Hanoi – Standard Chartered Bank today announced that Dong Nai Garment Joint Stock Company (Donagamex) has become the latest client to tap Standard Chartered’s USD1 billion financing commitment in the global fight against COVID-19.
The Bank’s extension of a credit limit of VND70 billion (equivalent to USD3 million) will provide Donagamex the working capital to ramp up production of medical and cloth masks as well as medical gowns to meet the rising demand for personal protective equipment (PPE) globally.
Donagamex, a subsidiary of Viet Nam National Textile and Garment Group (Vinatex), started adding masks and medical to its production lines since early 2020 in response to the growing health threats posed by the COVID-19 pandemic.
Standard Chartered 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.
Mr. Nirukt Sapru, CEO, Vietnam and ASEAN & South Asia Cluster Markets, Standard Chartered Bank, said: “We are pleased that the initiative is helping more Vietnamese businesses make a difference in the global battle against COVID-19. Standard Chartered is committed to being here for our clients, partners and the community, particularly during challenging times like this. We have been and will continue to support the business community’s efforts in building a better tomorrow for all of us.”
Mr Bui The Kich, Chairman and CEO, Donagamex, said: “Since the wake of the COVID-19 outbreak, one of our key focus has been on leveraging our manufacturing capabilities to get the right products to more people in need around the world. Standard Chartered’s funding offers meaningful support for us as we look to ramp up the production of personal protective equipment.
For further information please contact:
Ms. Trinh Nhu Quynh
Head of Corporate Affairs, Brand & Marketing
Standard Chartered Bank (Vietnam) Ltd
+84 24 39368124
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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.