Vietnam has become the newest market financed by HSBC’s Female Entrepreneur Fund, which targets the provision of $1 billion in funding for eligible female business founders worldwide.
The global fund has welcomed its very first Vietnamese business - Nguyen Hoang Group, a leading educational services provider in the country.
HSBC Vietnam has just 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 closely-held company will use the funding for the expansion and construction of selected educational projects across Vietnam.
With its 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.
“Access to funding remains one of the biggest hurdles for female business leaders in Vietnam and elsewhere. There is much to do as the pandemic has had a disproportionate effect on female-led businesses,” said Amanda Murphy, head of commercial banking, South and Southeast Asia, HSBC.
She added: “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.”