Promoting private sector development and international trade

Small and medium-sized enterprises (SMEs) make up a critical part in any economy, especially Viet Nam, where they are responsible for 40 percent of the country’s GDP and half its employment. What’s more, SMEs also account for 98 percent of all enterprises in the Southeast Asian country. 

In order to promote economic growth the OPEC Fund is providing the Vietnam Maritime Commercial Joint Stock Bank with a US$40 million loan to grow its retail and SME operations. At least 80 SMEs are expected to benefit from access to new funding. The OPEC Fund loan carries the additional impact of making long-term financing available to Vietnam Maritime Commercial, allowing the bank to grow its assets. 

Small business support is especially important for Viet Nam as the country is aiming to regain economic growth momentum following the COVID-19 pandemic. Structural transformation and market-oriented reforms over the last three decades have helped lift the country to lower middle-income status. 

Two recent OPEC Fund trade finance loans will also support to advance growth in Ghana and Mauritania. A US$35 million transaction to the Ghana Cocoa Board will finance the purchase of cocoa beans and cover costs related to the 2022/2023 harvest. The OPEC Fund also committed US$40 million to promote international trade in Mauritania.