The OPEC Fund for International Development (the OPEC Fund) is providing a US$50 million loan to Southeast Asia Commercial Joint Stock Bank (SeABank) to expand financing for small businesses and climate-focused investments across Viet Nam. The loan will help SeABank increase lending to micro, small and medium-sized enterprises (MSMEs), which account for around half of employment in Viet Nam but continue to face a significant financing gap. Part of the OPEC Fund's funding will also support investments in energy efficiency, green buildings, rooftop solar and electric mobility.
OPEC Fund President Abdulhamid Alkhalifa said: "Small businesses are central to Viet Nam's economy and an important source of jobs and growth. This financing will help more companies access the capital they need to invest and expand, while supporting practical climate solutions that can strengthen competitiveness and resilience."
The new loan agreement strengthens the partnership between SeABank and the OPEC Fund that began in 2022 with a first loan in support of local SMEs, including women-owned businesses, as well as climate projects. Le Thu Thuy, SeABank's Vice Chairwoman of the Board of Directors, said: "This financing marks an important milestone in our partnership with the OPEC Fund, reinforcing SeABank's commitment to inclusive and sustainable growth. It also advances our role as a financial intermediary in mobilizing and channeling international capital to support Viet Nam's sustainable development priorities."
This announcement is significant because it directly addresses the financing gap faced by MSMEs in Viet Nam, which are crucial for employment and economic growth. By allocating part of the loan to climate investments, the initiative also supports Viet Nam's transition to a greener economy, enhancing competitiveness and resilience against climate change. The continued partnership between the OPEC Fund and SeABank underscores the importance of international cooperation in mobilizing capital for sustainable development. For more information, visit SeABank's website.
