Ho Chi Minh City – Standard Chartered today announced that Duy Tan Plastics Corporation (“Duy Tan Plastics”), a leading plastics manufacturer in Vietnam, has tapped the Bank’s USD1 billion COVID-19 financing commitment to help companies tackle COVID-19.
The Bank extended Duy Tan Plastics a credit limit of VND35 billion (USD1.5 million) as working capital to help accelerate the production of plastic bottles supplied to sanitiser manufacturers.
Mr Nirukt Sapru, CEO, Vietnam and ASEAN & South Asia Cluster Markets, Standard Chartered Bank, said: “Since the beginning of the COVID-19 outbreak, we have been working closely with our clients and stakeholders to tackle the virus and restore economic activity. The loan extension to Duy Tan Plastics is part of our ongoing commitment to help more Vietnamese companies benefit from our global USD1 billion financing programme and contribute to the international effort to curb the pandemic.”
Mr Le Anh, Deputy CEO, Duy Tan Plastics, said: “Leveraging on our manufacturing capabilities, we believe that we can play an active role in the fight against the virus. We have been doing so by supporting companies’ production of COVID-19 preventive products. The credit facility from Standard Chartered will enable us to meet the increasing demand of plastic bottles from sanitiser manufacturers, thus making sanitisers available to more people in need.”
This drawdown by Duy Tan Plastics follows recent disbursals from the programme in markets including Vietnam, Uganda, Kenya, Malaysia, Sri Lanka, the US and China.
Standard Chartered has been part of a number of transactions this year that help the fight against COVID-19. The Bank unveiled this USD1 billion programme to provide financing on a non-profit basis to companies making products and services that help the fight against the virus and its impact. Products and services being financed under the programme include diagnostic equipment and ventilators, masks and other personal protective equipment, as well as antiviral medicines and conversions into emergency facilities.
For further information please contact:
Ms. Trinh Nhu Quynh
Head of Corporate Affairs, Brand & Marketing
Standard Chartered Bank (Vietnam) Ltd
Phone: +84 24 39368124
Mobile: +84 984396185
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.