We’ve financed Garment 10’s personal protective equipment production
Ho Chi Minh City – Standard Chartered Vietnam today announced that Garment 10 Joint Stock Company (Garco 10) has become the latest to make a drawdown from the Bank’s USD1 billion COVID-19 financing commitment.
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. The Bank extended Garco 10 a credit limit of VND100 billion (equivalent to USD4.3 million) as working capital for the production of medical and cloth masks to meet the increasing global demand for personal protective equipment (PPE).
Garco 10 is one of the largest companies in Vietnam’s textile and garment sector. The company has added medical and cloth masks production to its product lines since early 2020 in response to the growing health threats posed by the pandemic.
Nirukt Sapru, CEO, Vietnam and ASEAN & South Asia Cluster Markets, Standard Chartered Bank, said: “At Standard Chartered, we are committed to playing our part in the fight against COVID-19. We are taking action today to support businesses, communities and individuals, so we can all look forward to a better tomorrow. The support for Garco 10 underscores our ongoing commitment to support local businesses in the pandemic response.”
Mr Than Duc Viet, CEO, Garco 10, said: “Amid the unprecedented health concern caused by COVID-19 pandemic, the provision of high-quality PPE is integral to safeguarding people’s health and safety. As we work hard to respond to this urgent global need, we are pleased to have received Standard Chartered’s support to strengthen our funding for the production of medical and cloth masks.”
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.
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.
For more information, please visit: www.sc.com/vn and www.facebook.com/standardcharteredVN