Olea, a joint venture between Standard Chartered Bank and supply chain finance provider Linklogis, has made its foray into the Vietnamese market to offer trade finance solutions to businesses and banks engaged in international trade.
"Olea’s entry into Vietnam is one of the most exciting opportunities for businesses in Vietnam in embracing digital platforms to drive cross-border trade finance and accelerate growth," Standard Chartered Vietnam CEO Michele Wee said in a release.
“With Vietnam emerging as a dynamic and rapidly growing market, we need to continue to capitalize on the digital revolution and unlock new opportunities for success,” she added.
Vietnam, already a prominent player in the Asian export markets, has emerged as the fastest-growing economy in Asia, Olea said, adding that there is a growing demand in the country for financial services that enable businesses to engage in cross-border trade. Therefore, it is present in the market.
Linklogis was founded in Shenzhen in 2016. It was the first China supply chain SaaS (software as a service) company listed on the Hong Kong Stock Exchange, in April 2021.
Vietnam's total import-export turnover in 2022 reached about $732.5 billion, a 9.5% year-on-year increase. Exports increased 10.6% to about $371.85 billion, exceeding the National Assembly and government's target by 8%.
Notably, the export of agricultural, forestry and fishery products rose sharply to $53.22 billion, up 9.3% - the highest level ever.
Vietnam continued to record a trade surplus for the seventh consecutive year with a surplus of $11.2 billion.