The Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has just been awarded the ‘Most Active GTFP-Issuing Bank in Asia’ under the Global Trade Finance Program (GTFP) of the International Financial Corporation (IFC).
The award honors contributions made by banks in trade, finance and supply chain activities. GTFP is now overseeing the activities of more than 250 banks across the globe, including 42 Asian banks and ten Vietnamese banks.
The International Financial Corporation announced the award at the 5th Annual Bank Partners Meeting in Dubai in October.
Techcombank already has been given the title of ‘Vietnam’s Best Bank in 2011’ and named ‘Best Cash Management Bank in Vietnam in 2011’; ‘Best Trade Finance Bank in Vietnam in 2011’; ‘Elite Quality Recognition Award for Outstanding Achievement in 2012; and became the first Vietnamese bank to receive three international awards of Finance Asia.
Since its inception in 2005, IFC’s Global Trade Finance Program has issued more than 12,000 guarantees to banks, totaling US$19 billion. More than 80 percent of the guarantees benefited small and medium enterprises in developing countries.
IFC, a member of the World Bank, is the largest global development institution focused exclusively on the private sector.