OPEC Fund Lends $50M to SeABank for SMEs and Climate in Vietnam

The OPEC Fund for International Development has announced a US$50 million loan to Southeast Asia Commercial Joint Stock Bank (SeABank) to boost financing for small businesses and climate-focused projects in Vietnam. The loan aims to address the significant financing gap faced by micro, small and medium-sized enterprises (MSMEs), which account for about half of the country's employment. Part of the funding will be directed toward green investments such as energy efficiency, green buildings, rooftop solar, and electric mobility, helping Vietnam transition to a more sustainable economy.

OPEC Fund President Abdulhamid Alkhalifa emphasized the importance of small businesses to Vietnam's economy, stating that the financing will enable more companies to access capital for expansion while supporting practical climate solutions that enhance competitiveness and resilience. The partnership between SeABank and the OPEC Fund began in 2022 with a first loan supporting SMEs, including women-owned businesses, and climate projects. Le Thu Thuy, SeABank's Vice Chairwoman, noted that this new financing reinforces the bank's commitment to inclusive and sustainable growth and its role in channeling international capital to support Vietnam's development priorities.

The loan is part of the OPEC Fund's broader efforts to promote economic development and climate action in partner countries. By providing capital to SeABank, the fund aims to catalyze private sector growth and environmental sustainability in Vietnam. The announcement was made via Media OutReach Newswire, and more information about SeABank can be found at https://seabank.com.vn/.