The OPEC Fund for International Development has announced a US$50 million loan to Southeast Asia Commercial Joint Stock Bank (SeABank) to expand financing for small businesses and climate-focused investments across Vietnam. The loan will enable SeABank to increase lending to micro, small and medium-sized enterprises (MSMEs), which account for around half of employment in Vietnam but continue to face a significant financing gap. Part of the funding will also support investments in energy efficiency, green buildings, rooftop solar and electric mobility.
OPEC Fund President Abdulhamid Alkhalifa emphasized the importance of small businesses to Vietnam's economy, stating that this financing will help more companies access the capital they need to invest and expand, while supporting practical climate solutions that can strengthen competitiveness and resilience. The new loan agreement strengthens the partnership between SeABank and the OPEC Fund that began in 2022 with a first loan in support of local SMEs, including women-owned businesses, as well as climate projects.
Le Thu Thuy, SeABank's Vice Chairwoman of the Board of Directors, described the financing as an important milestone in the partnership, reinforcing SeABank's commitment to inclusive and sustainable growth. She added that it advances the bank's role as a financial intermediary in mobilizing and channeling international capital to support Vietnam's sustainable development priorities. The loan is expected to help bridge the financing gap for MSMEs, which are vital to the country's economic growth but often struggle to access credit. Additionally, the climate-focused portion of the loan aligns with Vietnam's goals for green transition and resilience against climate change.
The OPEC Fund, established in 1976, is a multilateral development finance institution that provides resources to developing countries. Its partnership with SeABank reflects a broader effort to support private sector development and climate action in emerging economies. For more information, visit SeABank's website.
