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CORPORATE NEWS

F88 SECURES $10MLN LOAN It will also enable it to use digital systems
FROM LENDABLE to analyze the underserved WSME market.
The loan is funded by the Women Entre-
preneurs Finance Initiative (We-Fi). “We
are very pleased to partner with TPB and
We-Fi to support WSMEs, which are
important channels to increase women’s
participation in Vietnam’s economic devel-
opment,” said Ms. Suzanne Gaboury, ADB
Director General for Private Sector Oper-
ations. “Covid-19 has severely affected
many businesses, and initiatives such as
this loan and grant will support particularly a new project focused on boosting the
underserved female borrowers by helping competitiveness of local small and growing
Vietnamese secured lending provider and TPB develop systems and procedures to businesses. The five-year, $36 million
insurance distributor F88 has successfully improve their access to finance.” TPB is project was first announced during US
closed a $10-million senior secured loan one of the leading joint stock banks in Vice President Kamala Harris’s visit to
facility from Lendable Inc, an emerging Vietnam, with robust digital platforms Vietnam last August. It will encourage
market fintech debt finance provider. The that help meet the needs of its retail and broad-based, inclusive economic growth
facility is Lendable’s first transaction in SME customers by offering innovative and through improved business practices, inno-
Vietnam and marks a significant milestone customized products. We-Fi is a collabo- vation and technology adoption, policy
for F88 in accessing the international debt rative partnership between 14 governments, reform, and increased market access. The
financing market in addition to its bond eight multilateral development banks, and project will foster locally-led, locally-owned
issuance and partnership with CIMB, a other public and private sector stakeholders, solutions that leverage the strength of
leading bank in the region. “F88 is aiming hosted by the World Bank Group. Vietnam’s talent pool, including the pro-
to disburse half a billion US dollars in 2022,” motion of “Made by Vietnam” products,
said Mr. Phung Anh Tuan, CEO and VINFAST PLANNING US services, and technologies, as well as solu-
Founder of F88. “It has expanded its reach BATTERY COMPLEX tions that contribute to improving the
beyond F88-branded stores through part- business enabling environment. “This new
nerships with leading retailers and technology project is USAID’s flagship effort to help
partners in Vietnam, making our services Vietnam harness its entrepreneurial spirit
available throughout a network of almost in facilitating a dynamic, Vietnam-led
4,000 F88 and partner stores. We are there- transformation of the private sector into
fore planning to use this facility to serve one that can compete globally and provide
millions of unbanked and under-banked more equal opportunity for all,” USAID
individuals and micro, small and medium- Mission Director Ms. Ann Marie
sized enterprises (MSMEs) in Vietnam.” Yastishock told the launch ceremony.

ADB LOAN TO HELP BUSINESS- PHU QUOC WELCOMES REGENT
WOMEN ACCESS FUNDING HOTELS & RESORTS
Local car maker VinFast plans to build
electric vehicle (EV) battery cells and packs
at a new US manufacturing complex. “We
will build a giga-factory in the US as well,”
said Ms. Le Thi Thu Thuy, Vingroup Vice
Chair and VinFast Global CEO. “The com-
pany will continue to source batteries from
its suppliers. It will initially assemble
battery packs with cells sourced from its
supplier at its US complex before starting
its own production there.” Part of Vingroup,
VinFast had previously said it planned to
The Asian Development Bank (ADB) has start producing EVs in the US in the
signed a $25-million loan with the Tien second half of 2024. It is betting big on
Phong Commercial Joint Stock Bank (TPB) the US market, where it hopes its electric IHG Hotels & Resorts will launch the first
to expand access to finance by women- SUVs and a battery leasing model will be resort in Southeast Asia from its upper-
owned and led small and medium-sized enough to tempt consumers away from luxury brand, Regent Hotels & Resorts, in
enterprises (WSMEs) in Vietnam. The the likes of Tesla and General Motors. the second quarter of this year. Situated off
project is co-financed by DEG (Deutsche The company was also seeking to establish the southwest coast of Vietnam, alongside
Investitions- und Entwicklungsgesellschaft). an EV plant in Germany. a UNESCO-designated World Biosphere
The loan is accompanied by a $750,000 Reserve and just 15 minutes from Phu Quoc
technical assistance grant to help TPB MPI & USAID TO HELP SMALL, International Airport, guests will be able
better meet the needs of WSMEs. This GROWING BUSINESSES to immerse themselves in the Regent Phu
grant will be used to build the bank’s The US Agency for International Devel- Quoc’s spectacular 176 suites and 126 villas
capacity in such lending, engage staff, and opment (USAID) and the Ministry of Plan- set against the serene waterfront backdrop
promote its services to women borrowers. ning and Investment (MPI) have launched of Long Beach on Phu Quoc Island.

44 | VIETNAM ECONOMIC TIMES | FEBRUARY 2022 www.en.vneconomy