Hanoi – Standard Chartered today announced that Tecomen Joint Stock Company (Tecomen) has become the first company in Vietnam to make a drawdown under the Bank’s USD1 billion COVID-19 financing commitment. This is also the first such drawdown in ASEAN that the Bank has announced.
The Bank extended Tecomen a credit limit of VND40 billion (equivalent to USD1.8 million) as working capital for the production of medical masks to meet the global demand of medical supplies in the global fight against COVID-19.
The Bank announced in March 2020 its commitment to provide not-for-profit financing to companies that provide goods and services to help combat the pandemic. Companies within the scope of this financing commitment include manufacturers and distributors in the pharmaceutical industry and healthcare providers, as well as non-medical companies that offer products including ventilators, face masks, protective equipment, sanitisers, and other consumables.
Organisations from other sectors that are planning to add manufacturing capabilities for such products are also eligible to apply for the programme. Tecomen is Vietnam’s leading manufacturer of water filters, water dispensers, air purifiers, sea water purification equipment, industrial filtration systems, and household electrical appliances. Since early 2020, the company has added medical face masks production to its product lines as the pandemic threatened to pose increasing risks to global health.
Nirukt Sapru, CEO, Vietnam and ASEAN & South Asia Cluster Markets, Standard Chartered Bank, said: “We are pleased to support Tecomen in its effort to combat COVID-19. At Standard Chartered, we are committed to be Here for good for our clients and the community. By extending working capital to our clients in this global time of need, we are able to contribute to the international effort to enable greater access to medical supplies. We have been and will continue working with our clients and stakeholders to tackle the outbreak and help restore economic activity.”
Nguyen Thy Phuong, CEO, Tecomen, said: “As a company that is passionate about bringing healthier and better lives to people all around the world by providing predominantly innovative products and services in air and water fields, we believe that our expertise and technology can play a role in safeguarding people’s health from COVID-19. The credit extension from Standard Chartered will enable us to ramp up the production of high-quality protective equipment to benefit more people who are affected by the pandemic.”
For further information please contact:
Ms. Trinh Nhu Quynh
Head of Corporate Affairs, Brand & Marketing, Standard Chartered Bank (Vietnam) Ltd.
+84 24 39368124
Standard Chartered Bank (Vietnam) Limited
In Vietnam, Standard Chartered’s history can be traced back to 1904 when the Bank opened its first branch in Saigon (now is Ho Chi Minh City). We believe in the long-term prospect of Vietnam and are fully committed to the Vietnamese market and our clients and customers since coming back to the country in 1990.
On August 1, 2009, we commenced operations in our locally incorporated entity – Standard Chartered Bank (Vietnam) Limited, an important milestone of Standard Chartered’s development in Vietnam. The bank currently has four branches (two in Hanoi and two in HCMC). Its Head Office is based in Hanoi.
We bring our international expertise and experience in Asia, Africa and the Middle East to Vietnam, building a broad business that helps to develop the Vietnamese financial service sector as well as helping clients to develop their businesses.
The Bank provides a full suite of banking products and services for corporates, financial institutions as well as small and medium enterprises and individuals. We also play an active role in building the communities through many programs that promote social and economic development focusing on health, youth and financial education.