Standard Chartered finances Bac Giang LGG Garment’s personal protective equipment production

Wednesday, August 12, 2020  10:21

Hanoi, 11 August 2020 - Standard Chartered Bank today announced that Bac Giang LGG Garment Joint Stock Corporation (LGG) has become the latest company in Vietnam to make a drawdown from the Bank’s USD1 billion COVID-19 financing commitment, underscoring its ongoing efforts to support local businesses in the pandemic response.

 The Bank extended LGG a credit limit of VND63 billion (equivalent to USD2.7 million) as working capital for the production of cloth masks to meet the global demand for personal protective equipment (PPE).

 Nirukt Sapru, CEO, Vietnam and ASEAN & South Asia Cluster Markets, Standard Chartered Bank, said: “We are pleased to support LGG in its endeavour to combat COVID-19. This is part of our ongoing commitment to help more Vietnamese companies benefit from our global USD1 billion financing programme, contributing to the international effort to curb the pandemic. At Standard Chartered, we are committed to be Here for good for our clients and the community. We have been and will continue working with our clients and stakeholders to tackle the outbreak and help restore economic activity.”

Mr. Luu Tien Chung, the CEO, LGG, said: “As COVID-19 continues to cause unprecedented health concern around the world, enabling greater access to PPE supplies can make a difference to protecting people’s health and safety. Leveraging on our garment manufacturing capabilities, we believe that we can play an active role in the fight against the virus and have subsequently added cloth masks production to our product lines. The loan extension from Standard Chartered comes at the right time to help us ramp up the production to meet the increasing demand for PPE in various countries hit hard by the pandemic.”

 Standard Chartered announced in March 2020 its commitment to provide not-for-profit financing to companies that provide goods and services to help combat the pandemic. Companies within the scope of this financing commitment include manufacturers and distributors in the pharmaceutical industry and healthcare providers, as well as non-medical companies that offer products including ventilators, face masks, protective equipment, sanitizers, and other consumables.

 Organizations from other sectors that are planning to add manufacturing capabilities for such products are also eligible to apply for the programme. LGG is a large manufacturer of garment products in Vietnam. The company has added cloth masks production to its product lines since early 2020 as the pandemic threatened to pose increasing risks to global health.