’s economic development,” said ADB’s Director General for Private Sector Operations Suzanne Gaboury.

“COVID-19 has severely affected many businesses, and initiatives such as this loan and grant will support particularly underserved female borrowers by helping TPB develop systems and procedures to improve their access to finance.”

As of 2018, the majority of businesses in Vietnam are classified as small and medium-sized enterprises, supporting 38% of the country’s employment and generating 40% of gross domestic product. But their access to finance is still a challenge, with only 37% of WSMEs able to obtain loans from banks, according to a 2017 study.

In 2019, ADB received $20.19 million from the Women Entrepreneurs Finance Initiative (We-Fi) to support women-led small and medium-sized enterprises (WSMEs) in Vietnam and the Pacific.

Last October, ADB provided a $186 million loan to renewable energy firm Phu Yen TTP Joint Stock Company to develop a 257 megawatt (MW) solar power plant in southern Vietnam, marking the country’s first certified green loan.

Earlier, the bank doled out a $160.5 million loan to Dau Tieng Tay Ninh Energy Joint Stock Company to support its B.Grimm Vietnam solar power project.

Earlier this month, DEG, the investment arm of German state-owned development bank KFW, extended a $17.5-million loan to Nova Consumer Group, a Vietnam-based manufacturer of feed and medicine for farm animals.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.