Technological and Commercial Bank (Techcombank) has recently signed a cooperation agreement on development for trade activities of Vietnamese businesses, particularly for private sector small and medium enterprises. Techcombank has become the fifth bank worldwide to sign such agreement with ADB.
Banks who identify letters of credits (L/Cs) for Techcombank can obtain guarantees from Asian Development Bank (ADB) worth up to 80% of L/Cs’ value. The guarantee cost also significantly reduces, bringing practical benefits for Techcombank’s clients and their foreign partners.
The two also signed an agreement on short-term credit limit in a bid to support for trade. Accordingly, ADB will offer Techcombank a credit limit with preferential interest rates which Techcombank’s clients can borrow to serve for supporting import and export activities with partners whose headquarters are located at places where there are the ADB’s members.