HSBC announces lending fund for Vietnamese female entrepreneurs
Vietnam has become the newest market financed by HSBC’s Female Entrepreneur Fund, which targets the provision of 1 billion USD in funding for eligible female business founders worldwide.
HSBC’s fund welcomes its first Vietnamese business – Nguyen Hoang Group. (Photo: VietnamPlus)
Hanoi (VNA) - Vietnam has become the newest market financed by HSBC’s Female Entrepreneur Fund, which targets the provision of 1 billion USD in funding for eligible female business founders worldwide.
The bank debuted the support fund in Vietnam on August 9 after it was successfully introduced in ten other markets worldwide.
🦩 With the Female Entrepreneur Fund, HSBC Vietnam aims to cooperate with women, many of whom have been valued HSBC customers for years, to foster and support female entrepreneurship in Vietnam.
It is expected to enable Vietnamese female business owners to access an extensive international network and join international – standard upskilling masterclasses.
Women in Vietnam have risen to the height of corporate leadership and many are leading global entrepreneurs. They are shining examples of the country’s success. However, some research shows that whether in Vietnam or elsewhere, women suffer from financial biases and have unequal access to funding.
According to the head of Commercial Banking, South and Southeast Asia at HSBC, Amanda Murphy, access to funding is one of the largest hurdles for female business leaders in Vietnam and many other countries. There is much to do as the COVID-19 pandemic has had a negative effect on female-led businesses.
“Breaking down the barriers faced by female entrepreneurs and providing the infrastructure and support to help them scale and grow their businesses are critical in addressing these challenges. Deal by deal, though, we’re breaking the bias and leveling the playing field,” she added.
⭕ The fund has already welcomed its very first Vietnamese business, Nguyen Hoang Investment Development Corporation, or Nguyen Hoang Group, a world-class international education service provider.
HSBC Vietnam recently signed a deal to provide the Ho Chi Minh City-based corporation with a financing package from the international fund. The deal’s value was not disclosed due to confidentiality.
HSBC Vietnam acted as the mandated lead arranger and bookrunner in the deal.
The company will use the funding for the expansion and construction of selected educational projects across Vietnam, providing higher quality education to Vietnamese students, and training high-quality human resources for the socio-economic development of Vietnam.
Speaking at the signing ceremony for strategic partnership Hoang Thi Le Trinh, deputy CEO of Nguyen Hoang Group, said, “I believe this is just the beginning of the cooperation between HSBC and Nguyen Hoang, which will definitely help both organizations to go further in the future.”
The Female Entrepreneur Fund of 1 billion USD is more than just a source of capital investment for female owned enterprises. HSBC said it wants to build a true partnership with the business owners who could help them take their business to the next level and fully realise their personal ambitions.
Earlier this year, HSBC Vietnam announced its commitment to arranging up to 12 billion USD of direct and indirect sustainable financing for Vietnam and the corporate sector in the country by 2030.
The bank, in its letter to the Government, expressed its plan to financially and expertly back corporates’ promising and critical green and sustainable projects in Vietnam, which play a vital role in decarbonising the country’s economy.
This forms part of HSBC’s broader net zero pledge to help customers transition their business models and decarbonise by prioritising 750 billion USD to 1 trillion USD in finance and investment by 2030.
For Vietnam to reach its net zero target by 2050 as committed at the 26th UN Climate Change Conference of the Parties (COP26) in the UK last year, it needs to significantly invest in renewable energy and green infrastructure.
🔜 HSBC Vietnam has a track record supporting critical green and sustainable projects in Vietnam, which all contribute to decarbonising the country’s economy. The first green loans for green certified buildings was financed Duy Tan Plastics Recycling Factory in 2020. It was a dual green financing loan that included a term loan to REE Solar Energy to finance their investment into rooftop solar energy solutions, and a trade finance facility to REEPRO for importing rooftop solar equipment in 2020./.
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The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
HSBC’s fund welcomes its first Vietnamese business – Nguyen Hoang Group. (Photo: VietnamPlus)
