EVN Finance Joint Stock Company

Subsidy : July 2024

BIO has granted USD 18.000 of technical assistance to the EVN Finance Joint Stock Company, a deposit taking Non-banking Financial Institution in Vietnam.

Amount

€ 16,690.00

Type of investment

Subsidy

Beneficiary locations

Asia: Vietnam

Investment field

Financial Institutions

Activity

KK.64.190  Commercial banking

Organisation

EVN Finance Joint Stock Company

Domicile

Vietnam

More investments in

EVN Finance Joint Stock Company

  • Debt $ 10,000,000.00 (2024)

EVN Finance Joint Stock Company is a deposit taking Non-banking Financial Institution (NBFI) that is regulated by the State Bank of Vietnam. Formerly owned by the state-owned electricity utility company, Electricity of Vietnam (EVN), it is the second largest NBFI in terms of assets.

EVNF is the only NBFI in the financial Vietnamese market with a general license which allows it to offer a wide range of services. However, its main source of income is its loan portfolio, of which almost half are SMEs.

Technical assistance

The objective of the TA is to strengthen EVNF's E&S systems, policies and practices by

  1. conducting a Gap Analysis of EVNF's existing ESMS and developing an action plan to update and align it with EDFI standards; and
  2. conducting an assessment of the FI's compliance with Client Protection Standards (CPS), identifying and determining areas for improvement to close eventual gaps, and finally obtain a Client Protection Certification (CPC).

A main investment goal for BIO is, in fact, to assist the FI to align its ESMS with IFC standards and future national sector regulations, and support its adoption of the Client Protection Principles for its retail/consumer finance portfolio (representing 99% of the FI's clients).

Expected impact

The ESMS Gap Analysis will allow EVNF to achieve compliance with the sector's international E&S standards, reinforce its overall processes and procedures, and raise awareness about E&S risks internally and externally.

The CPP assessment will enhance the lending procedures of the FI, and enable it to expand its outreach to its MSME customer base through more transparent mechanisms and processes. This will ultimately strengthen EVNF's E&S performance, specifically with respect to its MSME clients, also making the FI exemplary of sectoral best practice nationally.

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